Aegon unveils 5 for Life replacement

Aegon Secure Lifetime Income, available from 29 June, offers a minimum age-related income of between 3.5% and 5% for life. It says customers can benefit from investment flexibility, access to capital and potential inheritance benefits they can pass on to their estate. The plan replaces ‘5 for Life', which is being withdrawn as a result of market conditions. 5 for Life offered a minimum guaranteed income of 5% but Aegon says UK interest rates were 5.5% at launch in 2006 and have now plunged to an historic low of just 0.5%. "At launch, 5 for Life reflected the needs of customers b...