Aegon and Barclays today announce a new distribution partnership, which will see selected Aegon products made available to Barclays customers through its national network of Financial Planners.
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- BARCLAYS FINANCIAL PLANNING TO INCLUDE Aegon UK ON SELECT CHOICE PANEL
- PARTNERSHIP MARKS Aegon UK'S MOST SIGNIFICANT BANK DISTRIBUTION DEAL TO DATE
- Aegon'S NEW "5 FOR LIFE" RETIREMENT SOLUTION TO BE MADE AVAILABLE TO BARCLAYS CUSTOMERS
Aegon and Barclays today announce a new distribution partnership, which will see selected Aegon products made available to Barclays customers through its national network of Financial Planners.
Through the partnership Barclays will offer a range of products to retail investors via its Select Choice offering. The launch of Aegon's "5 for Life" which offers guaranteed income in retirement later this month will see investment solutions featuring on Barclays Financial Planning's Select Choice platform for the first time. This represents the most significant bank distribution deal Aegon has secured in the UK to date and is an important step in Aegon's strategy to extend its distribution capability in the UK market to a wider range of business and individual customers.
Aegon will join Barclays Select Choice panel of providers, which means that selected products will be available to Barclays' network of over 900 Financial Planners across the UK covering their Retail, Premier and Business Banking customer bases. Barclays Financial Planning's Select Choice panel was established two years ago to extend to UK retail customers tailored financial advice regarding a carefully selected range of products. Using a unique and rigorous approach, Barclays Financial Planning recommends products rather than specific providers through its expert team that is dedicated to continually monitoring the market and identifying the best available life and pensions product options within the whole of the UK market.
Aegon has a strong reputation as a provider of business protection for its underwriting expertise and the first Aegon products to be introduced to the Barclays Financial Planning Select Choice panel will be Aegon's market-leading business protection range, which includes insurance propositions, such as key person and partnership protection, that meet the needs of Barclays business banking customers.
Aegon's "5 for Life" is based on the successful US variable annuity concept and is the only product of its kind in the UK market and meets the emerging customer need of a guaranteed level of income for life during retirement. In addition Business Protection is being launched to Barclays Business Banking customers this month.
Aegon UK Chief Executive Otto Thoresen says: "This new partnership with Barclays is an important development for Aegon in the UK. It is our most significant banking link to date and will enable us to reach a broader customer base with products where we have a compelling proposition. Achieving enhanced distribution strength is one of Aegon's key growth initiatives and in line with Aegon UK's aim to increase its market share. Barclays Select Choice is among the most successful examples of a personal and business financial planning advice model and we are delighted to be joining the panel."
Stephen Ingledew, Commercial Director, Barclays Financial Planning adds: "We're delighted to welcome Aegon onto our Select Choice panel. With these new dynamic and exciting products, Barclays Financial Planning will continue to offer customers marketing leading solutions that meet their most important financial objectives. The "income for life" proposition, in particular, is a great step forward in our plans to offer the most comprehensive and innovative retirement solutions on the high street."
ABOUT Aegon UK
Aegon UK has assets under administration of GBP 49.8 billion and employs around 4,000 staff. Aegon UK launched its 5 for Life' retirement planning solution in September 2006, making it the first insurer to introduce this type of variable annuity product, popular in' the US, to the UK market.
ABOUT BARCLAYS FINANCIAL PLANNING
Barclays Financial Planning (BFP) provides tailored and impartial financial advice on life, pensions and investment products across a carefully selected range of products from a range of product providers according to customer needs. It is one of the largest financial advisers in the UK, with over 900 advisers. A free financial planning consultation is available to personal, business and corporate clients, and our advisors have a range a solutions available for businesses wishing to discuss succession planning. To make an appointment with a Barclays Financial Planning adviser call 0845 070 5099 or visit www.barclays.co.uk for more information.
Barclays, UK
Media +44 (0) 20 98 13 74 35
E-mail Nicola Hankey en Caroline Wells
Website www.barclays.com