Pension provider Aegon has launched a digital red, amber and green-rated comparison service for its workplace pension transfer service.

The service, in collaboration with The Pension Lab, allows members to find and compare old pension pots.

Old pension pots are presented to their members as red, amber or green based on the features included in order to help the member to consider which pension might be worth transferring.

Pensions are only classified as green if they have no additional key or valuable features and where charges after transferring into their Aegon pension will be lower. Pensions with guarantees, like Defined Benefit pensions, are classed as red.

It sits within Aegon’s digital bulk transfer service which enables members from another scheme to complete paper-free transfers to Aegon. The service’s average time to transfer is just over 2 minutes.

Aegon’s bulk transfer service, developed with The Pension Lab, will be extended to cover all Aegon Workplace platform products, with the final existing schemes to be added later this year.

Scott Phillips, CEO and founder of The Pension Lab, said its collaboration with Aegon demonstrates how with the right technology pension firms can build a better future for savers.

He said: “Through our collaboration with Aegon, we’ve delivered another industry first with the provision of a fully digital non-advised pension transfer solution, which includes pension finding, detailed feature checking, and a bespoke charge comparison.”

Aegon said the service means savers do not have to wait until Pension Dashboards are open to the public in 2026 before being able to access an online personalised pension scheme comparison tool.

Aegon offers pension and investment solutions to over 4m customers in the UK and employs over 2,000 people in the country.