What are the charges that are applied to my Aegon Secure Lifetime Income plan?

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Here you can find out about the charges that apply to your Aegon Secure Lifetime Income plan.

How much we charge depends on the guarantee(s) you’ve selected, your choice of funds and also when your plan was taken out. Your 'Policy schedule' will clearly show what guarantee options you chose. Please note that our policy conditions allow us to change our charges in certain conditions.

To find out the charges that apply to your plan, you should first check the number that appears on  'Your policy conditions' booklet and then view the details below corresponding to the number.

Annual management charge

The annual management charge (AMC) is specific to the fund(s) you’re invested in.

Funds

AMC (per year)

Core Portfolios

0.75%

You may also have invested in our Create range. For details of the AMC applying to the funds within this range see the ASLI section of our Fund prices and performance page.

Guarantee option fee

If the plan is invested in a mix of funds, we’ll calculate the percentage fee proportionately. Each quarter, we’ll average the daily percentage fees and apply them to the plan.

We’ll apply the fee as a percentage of the fund value if you have policy conditions 1.0 to 3.0. If you have policy conditions 4.0 we’ll apply the fee as a percentage of the income base.  The guarantee option fee will be deducted for the lifetime of the plan, assuming there’s a fund value.

Portfolio choice

Cost of the guarantee option (per year)

80/20 Core Portfolio

0.40%

70/30 Core Portfolio

0.70%

60/40 Core Portfolio

1.00%

50/50 Core Portfolio

1.30%

If you’re invested in our Create range, your guarantee option fee depends on the percentage you invested in the Category B and C funds. Where the percentage that’s actually invested doesn’t directly match a percentage in the table below, we’ll recalculate the charge. Your financial adviser will be able to give you more information about this.

Category B and C percentage holdings

Cost of the guarantee option (per year)

20% and less

0.40%

30%

0.70%

40%

1.00%

50%

1.30%

Establishment charge

An establishment charge may apply to your plan. Your 'Charges schedule' will give you full details of this charge.

Cash-in charges

Cash-in charges may apply. Your 'Charges schedule' will give you full details of this charge.

Switching charge

We’ll give you 12 free switches a year. We’ll charge £25 or 0.25% of the value of units to be cancelled, whichever is the highest, for each switch over and above the limit.

One switch covers the sale and purchase of funds.

Currency conversion charge

If the premium isn’t paid in UK Sterling and we need to convert the currency, we’ll deduct a currency conversion charge. This will be a percentage of the amount being converted. Your 'Charges schedule' will give you full details of this charge.

Valuation charge

We’ll send you a statement each year telling you the value of your plan. You can have a further three statements each plan year free of charge. We’ll charge £40 for each valuation statement request over and above the four free statements each plan year.

Annual management charge

The annual management charge (AMC) is specific to the fund(s) you’re invested in.

Fund

AMC (per year)

Core Portfolios

0.75%

You may also have invested in our Create range. For details of the AMC applying to the funds within this range see the ASLI section of our Fund prices and performance page.

Guarantee option fee

If the plan is invested in a mix of funds, we’ll calculate the percentage fee proportionately. Each quarter, we’ll average the daily percentage fees and apply them to the plan.

We’ll apply the fee as a percentage of the income base. The guarantee option fee will be deducted for the lifetime of the plan, assuming there’s a fund value.

Portfolio choice

Guarantee option fee (per year)

80/20 Core Portfolio

0.60%

70/30 Core Portfolio

1.00%

60/40 Core Portfolio

1.50%

If you’re invested in our Create range, your guarantee option fee depends on the percentage you invested in the Category B and C funds. Where the percentage that’s actually invested doesn’t directly match a percentage in the table below, we’ll recalculate the charge. Your financial adviser will be able to give you more information about this.

Category B and C percentage holdings

Guarantee option fee (per year)

20% and less

0.60%

30%

1.00%

40%

1.50%

Establishment charge

An establishment charge may apply to your plan. Your 'Charges schedule' will give you full details of this charge.

Cash-in charges

Cash-in charges may apply. Your 'Charges schedule' will give you full details of this charge.

Switching charge

We’ll give you 12 free switches a year. We’ll charge £25 or 0.25% of the value of units to be cancelled, whichever is the highest, for each switch over and above the limit.
One switch covers the sale and purchase of funds.

Currency conversion charge

If the premium isn’t paid in UK Sterling and we need to convert the currency, we’ll deduct a currency conversion charge. This will be a percentage of the amount being converted. Your 'Charges schedule' will give you full details of this charge.

Valuation charge

We’ll send you a statement each year telling you the value of your plan. You can have a further three statements each plan year free of charge. We’ll charge £40 for each valuation statement request over and above the four free statements each plan year.

Annual management charge

The annual management charge (AMC) is specific to the fund(s) you’re invested in.

Fund

AMC (per year)

Core Portfolios

0.10%

UK Cash fund

0.10%

Guarantee option fee

If the plan is invested in a mix of funds, we’ll calculate the percentage fee proportionately. Each quarter, we’ll average the daily percentage fees and apply them to the plan.

We’ll apply the fee as a percentage of the income base. The guarantee option fee will be deducted for the lifetime of the plan, assuming there’s a fund value.

How much we charge depends on the funds you invest in and if you chose to have the guaranteed death benefit option or not.

Fund

Guarantee option fee

 

Without guaranteed death benefit

With guaranteed death benefit

80/20 Core Portfolio

0.35%

0.60%

70/30 Core Portfolio

0.50%

1.00%

60/40 Core Portfolio

0.75%

1.50%

UK Cash fund

0.25%

0.30%

Administration charge

The administration charge is a specific percentage (based on the amount of money you invested - the premium).

Premium band (£)

Administration charge (% of fund each year)

20,000 - 24,999.99

0.95%

25,000 - 49,999.99

0.70%

50,000 - 74,999.99

0.60%

75,000 - 149,999.99

0.55%

150,000+

0.50%

Switching

We’ll give you 12 free switches a year. You’ll not be able to make any more than 12 switches a year.
One switch covers the sale and purchase of funds.

Currency conversion charge

If the premium isn’t paid in UK Sterling and we need to convert the currency, we’ll deduct a currency conversion charge. This will be a percentage of the amount being converted. Your 'Charges schedule' will give you full details of this charge.

Valuation statements

We’ll send you a statement each year telling you the value of your plan. You can request a maximum of three more valuations each year, free of charge.

Adviser charges

If you agree to pay a fee to your financial adviser for their advice and/or services, we can facilitate those payments to your adviser from your plan. You and your adviser agree how much this charge will be.

Annual management charge

The annual management charge (AMC) is specific to the fund(s) you’re invested in.

Fund

AMC (per year)

Managed Risk Portfolios

0.20%

Core Portfolios

0.10%

UK Cash fund

0.10%

Guarantee option fee

If the plan is invested in a mix of funds, we’ll calculate the percentage fee proportionately. Each quarter, we’ll average the daily percentage fees and apply them to the plan.

We’ll apply the fee as a percentage of the income base. The guarantee option fee will be deducted for the lifetime of the plan, assuming there’s a fund value.

How much we charge depends on the funds you invest in and if you chose to have the guaranteed death benefit option or not.

Fund

Guarantee option fee

 

Without guaranteed death benefit

With guaranteed death benefit

Managed Risk Portfolio Defensive

0.25%

0.50%

Managed Risk Portfolio Cautious

0.60%

1.00%

Managed Risk Portfolio Balanced

0.95%

1.50%

80/20 Core Portfolio

0.35%

0.60%

70/30 Core Portfolio

0.50%

1.00%

60/40 Core Portfolio

0.75%

1.50%

UK Cash fund

0.25%

0.30%

Administration charge

The administration charge is a specific percentage (based on the amount of money you invested - the premium).

Premium band (£)

Administration charge (% of fund each year)

20,000 - 24,999.99

0.95%

25,000 - 49,999.99

0.70%

50,000 - 74,999.99

0.60%

75,000 - 149,999.99

0.55%

150,000+

0.50%

Currency conversion charge

If the premium isn’t paid in UK Sterling and we need to convert the currency, we’ll deduct a currency conversion charge. This will be a percentage of the amount being converted. Your 'Charges schedule' will give you full details of this charge.

Adviser charges

If you agree to pay a fee to your financial adviser for their advice and/or services, we can facilitate those payments to your adviser from your plan. You and your adviser agree how much this charge will be.

Annual management charge

The annual management charge (AMC) is specific to the fund(s) you’re invested in.

Fund

AMC (per year)

Managed Risk Portfolios

0.20%

Core Portfolios

0.10%

UK Cash fund

0.10%

Guarantee option fee

If the plan is invested in a mix of funds, we’ll calculate the percentage fee proportionately. Each quarter, we’ll average the daily percentage fees and apply them to the plan.

We’ll apply the fee as a percentage of the income base. The guarantee option fee will be deducted for the lifetime of the plan, assuming there’s a fund value.

How much we charge depends on the funds you invest in and if you chose to have the guaranteed death benefit option or not.

Fund

Guarantee option fee

 

Without guaranteed death benefit

With guaranteed death benefit

Managed Risk Portfolio Defensive

0.25%

0.50%

Managed Risk Portfolio Cautious

0.60%

1.00%

Managed Risk Portfolio Balanced

0.95%

1.50%

80/20 Core Portfolio

0.45%

0.70%

70/30 Core Portfolio

0.60%

1.10%

60/40 Core Portfolio

0.85%

1.60%

UK Cash fund

0.25%

0.30%

Administration charge

The administration charge is a specific percentage (based on the amount of money you invested - the premium).

Premium band (£)

Administration charge (% of fund each year)

20,000 - 24,999.99

0.95%

25,000 - 49,999.99

0.70%

50,000 - 74,999.99

0.60%

75,000 - 149,999.99

0.55%

150,000+

0.50%

Currency conversion charge

If the premium isn’t paid in UK Sterling and we need to convert the currency, we’ll deduct a currency conversion charge. This will be a percentage of the amount being converted. Your 'Charges schedule' will give you full details of this charge.

Adviser charges

If you agree to pay a fee to your financial adviser for their advice and/or services, we can facilitate those payments to your adviser from your plan. You and your adviser agree how much this charge will be.