In October 2020, we notified changes that are taking place to a number of underlying funds as a result of the FCA’s Asset Management Market Study (AMMS).

We’ve been notified of further changes that have taken place to other underlying funds as a result of the guidelines.

What is happening?

In 2019, the Financial Conduct Authority (FCA) released guidelines with the aim of making fund objectives and the use of benchmarks clearer and easier to understand.

Over the course of 2020, some underlying fund managers have updated the fund objectives and/or fund benchmarks of underlying funds. To make sure our funds are consistent, we’ve updated our Aegon fund objectives in line with these updates.

You can find a list of revised objectives and/or benchmarks in the PDFs below. They’re split out into separate documents for each of our fund ranges.

How this will affect investors

The changes detailed below don’t change the way any fund is managed and are for clarification only, for example the fund manager, charges and Aegon risk ratings/profiles won’t change due to these updates.

You’ll start to notice these changes in our literature and on our website gradually, so you may notice both the old and new information in use for a time.

What investors need to do

Existing investors don’t need to do anything. Please speak to a financial adviser if you’re unsure about what these changes mean for you. If you don’t have one, you can find one in your area at

The changes in more detail

Full list of impacted Pension and Life funds

Full list of impacted ARC and AOR funds