The trust enables an investor to make a gift that will be exempt from inheritance tax after seven years, while keeping access to the trust via predetermined regular withdrawals from the underlying bond.
The new addition brings Aegon’s range of trusts to six in total. Others in the range include the bare gift, discretionary gift, bare loan, discretionary loan and the discretionary discounted gift trust. All are available within the companies’ bond products, including onshore bond and the guaranteed investment control product as well as Aegon’s international wealth management portfolio.
Aegon has also produced a ‘trusts decision tree’ to help advisers and customers in the planning process.
The decision tree asks the customer a number of different questions covering control, flexibility, access to capital required in the future and access to investment growth.
Aegon is also developing an online version for advisers.
Aegon Scottish Equitable technical manager Margaret Jago says: “This new trust allows for greater flexibility and control for the customer to decide who benefits from their assets and when.
“With Aegon Scottish Equitable’s ‘trust decision tree’ both the adviser and their customers can carefully select the benefits they would like to receive from a trust plan and clearly make the correct decision which is in their best interests”