Aegon has launched a new free guidance service designed for its own customers who have already been to Pension Wise but have no financial adviser.

The company will initially trial Aegon Assist, to be operated by three staff who will provide more information about client’s Aegon products.

It is designed to help people who want further information after speaking to Pension Wise, which is run by Citizens Advice and The Pensions Advisory Service.

The move was made after research conducted by the firm indicated that almost half of the population would like to be able to turn to their pension company for guidance about products.

It is open to customers at any life stage, but for those approaching retirement, the service is intended for people who have visited Pension Wise first, Aegon said.

The firm said Aegon Assist will provide people with basic information regarding:

• Reviewing retirement options
• Considerations around consolidating pension pots
• Tax implications of accessing pension savings
• Retirement income including guarantees is required

Anyone who wants a personal recommendation will be asked to seek advice, the firm said.

Mark Till, managing director at Aegon UK, said people face key decisions but are unwilling to pay for advice.

He said: “Since the introduction of the pension freedoms hundreds of customers have told us they would like us to be able to explain, not just the options open to them, but the considerations they should have in mind when making a decision.

“While we’ll continue to recommend seeking advice and signposting to Pension Wise, we see Aegon Assist as an important additional option for customers to get the information they need to make the right decision.”

He said: “Based on the customer’s products with us, Aegon Assist will point out the key issues customers should be thinking about. While the service will provide information, it will be down to customers to decide what action to take and the service will not offer the kind of personal recommendation given by financial advisers.”