An independent product review on AEGON’s ‘5 For Life’ has found the product to be ‘truly innovative’ and ‘designed to meet genuine financial planning needs in retirement’.

The review, recently produced by leading actuaries and consultants Boal & Co, through their ‘Product Update Service’, also viewed the product as ‘undoubtedly the forerunner of a new class of offshore bond, both for the UK market and the rest of the world.’.

Five for Life, aimed at the pre-and at-retirement market, was launched in September last year.

The product, which is entirely new to the UK market, offers investors a guaranteed income of 5% of their original investment for life from age 60, regardless of longevity and investment performance.

Other features include the potential benefit from any future growth of the investment, flexibility for clients to access their capital at any time and a death benefit of 100.1% of the cash-in value or the original premium less any withdrawals, whichever is greater.

David Healy, Managing Director at AEGON Scottish Equitable International said :

“We are very happy with the initial response to 5 for Life in the market. For a brand new concept, momentum is building strongly. Independent endorsements like this are very valuable and we are working hard to help advisers better understand the key benefits of this new type of product to the UK market”

In summing up the product, Boal and Co described 5 for Life as,
‘A truly innovative product, designed to meet genuine financial planning needs in retirement. It is a major market development which other product providers need to take notice of.’

For more information on 5 For Life or any other products, advisers should contact their local AEGON UK branch

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Notes to Editors

• The AEGON UK group announced a change to its branding strategy in July 2006, which means that all life and pensions businesses in the group now carry the AEGON name in addition to their brand name.

For Further information

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