Major step forward in strategy to build growth through focusing on ‘at retirement' and workplace savings
AEGON UK today announces it will enter the platform market later this year, as it accelerates its plans to focus on the ‘at retirement' and workplace savings markets to drive future growth. This represents a significant investment in the company's future development and underlines AEGON's long-term commitment to the UK market.
The new platform proposition will be offered alongside AEGON's existing range of pensions, investment and protection products, and will ensure AEGON meets the changing needs of advisers and customers in its two chosen growth markets.
By offering both its existing range of products and a new platform proposition, AEGON will provide options and flexibility to its IFA customers, and their clients, in the run up to the Retail Distribution Review and beyond.
AEGON has chosen market leading platform specialist Novia to support the delivery of its platform development.
AEGON's aim is to bring the leading edge technology and platform expertise of the independent platform provider, Novia, together with AEGON's heritage in the pensions and adviser markets, to create a differentiated and competitive new proposition in the platform market. Novia's platform is supported by technology provided by GBST.
AEGON's ‘at retirement' platform will offer options specifically aimed at one of the fastest growing parts of the market, and a key focus area for advisers going forward. AEGON will begin a phased rollout from autumn 2011 and plans to work with advisers as they prepare their businesses ahead of the Retail Distribution Review.
The platform will offer flexible options for advisers who will be able to use it either independently, or alongside existing platform solutions. Platform functionality for the corporate savings market will follow early in 2012 and will place AEGON at the forefront of developments in this rapidly evolving market segment.
AEGON UK's existing range of pensions, investment and protection products will be made RDR-ready and continue to be offered to customers through the IFA channel, alongside the new platform.
Adrian Grace, the new Chief Executive of AEGON UK said:
"This is a huge step forward for AEGON UK and our customers. Offering a platform alongside our existing products puts us in a position of real strength as we step up our plans to grow in the UK by focusing on two chosen growth markets.
"Advisers and consumers need specialist help as they start to think about retirement planning. By differentiating our offer from our competitors by specialising in this area we believe that we are bringing new, fresh thinking to a crowded market place for wealth-based platforms.
"We're bringing together the bespoke technology and leading edge capability of an independent platform provider with AEGON's renowned heritage and expertise in pensions and strong position in the adviser market. It's an innovative approach and we believe it's the right strategy to strengthen our position as one of the UK's leading providers. AEGON is in the UK for the long term and this new addition to our proposition will ensure we emerge as one of the winners."
Bill Vasilieff, Chief Executive at Novia said:
"We are delighted to have been chosen by AEGON to support delivery of their platform proposition. This follows a long and rigorous due diligence process and reflects the outstanding quality of the Novia platform and service. AEGON's new platform will really stand out in the marketplace as they target the ‘at retirement' and workplace savings sector. We welcome the opportunity to work with AEGON to support their ambitions."
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