AIG Life is looking to rebrand itself in July and will be relaunching its life, personal pension and...
AIG Life is looking to rebrand itself in July and will be relaunching its life, personal pension and trustee investment bonds as part of the process, writes Fiona Henderson.
The AIG Life bond will be repositioned to offer a more flexible commissioning and charging structure, making it easier for investors to switch between funds.
The personal pension bond will also be relaunched to be more usable for income drawdown. At the moment, there are two versions, a high allocation version with short-term penalties on withdrawals and a low allocation version featuring no penalties. Nigel Hewett, assistant general manager at AIG Life, said a combination of the two would improve the product.
He added: "The investor will be able to put some money into the fund and receive income with no penalties while placing the remainder of the subscription into high allocation."
The trustee investment bond fund will also relaunch to offer an improved broker commission and charging structure. This currently features 5% initial commission, which will go up to 6% if the IFA decides to take it all up front, he said. The details of the new charging and commissioning structures are still being finalised.
Hewett added: "The relaunch and rebranding of products will be rolled out in a series of seminars later in the year."
AIG is also looking to extend the number of third party fund manager links available via its bond products. Last year it brought in links to the likes of Aberdeen, Deutsche Asset Management, Chase Fleming, Gartmore, M&G, Newton and Perpetual.
Following its own research, and in response to feedback from IFAs, as part of the relaunch in July, around 30 additional third party funds will be made available, in addition to the existing 33 funds.
Hewett said: "Funds are selected against benchmarks, which ensures IFAs can be confident that any manager and fund selected can be recommended as best advice. Individual clients' portfolios can be constructed to match their specific risk profile."
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