Aegon UK has apologised to customers who have experienced IT issues following a system update in August.
Advisers have raised concerns about “major IT issues” and “endless problems” they have experienced since the update was implemented.
Specifically, one adviser told Money Marketing that many group pension schemes have not had contributions collected, or contributions have been collected but not allocated.
“When contributions have been allocated, months later, they have not been back-dated to the correct investment date,” they added.
“Call times on the phone are ridiculous, there are no timescales for when the issues will be resolved, no responses to countless emails.
“You cannot get to speak to anyone who can sort the issues, just added notes to already raised cases, and I am told that this has affected hundreds of group pension schemes.
“Not to mention you can no longer get unit and bid price information on the online system; this has to be rung up for to get accurate valuations for clients. Regular valuation feeds are no longer going through to back-office systems.”
According to the Aegon website, the firm’s secure online services are “currently unavailable”.
Aegon UK confirmed that some customers on its legacy business book have raised issues and apologised to them, as well as impacted employers and advisers.
A spokesperson for Aegon UK told Money Marketing the team is “working to deliver fixes to resolve these issues and ensure our customers get the service they expect”.
It has also added additional contact centre staff to reduce wait times.
“Over the coming months, we’ll be reviewing any plans where money was added later than expected,” the spokesperson added.
“If it is the case that a customer’s plan has been disadvantaged, we’ll take action to correct it.”