Aegon has added 50 new funds to its 5 for life product and has introduced a 10-year money-back guarantee for new customers.
The 5 for life product, which was launched in September 2006, is aimed at customers who are nearing or at retirement and offers a guaranteed income of at least 5 per cent of a customer’s initial investment for life.
Investors can now choose from using Aegon’s existing four portfolios, four tailored multi-manager portfolios selected in conjunction with Morningstar or constructing a portfolio using a range of specialist sector funds.
The broader range includes funds from Fidelity, Gartmore, Invesco Perpetual, JP Morgan and Schroders.
The money-back guarantee means after investors have been in 5 for life for 10 years, they are guaranteed to get back at least the money they invested, minus any income taken or the cash-in-value if that is higher.
Aegon has also introduced a portfolio builder investment tool for advisers.
Aegon Scottish Equitable International managing director David Healy says: “The variable annuity concept is gaining momentum in the UK market and we intend to make sure Aegon stays at the forefront of developments.”
CBK principal Peter Chadborn says: “It is a definite advantage having a bigger range of funds. You cannot do a proper job without a portfolio planner tool so this is a welcome addition. I have always recommended the product, although never as a stand-alone product but as part of a package.”