From US tax credits to Brazilian tax and social security guidance, our businesses help people understand their options when saving for the future.
When people try to grasp their personal finances, complexity can be a barrier. Rules can be complicated, systems hard to navigate, and many people don’t fully understand the options available to them. This could be a tax credit they qualify for, income support during illness, or practical steps they can take to improve their retirement outlook.
Across Aegon, our businesses are working to change that. By highlighting important information in a clear and accessible way, we aim to turn complexity into confidence – helping people understand what they are entitled to and feel more confident about their financial decisions.
Doing so is becoming increasingly important. As demographic shifts around the world place greater responsibility for retirement income on individuals – and trillion-dollar protection gaps only continue to widen – helping people understand their options has never been more important.
Raising awareness about a US tax benefit
In the United States, where retirees face a USD 7 trillion retirement savings gap, our largest business, Transamerica, is helping to raise awareness about the Saver’s Credit – a federal tax credit designed to support eligible low‑ to moderate‑income workers who save for retirement.
Despite its potential value, awareness of the Saver’s Credit remains limited. Research conducted by the non-profit, Transamerica Center for Retirement Studies (TCRS), shows that fewer than half of US workers are aware of the Saver’s Credit.
“Since it’s above and beyond the other tax advantages of saving for retirement, other people may be overlooking it because the idea of multiple tax benefits sounds too good to be true,” said Catherine Collinson, CEO and president of Transamerica Institute and TCRS.
Giving a clearer picture to UK workplace savers
In the UK, our business is helping its workplace pension members become more informed about their pension options.
Aegon UK has enhanced its Member Insights platform, using personalized digital content to turn complex pension information into clear, relevant prompts. Tailored videos and targeted nudges guide savers through practical steps, such as activating their account, reviewing contributions and updating key details.
Nick Roy, Workplace Commercial Director at Aegon UK, said: “Workplace savers can now explore their future savings in a clearer, more meaningful way.”
Aegon UK has also upgraded its MyTarget modelling tool which helps savers see what their pension could mean in real terms by benchmarking different retirement lifestyles and showing whether they are on track – and what steps they may want to consider next.
Roy added: “Members can now model their future in a way that feels modern, intuitive and accessible on any device. Ultimately, our goal is to support better decisions and long-term outcomes.”
Aegon UK’s Mylo app is also helping workplace pension members take practical action through a simple digital experience that supports pension finding, consolidation and beneficiary nominations. According to the latest reported figures, Mylo has prompted more than 38,000 beneficiary nominations since launch, while earlier results showed more than £135 million in pension savings consolidated and over 11,000 pension pots transferred within its first six months.
Cutting through complexity in Spain
In Spain, the diversity of retirement savings plans and the evolving tax regulations can make retirement income difficult to navigate.
Through clear, practical guidance, Aegon España explains how the pension system works in Spain, including eligibility requirements and the different types of state pensions, as well as the taxation and withdrawal options for private retirement savings. This includes guidance on pension plan withdrawals and the tax implications of key life events.
By turning complex rules around pensions, savings and taxation into accessible information, Aegon España helps people better understand their options and plan for retirement with greater clarity and confidence.
Making sense of Brazilian tax and social security rules
In Brazil, Aegon’s joint venture, MAG Seguros (MAG), helps people navigate complex topics such as income tax and social security.
MAG provides clear, practical guidance in plain language – explaining how tax measures work, who may be eligible and when payments are expected – so people don’t miss out simply because the system can feel complicated. This includes tailored information for retirees, covering important topics like tax‑return requirements and age‑related exemptions.
Beyond tax, MAG explains key social security benefits, such as retirement and sickness‑related support, and how private pensions are taxed and declared. By addressing common areas of confusion – and using national moments like Brazil’s Financial Education Week to raise awareness – MAG helps people make informed choices and feel more confident about their financial position.
Clarity enables control
Across our businesses – from US tax credits to UK workplace pensions, Spanish pension and savings guidance, and Brazilian tax and social security support – we are helping people better understand their options and take greater control of their finances.