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Aegon launches direct annuity service

Aegon has launched a direct to consumer annuity service for clients of affinity partners.

As Money Marketing revealed in July, the firm has set up a new company, Aegon UK Direct, to provide the service which will be offered to readers of the Daily and Sunday Telegraph from tomorrow.

Aegon currently offers standard annuities and third-way products via IFAs only. Aegon Direct will provide conventional annuities from Aegon Scottish Equitable and enhanced annuities from MGM Advantage direct to consumers.

Aegon Direct will sit alongside the whole-of-market advice service currently provided to Telegraph readers by Origen.

Customers who want to explore retirement options including income drawdown and variable annuities or to use the open market option to get the best annuity rate, will be referred to Origen.

Aegon will extend the Aegon Direct service to other affinity partners over the next few months. It will also consider broadening the service to include other product areas, such as investment and protection.

Director of partnership and distribution development Peter Dornan says: “Advice can ensure people buy the right product to suit their lifestyle and in many cases increase the income they can get from their pension pot. But not everyone has complicated retirement needs or wants or will find it necessary to use an IFA.

“For a simple annuity purchase, traditional face-to-face advice can be uneconomical for IFAs to provide. We believe this service could bring valuable advice within the reach of more people.”


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