Aegon brings guaranteed living benefits to the UK

The new product, which aims to bridge the gap between annuities and investment, is basically a unit-linked investment plan with additional benefits, such as a guaranteed 5% minimum income for life after the age of 60. Available through the Dublin-based Aegon Scottish Equitable International from 18 September, '5 for Life' is technically an offshore bond and as it is designed as a long-term product it also benefits from gross roll up, as tax is not paid yearly, making it more tax-efficient. It is aimed at the 'near' and 'at retirement' markets, along with cautious investors such as old wi...