AEGON and Openwork today announce they are extending their partnership to include AEGON Scottish Equitable International’s “5 for Life” retirement planning solution. The move means that ‘5 for Life’ will now be available from Openwork’s 2,500+ strong adviser network alongside AEGON’s range of pensions.

AEGON’s partnership with Openwork began when the network was launched in June 2005 and in 2006, over 5 per cent of AEGON’s pension new business came from Openwork advisers.

Successfully pioneered in the US, 5 for Life is a new concept in the UK market designed to give clients guaranteed income for life. With people living longer and healthier lives, financial planning for retirement has become increasingly difficult and there is a real danger that people will outlive their assets. The ‘Best Life Assurance Product’ winner in Portfolio International's Annual Awards, 5 for Life offers investors a guaranteed income of 5% of invested capital from age 60, with the added option of allowing them to access their remaining capital at any time.

5 for Life also offer potential benefits on death, with any remaining fund value passed on to the investor’s estate.

While benefiting from the guarantee of a minimum 5% income for life, the product also provides the potential for investment growth as markets rise. And even if markets fall, the guaranteed income will always be protected at its highest ever level.

Jonathan Miller, Openwork Marketing Development Director comments, “We are delighted to build on our existing relationship with AEGON. The introduction of this uniquetothe market product supports Openwork’s commitment to offer clients a comprehensive and marketleading range of investment products. We have already successfully linked up with AEGON Scottish Equitable International for our offshore product range and we see 5 for Life as an important development as the number of UK investors looking for a guaranteed income grows.”

AEGON UK Finance Director Mark Laidlaw says,

"AEGON has had a very strong partnership with Openwork since its launch in early 2005.

As their main pensions provider we have seen first hand how Openwork has developed over the last two years and we're now building on this relationship with 5 for Life being available to customers via Openwork's 2,500+ advisers. 5 for Life is still the only product of its kind in the UK market and we are pleased to be able to offer it to Openwork customers.”

5 for Life offers a range of funds which grow virtually tax free. Investors have a choice of three funds each offering varying degrees of exposure to equities and fixed interest. The assets are managed by AEGON Asset Management and Merrill Lynch Investment Management in combination.

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Notes to editors

Openwork

Openwork is a standalone, multitied, directly authorised distribution network. The concept was conceived by the Zurich Financial Services Group in response to the changes to the regulatory shape of the UK life industry. Openwork comprises 2,500 financial advisers operating through nearly 1000 franchised business practices. It offers the products of over 40 product providers and mortgage lenders.

Zurich Financial Services is an insurancebased financial services provider with a global network that focuses its activities on its key markets in North America and Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in more than 50 countries and employees around 57,000 people.

AEGON has assets under administration of £48.1 billion and employs around 4,500 staff. AEGON is part of the AEGON Group, which is one of the world’s largest listed insurers and has assets around £250 billion.

5 for Life won ‘Best Life Assurance Product’ at the Portfolio International 2006 awards held in November 2006.

For further information

Lesley McPherson
Head of Media
T. 0131 549 3782 | M. 07740 897 541
lesley.mcpherson@aegon.co.uk

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