Aegon UK plans to integrate a portal or specialist annuity service into its employee benefits platform to offer a whole of market range of annuities.
Aegon Retirement Choices soft-launched to around 50 adviser firms on November 14 and is tendering for portals or specialist annuity services, saying it expects to reach an agreement before the end of the year.
The platform is set to roll out to the wider market in early 2012 and Aegon expects to be able to offer the annuity service in the second half of the year.
At its soft launch, the platform had about 1,500 funds in a combination of insured and authorised funds and over 2,000 investment options which includes exchange traded funds, investment trusts and direct equities.
It operates a tiered aggregate platform charge starting at 0.6 per cent for assets under £30,000, falling to 0.2 per cent for assets over £1m.
Aegon UK head of platform proposition Stephen Crosbie says: “We are not looking to write annuities ourselves and we are looking to offer more than just a conventional range. We want to give clients a wide range of options and vehicles that they can use when they are looking to retire or take income and annuities are one way of doing that.”
Finance and Technology Research Centre director Ian McKenna says: “Making annuities available via a platform in this manner seems like a natural progression for an at-retirement platform.”