Welcome to August's Latest News.
Brexit is a hot topic at the moment so we feature it as our main article this month. Negotiations continue between the United Kingdom (UK) and European Union (EU) on their future relationship - but while talks continue there are still many questions. We've produced some frequently asked questions you may find useful.
Earlier this month we also saw Bank of England raise their interest rate, find out what that means for clients who have cash in their cash facility. Plus we now have updated investment reports that you can download, news about how our online protection service just got better and HMRC's annual allowance calculator.
Read on to find out more.
Progress towards Brexit
Bank of England interest rate rise
On 2 August 2018, the Bank of England raised the interest rate for only the second time in a decade. The rate has risen by a quarter of a percent, from 0.5% to 0.75% - the highest level since March 2009.
This means that if your client holds cash in their cash facility for Aegon Retirement Choices or One Retirement we'll apply a gross rate of 0.70% - Bank of England base rate less 0.05%.
We calculate interest on a daily basis and pay any interest due monthly into your client's cash facility after deduction of basic rate tax where applicable.
Our protection online service just got even better
Our recent research1 found that 58% of people would prefer insurance that pays a monthly income rather than a lump sum.
You can now apply for our full suite of family income benefits using our new, improved online service.
Read more about our latest protection improvements.
1 Source: Aegon, protection consumer research, August 2018
HMRC annual allowance calculator
HMRC have recently re-launched their online annual allowance calculator.
It works for people subject to the standard annual allowance or the tapered annual allowance and can help identify opportunities to find carry forward amounts from previous tax years.
As this is a complex matter you should take care when entering information into the calculator and make sure you fully understand the output before taking any action on it.
Fund changes and news
Find out about changes to our insured funds, including governance news, fund closures and fund changes.
Platform tip of the month
Aegon Retirement Choices - ongoing adviser charges.
Use Report Zone to check how much ongoing adviser charge you're receiving as a percentage for each client. Select 'Product Wrapper Valuation Report' from the 'Product Wrappers Opened & held Reports' section.