AEGON is preparing to launch an extended version of its flexible retirement product ‘5 for Life'.
The firm says the revamp will include launching new funds to provide more investment options for consumers.
AEGON adds the new version of the product, set to be launched within the next four to five weeks, will still offer the same benefits as the initial ‘5 for Life’ offering.
Spokesman Kevin Brown reveals: “A 5 for Life revamp, a version two if you like, is in the wings. There could be something in the next four to five weeks.
“We have been speaking to advisers and asking them what else they would like with the ‘5 for Life’ product.
“One thing they said was more investment options, so we’re going to be launching new funds.”
Currently investors have a choice of three main funds in which to invest, each offering varying degrees of exposure to equities and fixed interest.
The Prospect fund offers 60% in equities and 40% in bonds, Vista offers 40% in equities and 60% in bonds, while Vantage offers 50/50.
The original ‘5 for Life’ was launched in September last year.
Its flagship benefit involves a guarantee of 5% of invested capital, from age 60, as an income each year for life, irrespective of market conditions.
In addition, any investor in the product has access to his or her remaining capital at any time, and it also offers a potential death benefit.
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