Aegon Asset Management UK Plc, the glossy arm of the Dutch behemoth Aegon, struts around like some untouchable guardian of pensions and investments, promising security and growth to the average punter who’s just trying to scrape together a decent retirement. But peel back the layers of their shiny PR and guess what? It’s the usual trail of contamination that reeks of incompetence, greed and outright disregard for the people whose money they shuffle around like chips in a casino. This isn’t some faceless entity; it’s a machine that chews up trust and spits out excuses, leaving thousands out of pocket and furious. The icing on the cake? They’re knee-deep in investments that prop up the very polluters and scammers that decent folk are fighting against. Fuck that. It’s time to drag this shit into the light.

Aegon UK isn’t just managing assets; they’re enabling a network of decay where customer losses pile up while executives count their bonuses. From bungled pension transfers that funnel money into fraudulent pits to massive fines for misleading investors, their history reads like a rap sheet of corporate fuck-ups. And yet, they keep rolling, acquiring more arms, migrating platforms that crash and burn, all while claiming it’s for the greater good. Bollocks. This is about profit over people, and it’s high time someone called them out on it.

The Cummins Connection: Betting Big on Pollution

Here’s where it gets properly infuriating. Aegon Asset Management UK Plc holds a substantial stake in Cummins Inc., the American engine giant caught red-handed in one of the biggest emissions scandals in recent memory. As of the second quarter of 2025, Aegon UK owned around 227,162 shares of Cummins, valued at roughly $71 million. That’s not pocket change; that’s a serious commitment to a company that agreed to a staggering $1.675 billion settlement with US authorities for installing illegal defeat devices on hundreds of thousands of engines, spewing out nitrogen oxides that choke the air we breathe.

Cummins, for those not keeping score, allegedly rigged their diesel engines to cheat emissions tests, pumping out pollutants that contribute to respiratory diseases, environmental degradation and god knows what else. And Aegon? They’re right there, holding the bag – or rather, the shares – as if investing in this taint is just business as usual. This makes Aegon just another investor willing to buy into the dirty conveyor that TCAP is out to expose, propping up a supply web where corporate shortcuts poison the planet for profit. It’s not accidental; it’s calculated. How the hell do they sleep at night knowing their clients’ money is tangled in this corrosion?

The Optas Heist: Stealing from Harbour Workers

Flash back to 2007, when Aegon swooped in and acquired Optas NV, a Dutch life insurer handling pensions for harbour workers, for a net €100 million but with gross proceeds ballooning to around €1.3 billion. Sounds like a sweet deal, right? Not for the workers. Unions like FNV Havens screamed bloody murder, accusing Aegon of effectively looting pension funds meant for those who break their backs loading ships. The capital was supposed to secure retirements, not line Aegon’s pockets.

The dispute dragged on for years, a gritty legal slugfest that exposed the ugly underbelly of pension governance. By 2014, Aegon coughed up €80 million in a settlement to the workers’ pension fund, ending a six-year nightmare – but not before more lawsuits in 2019 and even into 2025, where a €2.5 billion claim over pension rights still lingers like a bad smell. Allegedly, the sale misused assets, turning workers’ hard-earned savings into Aegon’s windfall. This wasn’t a minor glitch; it was a smear on the very idea of fiduciary duty. Harbour workers, already facing tough lives, got shafted while Aegon played the long game. Outrageous.

Scottish Equitable’s Admin Nightmare: Fining Away Customer Trust

Fast forward to the UK arm’s rebranded mess under Scottish Equitable – now Aegon UK. Between 2009 and 2011, they self-reported a staggering 300 administrative cock-ups to the Financial Services Authority. We’re talking failures to send documents to 238,000 policyholders, botched pension calculations costing 774 customers £6-7 million, unprocessed rebates hitting 25,000 policies for £8.5 million, and mismatched government contributions screwing over 2,500 more for £6.7 million. The FSA slammed it as “serious failings” in treating customers fairly, and rightly so.

The fallout? A £2.8 million fine and an order to pay £60 million in compensation, with total redress ballooning to £100 million by 2011. This hammered their earnings, dropping quarterly profits by 11% to £8 million in Q3 2011. Customers weren’t just inconvenienced; they were financially gutted by sheer incompetence. How do you fuck up that badly and still operate? It’s a contamination of trust that lingers, proving Aegon prioritises their bottom line over basic bloody admin.

Pension Transfers to Scam Hell: Ignoring Red Flags

Then there’s the pension transfer debacles from 2012 to 2020, where Aegon allegedly turned a blind eye to transfers funnelling money into dodgy schemes. Take Mr J’s case in 2013: he shifted £29,000 to the Capita Oak Pension Scheme, which invested in unregulated storage pods via Store First Ltd – later probed by the Serious Fraud Office as a scam. Complaints to the Financial Ombudsman Service highlighted cold-calling, unregulated introducers, and fresh HMRC registrations as glaring red flags that Aegon ignored.

Similar gripes piled up, with Aegon accused of failing to protect vulnerable clients from pension liberation frauds. In 2015, they admitted 80% of overseas transfer requests were scams, yet complaints weren’t upheld because they “followed rules” at the time. No duty to block without flags? Bullshit. This exposed thousands to ruin, with no liability for Aegon. It’s a chain of negligence that stinks of wilful blindness.

Platform Migration Fiasco: Chaos in the Digital Age

In 2018, after snapping up Cofunds for £140 million in 2016, Aegon attempted a massive platform migration for 400,000 customers. What followed was pure pandemonium: skyrocketing call volumes, password glitches, access denials, and endless backlogs. One poor sod couldn’t redeem £15,000 for a kitchen purchase, left hanging in limbo. CEO Adrian Grace issued a grovelling apology, admitting they were “overwhelmed”.

Costs? £3 million in initial fixes, plus extra for compensation and staffing (over 200 people thrown at it). Issues dragged on for 6-7 weeks, eroding confidence in their tech prowess. This wasn’t a hiccup; it was a full-blown corrosion of service, leaving advisers and clients seething.

SEC Hammer: Faulty Models and Misled Investors

Across the pond in 2018, Aegon’s US units got slapped by the SEC for misleading investors with dodgy quantitative models in 15 mutual funds, 17 variable annuities and two ETFs. Errors, unverified assumptions and hidden risks led to flawed asset allocations and performance claims. The SEC ordered $97.6 million in refunds – $36.3 million fine plus $61.3 million disgorgement.

Investors poured billions into these faulty setups, only to get burned. It’s a stark reminder of how Aegon’s global machine can taint lives far beyond the UK, all while preaching expertise.

World Financial Group’s MLM Maze: Pyramid Whispers

Aegon’s North American arm, World Financial Group, faces ongoing allegations of running an aggressive multi-level marketing setup that smells suspiciously like a pyramid scheme. Former agents report high-pressure recruitment, cult-like vibes, upfront fees of $100-300, and earnings tied more to downlines than actual sales. A 2024 Spruce Point report flagged risks, predicting 25-50% downside for Aegon stock.

No fines yet, but the reputational stench is real, with complaints via FOIA and forums painting a picture of exploitation. Allegedly, it’s a network where the top feeds off the bottom, exposing Aegon to serious scrutiny.

Data Leaks and Mis-Selling: Global Sloppiness

In 2019, Aegon Life India probed a data leak exposing customer info – not from a hack, but a website vulnerability affecting up to 10,000 people. No theft evidence, but the breach screamed carelessness.

Then, mis-selling complaints: a retired major allegedly duped out of Rs 83 lakh in 2019. By 2024, IRDAI fined Aegon Life Rs 1 crore (with Bajaj Finance) for violations. This pattern of taint crosses borders, showing Aegon’s conveyor of errors knows no bounds.

Clone Scams and Recent Complaints: The Hits Keep Coming

From 2020 onwards, fraudsters cloned Aegon entities like “Aegon London”, using fake sites to scam investors. FCA warnings abound, with Aegon admitting 80% of certain transfers are frauds. No direct blame, but it highlights vulnerabilities.

In 2023, advised clients complained about automatic shifts to the Scottish Equitable Retirement fund (75% gilts), losing 30-40% amid volatility. FOS rejected claims – Aegon provided admin only, not advice.

Fast to 2024-2025: a US class action (Smith v Aegon USA) alleges professional negligence, ongoing and appealed. And in 2025, FOS partly upheld a delay complaint, awarding £300 for distress.

The Bitter End: A Legacy of Stench

Aegon Asset Management UK Plc isn’t an anomaly; it’s the archetype of a financial giant that’s lost its soul. From harbour worker heists to scam-enabled transfers, platform meltdowns to emissions-backed investments, their track record is a patina of failure and fury. Customers pay the price – literally, with millions in losses and compensation – while Aegon marches on. This isn’t capitalism; it’s predation.

Aegon doesn’t guard your future; it gambles with it. And when the bets go bad, you’re the one paying the bill.

Lee Thompson – Founder, The Cummins Accountability Project

Shareholder Spotlight : Aegon Asset Management UK Plc – Pensions, Scams and the $71 Million Diesel Bet