Barclays has added Aegon UK’s 5 for Life product to its Select Choice multi-tie panel.
The deal is said to be Aegon UK’s most significant bank distribution deal so far, when it goes live later this month.
5 for Life is the first investment solution to be offered through Select Choice, offering guaranteed income in retirement.
Barclays’ panel provides access to its 900 financial planners across the UK covering their retail, premier and business banking customer bases.
5 for Life is based on the successful US variable annuity concept and
is the only product of its kind in the UK market and meets the emerging
customer need of a guaranteed level of income for life during retirement.
In addition, business protection is being launched to Barclays Business Banking customers this month.
Aegon UK chief executive Otto Thoresen says: “This new partnership is our most significant banking link to date and will enable us to reach a broader customer base with products where we have a compelling proposition. Barclays Select Choice is among the most successful examples of a personal and business financial planning advice model and we are delighted to be joining the panel.”
Barclays Financial Planning commercial director Stephen Ingledew says: “We are delighted to welcome Aegon onto our panel. The “income for life” proposition is a great step forward in our plans to offer the most comprehensive and innovative retirement solutions on the high street.”