AEGON and Openwork have announced an extension to their partnership as the relationship continues to benefit both businesses.

AEGON has been the sole provider of pension products  to  Openwork’s 2,600+ strong adviser network, since it was launched in 2005.  The market-leading offshore Wealth Management Portfolio (WMP) was added in 2006. And in May this year, AEGON’s innovative 5 for Life retirement planning solution was also included in the Openwork range.

AEGON’s partnership with Openwork began when the network launched in June 2005, and in 2006 over 5% of AEGON’s pensions new business came from Openwork advisers. Today, Openwork is one of AEGON’s largest distributors of investment and pension products.

Peter Dornan, Director of Partnership and Distribution Development at AEGON said,

“Our relationship with Openwork is an increasingly valuable partnership for AEGON, enabling us to reach new customers with our range of pension products  We are pleased to look forward to continuing our involvement with Openwork, and are delighted to be able to offer 5 for Life and our Wealth Management Portfolio products to their customers”

Jonathan Miller, Openwork Marketing Development Director comments.

“We have a strong relationship with AEGON and are very happy to continue building on this, with their support to our network and products that lead the market place and fulfil our clients’ needs.

“Openwork is committed to offering our clients a comprehensive range of investment products and see innovative planning solutions such as AEGON’s 5 for Life becoming much more mainstream with more investors looking for a guaranteed income”

Notes to Editors

• AEGON UK has assets under administration of £49.8 billion and employs around 4,000 staff. AEGON UK is part of the AEGON Group, which is one of the world’s largest listed insurers and has assets under management of £245 billion.
• Openwork Limited is a directly authorised, multi-tied distribution network with more than 2,600 financial advisers operating across the UK.  Launched in June 2005 in response to regulatory changes to the UK Life industry, the company’s results have been extraordinary to date with compound annual revenue growth of 30 per cent.
• Openwork selects top quality products via single high volume providers for pensions, investments, protection (life assurance, critical illness) and general insurance.  This model, unique in the UK, enables the firm to negotiate exclusive terms for its advisers and customers.
• The Openwork Group is owned - via ordinary shares - by its advisers with a 67.5% share, 7.5% by its employees and 25% by Zurich Financial Services Group who also have a preferential position.
• 5 for Life offers a guaranteed 5% income from a customers investment for life, ‘5 for Life’ also provides the potential for investment growth. At certain times growth can be ‘locked-in’ which will in turn provide a higher guaranteed income for the customer. It also offers a death benefit of 100.1% of the cash-in value or the original premium less any withdrawals – whichever is the greater. Of course, this depends on investment performance and withdrawals taken which mean the fund value – and therefore the death benefit – could be zero.
• 5 for Life won ‘Best Life Assurance Product’ at the Portfolio International 2006 awards held in November 2006.

For further information

Kevin Brown
AEGON UK
T. 0131 5492859 | M. 07740 897282
kevin.brown@aegon.co.uk