Aegon wins innovation award for '5 for life'

Scottish Financial Enterprise (SFE), a financial services support organisation, gave the overall award at The Innovators ceremony in Edinburgh earlier this week. The product, a hybrid of an investment bond and an annuity product, also won the innovation in life and pensions category. 5 for life guarantees customers an income of at least 5% of the amount invested for life, while allowing the investor to retain ownership control of the investment funds. The judges say 5 for Life manages to couple an annuity’s security an annuity with the advantages of an investment plan as it enables the...