Legal & General (L&G) will write all new Aegon annuity business from October under an agreement between the two providers.
The deal follows Aegon's decision to sell its £9bn UK annuity portfolio to L&G and Rothesay Life in separate deals earlier this year. Aegon sold two-thirds of its UK annuity portfolio to Rothesay Life in April. Following that, Aegon sold a further £3bn of its annuity book to L&G in May. Aegon said customers approaching retirement with an annuity guarantee will be referred to L&G in order to receive their annuity quote and progress their purchase. However, customers who do not have a guarantee will have the option to use L&G as Aegon's ‘preferred annuity partner'. Aegon customers...
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