View more on these topics

Aegon pulls off-platform guaranteed products

Aegon has withdrawn its off-platform income guarantees range and closed four products to new business.

Aegon-Logo-Building-2012-700x450.jpg

The products are Aegon’s secure lifetime income, secure income, secure capital, and secure trustee investment.

Aegon says it is committed to customers with existing guaranteed products.

In a statement, it says: “Applications submitted with a valid illustration produced prior to 17 November will continue to be processed during the pipeline period which will run to Friday 16 December.”

Aegon will focus on its on-platform drawdown with guarantees offering, Secure Retirement Income. Aegon says, so far this year, sales for SRI are up 139 per cent on the same period last year.

Aegon chief distribution and marketing officer Mark Till says: “The pension freedoms have transformed the market for guarantees and demand for guaranteed drawdown has taken off.

“This decision will allow us to fully focus our efforts behind SRI which is integrated with the Aegon Retirement Choices platform and is where we’re experiencing the majority of demand for our guaranteed products. There will be no change for existing customers.”

In Platforum’s latest adviser survey, several respondents mentioned the SRI product as a reason for using the platform.

Platforum research director Heather Hopkins says: “Aegon’s move seems to be simple product rationalisation. The products that are being closed are off-platform bond products that deliver an income. The secure retirement income product is an on-platform solution that fits Aegon’s focus as a business.”

Recommended

Grace-Adrian-aegon-2011-700x450.jpg
1

Aegon looks to platform business to bring in 80 per cent of profits

Aegon’s is looking to generate between 80 and 90 per cent of its profits from its platform business within the next three to five years, according to UK chief executive Adrian Grace Speaking to Money Marketing after the release of the providers third quarter results this morning, Grace acknowledged that the goal represented a “big […]

Aegon-Logo-Building-2012-700x450.jpg

Aegon eyes platform revenue boost after passing £10bn in assets

Aegon has said it is planning to drum up more business from platform fees and move away from insurance products as assets on its platform passed £10bn in the third quarter of 2016. The provider’s results today show that Aegon moved €1.5bn (£1.32bn) of client assets from its backbook onto its platform between July and […]

1

Lifetime Isa – how it works

According to George Osborne “people like Isas – because they’re simple”. Fiona Tait is not convinced… Contributions & bonuses What he said: “From April 2017, anyone under the age of 40 will be able to open a Lifetime Isa and save up to £4,000 each year. And for every £4 you save, the Government will […]

Investment

Why invest in alternatives?

Michael Howard, Head of Alternative Investments at Prudential Portfolio Management Group (PPMG), analyses how alternative assets can benefit multi-asset portfolios. As yields have compressed and forward-looking return expectations have fallen in the past few years, investors have sought alternatives to traditional asset classes to supplement their income and boost their total return. Please remember that […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment