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Aegon adds portability option to offshore bond

Aegon has added a European offshore portability option to its main offshore bond that will allow customers moving from the UK to Spain, France or Italy to have greater tax flexibility.

The option sits with Aegon’s wealth management portfolio and will allow investors to benefit from tax deferral. The bond is also tax compliant in those countries.

Recent research by AON Consulting found that 57 per cent of the UK population want to retire abroad with almost half of them choosing to reside in Spain, France or Italy.

The option has no additional or ongoing charge and will allow investors to move between the UK and those countries and remain tax efficient without switching their savings to a new product.

Aegon Ireland managing director David Healy says: “We identified an important issue that many people buy long-term investment products designed specifically for the UK market and retire abroad without any ongoing tax support. We have developed the European portability option for customers who intend to move to Spain, France or Italy. It’s free of charge to customers and provides peace of mind and continued certainty of a customer’s tax position in these jurisdictions.

“The implications of giving the wrong advice in this complex area are significant for the customer, and the adviser. The European portability option will give advisers re-assurance and support that until now was reserved for those willing to pay for specialist services.”



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