- Aegon expands its offshore bond partnerships with the addition of Utmost Wealth Solutions Ireland through the Aegon Retirement Choices (ARC) general investment account (GIA).
- Aegon aims to support the advice community by offering robust tax planning solutions for clients.
Aegon, a leading provider of retirement and investment solutions, announces the expansion of its offshore bond partnerships on the Aegon Retirement Choices (ARC) platform.
The new partnership with Utmost Wealth Solutions Ireland comes in addition to the existing partnership with Canada Life International Isle of Man, reinforcing Aegon’s commitment to providing comprehensive financial solutions for advisers.
Strategic enhancements to address advisers' needs
The addition of offshore bond provider partnerships allows advisers to provide robust tax efficient solutions they can use with their clients. Using the general investment account on ARC as a means of investing within the offshore bond allows advisers to use their established centralised investment proposition to invest their client’s money.
Due to recent capital gains tax changes, income tax thresholds remaining frozen until April 2028, and the extension of inheritance tax to pensions from April 2027, offshore bonds are gaining traction. These tax changes were part of the Chancellor's Autumn Budget announcements last October, significantly impacting wealth management and succession planning strategies.
By broadening offshore bond access, Aegon aims to empower advisers to navigate the new tax landscape, creating optimised plans which align with their clients’ evolving needs.
Stephen Crosbie, Head of Retail at Aegon, comments:
“During last year’s Strategy Teach-In we announced our plan to become the leading digital retirement and investment platform, and our aim to support the advice community. This includes providing them with efficient tax planning solutions, especially for clients in their ‘Second 50’ and beyond.
“To meet the dynamic demands of robust tax planning in a shifting regulatory environment, we’ve reacted quickly and introduced a new offshore bond partnership with Utmost Wealth Solutions Ireland to add to our existing relationship with Canada Life International Isle of Man.
“These, together with upcoming enhancements such as the addition of more offshore bond partnerships, a Junior SIPP and Junior ISA, help us towards our ambition to offer advisers a holistic financial planning platform which is fit for the future."
About Aegon
In the UK, Aegon offers pension and investment solutions to over 4 million customers. Aegon employs over 2,000 people in the UK and together with around 500 people employed by Atos, we serve the needs of our customers. Figures correct as at 31/12/2023. More information on aegon.co.uk/about-us
Aegon UK is part of the wider Aegon Group, an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint-ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.
Aegon's purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com/about
Capital at risk. This information is based on our understanding of current taxation law and HMRC practice, which may change.
The information in this press release is intended solely for journalists and shouldn’t be relied upon by any other persons to make financial decisions.