Provider Aegon has ruled out venturing into financial advice on defined benefit (DB) pension transfers, saying it does "not wish to compete with advisers".
The firm's pension director Steven Cameron said the provider had no intention of coming into the DB transfer or advice markets at any point in the future and that doing so would be against company strategy. The clarification came after it was revealed rival firm Aviva was exploring its options in the space. Unlike Aegon, Aviva has its own advice business, which focuses on pension advice. Cameron said: "We do not wish in any way to compete with advisers, we want to support advisers do what they do best, and that's at the heart of our strategy. "We have no plans to try to offer advic...
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