Aegon UK Readiness Report · PDF fileThe Aegon UK Readiness Report FOREWORD Twelve months on...

Aegon UK Readiness ReportBridging the engagement gap – the role of workplace savings and digital pensions

May 2015

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The Aegon UK Readiness Report

FOREWORD

Twelve months on – How ready is the UK for retirement?

A year ago we set out to establish how ready the UK was for retirement. We wanted to create a methodology which would be relevant and useful to people from all walks of life and we settled on the readiness score. This score doesn’t just tell you how much you have saved, but whether your retirement planning and savings pot matches up to the income and lifestyle you would like in retirement.

As the report explains, just 7% of the UK population are on track for the retirement they want. It’s worrying that over twelve months, people’s knowledge, behaviour and savings patterns appear to have changed very little, despite pensions becoming hugely topical as a result of government reforms.

One of the big challenges the pensions industry faces is that, despite their recent profile, pensions remain a difficult topic to engage people with. It’s human nature to put off making decisions about issues that won’t affect us for another thirty years. Couple this with the fact that pensions can be hard to understand and have typically only been a consideration for most of us once a year when we receive our annual statement, then we have a challenge on our hands.

This report sets out why as a nation we continue to find ourselves in the position whereby so few of us are on track for the retirement we want, but also explains why there are reasons for optimism in the form of changes to the ways in which people can be engaged in their savings and the roll out of digital pensions.

Our findings come at a time when our new Government will be forming its policies and we hope engaging people with getting ready for retirement needs to be a feature of the next parliament.

David Beattie, Aegon’s UK Managing Director for Direct

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The role of workplace savings in improving the UK’s readiness score

Most of us save for our retirement through our employer’s pension scheme and as a result, we thought it was important to examine the role of workplace pensions in helping people to prepare for retirement. This report looks at the extent to which people value these pensions, how much they are saving and how employers can help their workforce to get people on track.

Auto-enrolment also means more and more people now have a pension through their employer. A lack of savings isn’t just a concern for employees as those companies providing workplace pensions have invested heavily in providing these benefits and want to ensure that people make the most of them. With so few people on track for the retirement they would like, employers face big questions about what these people will do when they reach retirement age and how they can help employees to reach better outcomes and this report sets out to examine these issues.

Angela Seymour-Jackson, UK Managing Director for Workplace

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1 The Pensions Regulator: Automatic enrolment Commentary and analysis: April 2013 – March 2015


SECTION 1 – HOW READY IS THE UK FOR RETIREMENT?

Introduction It has been twelve months since the first Aegon UK Readiness Report was published in 2014 and since then there have been radical changes to pensions. Auto-enrolment continues to draw people into saving, with an additional 5 million1 now saving into a pension since the programme began. New charge restrictions and the introduction of Independent Governance Committees also mean those being auto-enrolled can be confident they are getting value for money from their pension.

The last year has also seen pension income choices high on the consumer and political agenda with changes coming into force in April this year which give people aged 55 and over far more flexibility over how they access their pension. Much of the recent focus has been on the new ways in which people can access their pension, but these changes do not directly help increase the amount of money people are saving for their retirement. Aegon therefore decided to use this, the third UK Readiness Report to take a closer look at how engaged people are in saving for retirement and in particular how they are interacting with their workplace pension. Additionally, this report will indicate how much of an impact the ‘pension revolution’ is having in its early stages, and how people are feeling now about their retirement.

This report contains key statistics, information and analysis based on a survey of over 4,000 people in the UK. Those who took part completed a series of questions designed to assess their behaviour, awareness and finances related to pensions and savings.

Aegon then applied its Retirement Readiness calculation to create a unique readiness score for the UK population. This score shows if people in the UK are on track to achieve their retirement ambitions. The higher their score the closer their expectations are to the reality of their retirement preparation.

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About the readiness score

There are three categories which make up the readiness score. Each of these is explained below.

• Financial – This gives us a picture of your financial situation and expectations in retirement and included questions like; ‘In today’s money, what annual income would you like in retirement?’

• Awareness – This assesses your awareness of what type of lifestyle you want in retirement and your understanding of the level of funding required to achieve your chosen lifestyle and included questions like; ‘What is the current maximum Basic State Pension per week?’

• Behaviour – This assesses the actions you have taken towards your retirement needs and to fund the income required to achieve the retirement you want and included questions such as; ‘How much do you make in regular contributions to your ISAs each month?’ and ‘How recently have you checked the performance of your retirement savings?’

Contents

Section 1 – How ready is the UK for retirement?– The UK’s readiness score – Why has the UK’s readiness score

changed?

Section 2 – Shifting the focus to savers– The need for engagement in workplace

savings – The progress and challenges facing

auto-enrolment

Section 3 – The role of digital in helping people save

Section 4 – A momentous 12 months for pensions– Consumer understanding of recent

pension reforms– Initial demand for pension freedoms

Section 5 – A detailed look at UK retirement readiness – gender, region and profession

Section 6 – Conclusion

Section 7 – Data Tables

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ALL IN ALL, JUST 16%of people feel ‘very confident’ about

being able to retire at their target retirement age

= 10% of UK population

Score of 30 or less4%

41%Score of 30-49

48%Score of 50-69

7%Score of 70 or more

Score of 30 or less15%

44%Score of 30-49

33%Score of 50-69

7%Score of 70 or more

April 2014 May 2015



Aegon’s readiness score isn’t just about how much you have saved, it’s about helping people to understand whether their current savings and saving behaviours match the lifestyle and income expecations they have regarding their retirement.

Factors like age, monthly savings, expected retirement age, guaranteed retirement income, and broader pensions understanding, all make up the readiness score, which gives a mark out of 100. Scoring 70 and over indicates that people are on track for the retirement they would like or expect.

Using this measure, just 7% of the UK is on track for the retirement they want, meaning

that 93% still need to adjust their savings or expectations to achieve the retirement they would like. The number of people on track has not changed since April 2014 which means that the outlook remains uncertain for more than 37.5 million UK adults out of a population of 40.3 million.2 As a whole, the UK achieves an average Readiness score of 47 – a long way short of the 70+ Readiness score that would indicate people’s reality and expectations about their retirement were matched.

Depite the recent pension reforms and continued introduction of auto-enrolment, the UK’s average Readiness score has dropped by 5 points, from 52 to 47, since April 2014.

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2 Data from the ONS Population Estimates for the UK, http://ons.gov.uk/ons/rel/pop-estimate/population-estimates-for-uk--england-and-wales--scotland-and-northern-ireland/2013/index.html

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SECTION 1 – HOW READY IS THE UK FOR RETIREMENT? MAY 2015

15% of the UK population up 4% from April 2014 You have your head in the sand and are totally unrealistic about what will happen when you reach retirement. You may be cynical about pension savings or expect the state pension to meet your needs. You may have over inflated retirement income expectations given your current situation and savings behaviour (or you’re holding out hope for that big lottery win!).

44% of the UK population up 41% from April 2014 You’re struggling to put aside as much money as you’d like to. In a normal month you’ve just about got your head above water and although you might have started a pension, your contributions are nowhere near where they need to be. Your perception of the realities of retirement are forming but you’re more focused on the here and now and probably need some support to move forward and build a plan. In the scheme of things you’re getting behind but are making a positive start.

33% of the UK population down 48% from April 2014You’re part of the crowd and mirror a large part of the UK population. You’re thinking about things a bit and you’re probably saving monthly into a pension. You do have ISA accounts but probably haven’t designated this as part of your retirement saving. The fact is you’re not going to meet your preferred income level, or your expected income level is higher than it should be based on your finances, behaviour or awareness. You’re almost on track but need to re-evaluate or do more to make sure you’re not disappointed.

7% of the UK population the same as in April 2014 You are completely on track and have realistic expectations which match your retirement savings and the lifestyle you want. Whether you started early or have had to play catch-up, you’ve made sound decisions that have left you in an excellent position in the run-up to your retirement.

So what does this really mean and what type of person are you when it comes to getting ready for retirement?

A readiness score below

A readiness score of

to

to



and over

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Why has the UK’s readiness score changed?

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The UK’s average Readiness score has decreased by 5 points since April 2014 despite the number of people scoring over 70 remaining the same. The main reason for this drop is the rise in the number of people scoring below 30. This has risen by 11% since 2014 and reflects a growing disparity between people’s actual savings behaviour and the expectations they have for their retirement. Furthermore, the number of people scoring between 50 and 69 has dropped by 15%. Some of these people have dropped into the 30-49 band but the majority have dropped to score below 30. Breaking the score down

shows that the UK scored least favourably in the Financial section, followed by Awareness and Behaviour. Scores across all categories Financial, Awareness and Behaviour decreased vs. 2014.

Concerningly, the largest fall can be seen in the UK’s Behavioural score with over half of people (55%) admitting to never having checked the performance of their retirement savings and only 31% having checked in the last 12 months, down more than 10% since 2014 (44%).

JUST 7%of the UK population is on track

for the retirement they want

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Financial • People want an annual retirement income of £42,000 but are only on track

for a guaranteed income of £11,400. Expectations have actually risen since 2014 when people wanted to achieve a more realistic income of £35,000 vs. a predicted £12,000. (This is still much greater than the national average UK salary of £26,500.)

Awareness

• 39% was the average Awareness score, compared with 43% in April 2014. The average age people in the UK expect to retire is 63. This has remained the same since April 2014, despite the estimated state pension age for someone who is currently 30 years old being 682. The reasons for this fall are wide-ranging but partly to do with the fact that when asked what the basic state pension payment is, 68% of people answered incorrectly, a drop of 12% since 2014.

Behaviour • Half of people (55%) admit to never having done anything to review or

affect their plans for retirement. And a considerable dip can be seen in the number of people who have checked their retirement savings specifically in the last six months, with just 19% of people saying they had checked this, 10% lower than in April 2014.

MAY 2015




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SECTION 2 – SHIFTING THE FOCUS TO SAVERS

To make sense of the UK’s readiness score, it’s important to look at the savings landscape and the factors affecting people’s retirement planning. It’s no surprise that in recent months, the hot topic in the pensions industry has been retirement income given the government’s reforms. The focus of the reforms has primarily been on giving people choice in retirement, rather than encouraging engagement in saving for retirement. However, work is continuing to encourage saving. Millions of people have now been auto-enrolled as part of the government’s drive to ensure that everyone has some form of private pension provision. 48% of people now have a pension through their employer and 79% of these people consider it their main method of saving for retirement. Given the number of people involved, auto-enrolment is likely to play a significant role in improving the UK’s readiness.

However, even once contribution rates reach the 8% combined employer / employee level in 2018, this falls far short of what most people would need to be paying in to have an adequate income in retirement, let alone the levels this research indicates people would like.

The need for engagement in workplace savings On average, people contribute £266 per month to their pension. But two-fifths of employed people (41%) say that they do not know how much their employer is contributing. As the UK Readiness figures highlight, just 7% of people are on course to meet their retirement goals, a figure which is confirmed by the quarter of employees who report they are not confident they will be able to retire when they want to.

This could have an impact on the future employment opportunities for younger people in the UK. The majority of people report that they would stay in their current role until they had saved enough [35%] or would ask their employer to create a role that allowed them to work on a part time or flexible basis [24%].

Angela’s view: These responses place pressure on both employees and their employer. Employees unable to retire at their target age could be committing themselves to a significant number of additional years in work. And, for employers, the lack of movement in the workforce could pose challenges. Now is the time to think more broadly and consider how they can help employees engage with their pensions and save more from an earlier age. If people do not do more to engage, then employers could face the dilemma of a generation that cannot afford to retire.

Helping employers to understand how well prepared their employees are for retirement is crucial. The UK population is projected to continue ageing over the next few decades. By 2035 the percentage of people aged 65 and over is projected to reach 23% of the population, up from 17% in 2010,3 so this is an increasingly important issue for employers.

Offering ongoing employment to ‘willing’ older workers is a positive, but is less so if some feel forced to work on even when health may be declining.

2 2010 ONS National Population Projections

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SECTION 2 – SHIFTING THE FOCUS TO SAVERS MAY 2015

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In the event that you did not have enough saved to retire at your target retirement age, which of the following options would you like to take?

Despite people’s lack of confidence about their ability to retire, it is clear employees value their pension. Companies that can demonstrate the value of their pension offer can use it as a driver of staff recruitment and retention. 62% of UK employees believe that a good company pension is influential in their decision to apply for a job, 19% say it is essential, 21% say it would largely influence their decision and 22% say it would slightly influence their decision.

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SECTION 2 – SHIFTING THE FOCUS TO SAVERS

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The progress and challenges facing auto-enrolment All current UK employees who meet the criteria should be auto-enrolled into their company pension scheme by 2017 and people who are employed by companies with more than 250 employees are already. The statistics below show that despite this, many people still do not feel fully engaged or understand what this means for them.

• Over half of UK employees (57%) say they are not, or don’t know if they are eligible to be auto-enrolled.

• 39% of workers say they have been auto-enrolled into their company pension, 40% say they have not been and 16% do not know if they have been – just 5% say they have opted out.

• Of those who opted out, over a quarter (28%) did so because they didn’t feel it was affordable, over a third (41%) had pension provisions elsewhere and just 22% said they did not see the value in saving into a pension.

It is still early days for auto-enrolment and one of the big questions facing employers is how staff who have been auto-enrolled will react to contribution rates rising to 5% in 2018. It has been argued that this may cause people to opt out of their pension, but the Readiness Reports found that 20% said they’d increase their contribution beyond 5% and over a quarter (29%) said they’d continue to pay in at the default rate. Almost half (45%) were unsure about what they’d do and, encouragingly, just 6% said they’d find it too expensive to pay in at the 2018 default rate.

Angela’s view: While there is still work to be done on the levels of engagement with auto-enrolment, it is clear from people’s willingness to contribute that the benefits of workplace saving are recognised, which is good news for the future of workplace schemes.

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MAY 2015SECTION 3 – THE ROLE OF DIGITAL ENGAGEMENT IN RETIREMENT SAVINGS

With so few people on track, the pensions industry needs to look closely at how it can engage people with their savings. At the end of 2013, 79%4 of UK adults used the internet every day and it has changed everything from the way people shop, to how they get their news. The impact of digital has also been felt in financial services and £5.8 billion of internet banking transactions took place last year.5

When asked whether online banking made them more effective at managing their money, 56% of people agreed.6 The main benefit of the service was said to be the fact that it enables people to manage their money in their own time [39%] followed by the fact it is quick [19%].

When it comes to pensions, just 23% of people report that they manage their pension online. This is despite the fact that 60% of people say they would like to manage their pension that way, double the number (30%) who would prefer paper-based administration.

While online pensions still account for a minority of the market, they are growing quickly with take up doubling from 11% just 12 months ago.

David’s view: If the pensions industry is to engage savers, and help people get on track, it needs to do more than send a paper statement every 12 months which can all too easily be put away for another year, and recognise the importance of workplace pensions to people’s retirement plans.

4 http://www.ons.gov.uk/ons/rel/rdit2/internet-access---households-and-individuals/2013/stb-ia-2013.html5 CEBR data: http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11546277/Britains-mobile-revolution-threatens-end-of-big-bank-supremacy.html]6 One Poll research commissioned by Aegon, surveying 2,000 UK adults with private/personal and/or workplace pensions, February 2015

say they have paid into two or more company pensions throughout their career

A portable pension could help millions keep better track

40% of UK employees

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In years to come, the last 12 months will be remembered by the pensions industry and savers alike for the scale of change brought about by the recent pension reforms. These changes have given people far greater freedom over how and when they access their savings.

Consumer understanding of recent pension reforms

David’s view: The statistics reveal that with pension freedom comes choice, but also risk. The lack of understanding around the tax implications of withdrawing lump sums in particular is a potential issue, and there is a great deal that needs to be done to help those approaching retirement understand not only their choices, but the personal implications of those choices throughout their retirement years. They need to avoid the risk of a shock tax bill or a poorer life after retirement!

• More than a third (35%) of over 55s don’t know which tax bracket they fall into.

• 36% of over 55s aren’t aware of the tax implications of accessing their pension pot.

• 31% of over 55s plan to access their pension as a result of the new flexibilities.

David’s view: There is a huge job for the industry to do in providing consumers with the tools they need to make informed decisions. Over half of people in the UK (60%) plan to do their own research before paying for professional advice.

How people said they would research pension options before seeking advice:

Ranked option as 1st or 2nd

Ask family or friends 20.92

Research online 34.46

Pensions wise 26.59

Employer 12.75

Other 5.28

Total 100.00

Financial advice remains important and a majority of people (62%) with an adviser said that advice had helped them make sense of the changes.


SECTION 4 – A MOMENTOUS 12 MONTHS FOR PENSIONS

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SECTION 4 – A MOMENTOUS 12 MONTHS FOR PENSIONS MAY 2015

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David’s view: The number of people seeking advice may well rise as more people begin to ask about their options. It’s crucial that people understand the decisions that they make regarding their pension, given that for many these savings represent their second biggest financial asset after their property. Decisions shouldn’t be taken lightly and value for money support and advice will have a big part to play.

Initial demand for the pension flexibilities The reforms have encouraged people to consider their options, and on the first day of the pension freedoms Aegon saw an increase of just over 3,000 calls received compared to the first day of the tax year in 2014. And call volumes were up nearly 42% on the calls received on the same day the previous week. Almost half of the calls received were directly from customers, compared to the usual average of 30%.

Much of the discussion on the reforms has been on the number of people who intend to access their pension as a cash lump sum. However, just 13% of people approaching age 55 say they plan on accessing their pension as cash.

Table – Plans for those who are taking a cash lump sum are varied (all options that apply):

41% will invest it in cash ISAs

20% will invest it in stocks and shares ISAs

17% will invest it in stocks and shares

14% will purchase their own property

14% will use it to go on holiday

14% will put it in their bank account

12% will pay-off debts

11%will purchase a property for children/grandchildren

9% will give it to children/grandchildren

8% will buy a new car

6% will invest in a buy-to-let property

6% will lend it to family

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SECTION 5 – A DETAILED LOOK AT UK RETIREMENT READINESS – GENDER, REGIONAL AND PROFESSION SCORES

GenderThe gap between men and women remains in terms of financial awareness and expectations in retirement. Women, on the whole, have lower retirement income expectations than men and have less saved for retirement, with men claiming to have a guaranteed income of £13,289 and women £9,613. This is despite the fact that women on average are expected to live to 83 vs. men who have an average life expectancy of 79.7

44

50

50

54

Readiness score for women

Readiness score for men

May 2015

May 2015

vs. April 2014

vs. April 2014

Key stats

• 61% of women say they’ve never checked the performance of their retirement savings, versus 48% of men

• 58% of women say they’ve never done anything to review or affect their plans for retirement, versus 42% of men

• There is still disparity in saving between genders – on average women save £137 into their pension pot per month whereas men claim to contribute £353

In the workplace

• 64% of employed women say they don’t know how much their employer is contributing to their workplace pension, 10% more than men (54%)

• Working men (45%) have paid into more than one pension over the course of their career than women (35%)

• Women are more concerned than men about what retirement holds – 22% said they were concerned about their ability to retire at their target retirement age, versus 28% of men.

7 ONS National Life Tables, United Kingdom, 2011-2013

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Scotland

North East

Yorkshire & The Humber

East Midlands

East

London & South East

South West

West Midlands

Wales

North West

Northern Ireland *


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RegionsGetting ready for retirement continues to be a nationwide challenge, with the continuing theme that retirement expectations are very different from the reality of what is being saved. However, the South East and London stand apart from the rest of the nation, with the highest engagement levels and greatest desire to take a lump sum.

Cashing in: 30% of people in London and the South East plan to take a cash lump sum when they reach retirement – higher than any other region.

Most engaged: Those in London, the South East and the South West show the highest engagement levels with their pension with 23% checking the performance of their retirement savings in the last six months.

Highest regular income: Those in the West Midlands have the highest guaranteed income in retirement at £13,484, closely followed by London & the South East at £13,152.

Highest Readiness score: Cambridge scores an average of 69 just one point short of being on track.

ProfessionsWe continue to see a great deal of difference between professions. Those in the IT sector claim to have an average pension pot of over £44,000, whereas those in the creative and design sector have just £8,000 saved. People who work in hospitality and events management are among the least engaged – over 65% said they’ve never checked the performance of their retirement savings.

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IT£467 IT£44k

Banking & financial £234

Engineering, manufacturing & production£43k

Healthcare£144 Banking & financial £40k

Creative arts & design £74 Construction

and property£38k

Social care & guidance £95 Healthcare£30k

Monthly retirement savings by profession

Pension pots by profession



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With 93% of adults in the UK still not on track for the retirement they expect, and the average Readiness score decreasing from 52 in April 2014 to 47 today, it is easy to draw negative conclusions.

People’s expectations of how much money they will have in retirement are not matched by the reality of how much they are saving. People continue to have unrealistic assumptions about what their incomes will be in retirement and do not recognise the scale of savings required to deliver an income of £42,000.

Indeed, with the pension Lifetime Allowance falling to £1 million, someone retiring at age 60 wanting to buy an inflation protected annuity continuing to a spouse would be lucky to get a private pension of £24,000 and even when state pension kicks in, this would only produce a total of around £31,000 – so unless individuals also have substantial non-pension savings or defined benefit pensions, £42,000 isn’t just unrealistic – it’s more than the Government will allow!

79% of employees believe their workplace pension is their main method of saving for retirement and the report’s figures indicate that people value these pensions. With more and more people saving into a workplace pension, and employers investing a lot of time and money in their provision, encouraging people to engage with these pensions will be incredibly important to improving the nation’s readiness score. The situation whereby just 55% have never reviewed their savings must be addressed.

On a positive note technology has the potential to address many of the engagement issues identified in the report. 60% of people want to be able to manage their pensions online and the pensions industry is catching up with this trend with innovative new services that allow them to manage their savings from a mobile phone or tablet. Pensions have, for too long, been associated with paper and manual processes, but the technology now exists not just for employees but also to understand exactly how much their workforce is saving and which groups of employees need help to get on track.

Shifting the focus from pension income to pension savers Undoubtedly the new pension freedoms will change the way in which people access their pension and have wide-ranging implications but it is time to build on the progress made by the auto-enrolment programme and put those who are still saving for retirement at the heart of future government, industry and employer plans. Without this focus and collaboration there is the very real prospect that the UK will become a nation who simply cannot afford to retire.

How do we increase readiness? 1. Simple and cost effective mobile and

digital solutions which help people understand how to achieve the retirement the want, as well as keep track of and manage their pension.

2. Increased engagement with employees to help them understand their workplace pensions, and the options available to them.

SECTION 6 – CONCLUSION MAY 2015

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SECTION 7 – DATA TABLES

Gender Average Readiness Score

Men 50

Women 44

City Average Readiness Score

Belfast 49

Birmingham 62

Brighton 50

Bristol 50

Cambridge 69

Cardiff 46

Carlisle 42

Edinburgh 54

Glasgow 46

Leeds 44

Leicester 53

Liverpool 48

London 50

Manchester 46

Age Average Readiness score

20 - 29 47

30 - 39 49

40 - 49 47

50 - 59 47

Over 60 46

Gender

Cities

Age

City Average Readiness Score

Newcastle 49

Norwich 50

Nottingham 46

Peterborough 48

Plymouth 51

Portsmouth 43

Sheffield 46

Southampton 56

Stoke 47

Swansea 43

Swindon 54

Wolverhampton 38

York 49

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Profession Average Readiness Score

Administration 49

Advertising, marketing and PR 49

Animal and plant resources 50

Banking, financial management and accountancy

54

Charity and voluntary work 50

Construction and property 48

Creative arts and design 49

Education 50

Engineering, manufacturing and production

54

Environment 48

Healthcare 50

Hospitality and events management 47

Human resources and employment 49

I am unemployed 38

Information services 58

ProfessionsProfession Average

Readiness Score

Information technology 55

Insurance and pensions 56

Law enforcement and protection 54

Legal profession 50

Leisure, sport and tourism 50

Management and statistics 57

Media and broadcasting 41

Mining and land surveying 57

Performing arts 47

Publishing and journalism 47

Retailing, buying and selling 48

Scientific services 58

Social care and guidance work 49

Transport, logistics and distribution 52

References

1 Pg 8 – [1] ONS Life Expectancy Statistics March 2014 – (78.7 years for men and 82.6 for women [1])2 Pg 8 [2] Source: Table 1 2011 Census: Usual resident population by five-year age group and sex, United Kingdom and constituent countries – (over

£20m [2] people 3 Pg15 – ONS Internet Access – Households and Individuals 2014 – (38 million adults who use the internet every day )

MAY 2015SECTION 7 – DATA TABLES

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Retiready and Aegon are brand names of Scottish Equitable plc (No. SC144517) and Aegon Investment Solutions Ltd (No. SC394519) registered in Scotland, registered office: Edinburgh Park, Edinburgh, EH12 9SE. Both are Aegon companies. Scottish Equitable plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Aegon Investment Solutions Ltd is authorised and regulated by the Financial Conduct Authority. Their Financial Services Register numbers are 165548 and 543123 respectively. © 2015 Aegon UK plc

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Aegon UK Readiness Report · PDF fileThe Aegon UK Readiness Report FOREWORD Twelve months on...

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Transcript of Aegon UK Readiness Report · PDF fileThe Aegon UK Readiness Report FOREWORD Twelve months on...