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February 17, 2014updated 04 Apr 2017 2:30pm

Aegon moves two retirement platforms to clean share classes

Life insurer Aegon has fully moved its retirement platforms Arc and One Retirement to clean share classes for new business.

By Verdict Staff

Life insurer Aegon has fully moved its retirement platforms Arc and One Retirement to clean share classes for new business.

Starting 13 February, all the company’s new business will be written into clean share class versions of funds, while future contributions to clean share classes will be directed from 22 March.

The company further confirmed to convert rebate-paying funds into their clean equivalent in the second and third quarter of this year in the event of non-selection of clean funds by the adviser for their clients.

However, advisers will be urged to assign an alternative fund in the events where a clean version of the same fund is not available. As per the Financial Conduct Authority (FCA) norms, all new businesses are to be placed in cash-rebate free share classes starting April 2014.

Aegon UK investment director Nick Dixon said that the majority of advisers have already adopted a full suite of clean share classes for their clients.

"Where advisers have clients in rebate-paying share classes, we will work closely with them to help manage the transition," Dixon added.

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