Aegon has expanded 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”, it said in a statement today (27 February).
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, the statement said.
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 said it 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 said: “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.”
