Aegon platform to offer SIPPs, ISAs and offshore bond

Aegon’s new Novia-built platform, set for a phased roll-out later this year, will likely offer wrappers including SIPPs, ISAs and an offshore bond.

As part of a five-year tie-up with Aegon, Novia will build a corporate wrap aimed at the 'workplace savings' market and a retail platform for the 'at retirement' space.

Bill Vasilieff, CEO of Novia, says both propositions will likely offer SIPPs, ISAs and a general investment account, while the 'at retirement' platform will also include an offshore bond.

An Aegon spokesperson says the platforms will be "very much to Aegon's design" but pointed out it was too early to confirm which products will be available.

Meanwhile, Adrian Grace, the newly-promoted CEO of Aegon UK, says he hopes the platforms will be different "from anything else currently in the market".

He adds the workplace savings market throws up "huge opportunities" while the launch of a corporate wrap represents a logical next step for the insurer.

"This is a natural extension as employees look for broader savings opportunities and we widen our catchment capability and work with advisers to focus on what employees want," he told IFAonline.

Grace stressed the deal with Novia does not represent a move away from the packaged products market.

"This is about giving advisers a choice, so they can continue in the old world - which is still very important - whilst also giving them the option to move on."

Although keeping tight-lipped about charges on the platforms, he says transparency of charges will be a "key feature".

He adds the company's foray into the wrap arena is not a precursor to launch of a retail investment platform.

"There are no plans other than what's been announced," he says. "We are clear on what our core markets are - ‘at retirement' and 'workplace savings'."

The ‘at retirement' platform, set for a phased roll-out from the autumn, will offer "flexible" options for advisers who will be able to use it either independently, or alongside existing platform solutions.

Platform functionality for the corporate savings market will follow early in 2012.

Novia CEO Bill Vasilieff says the link-up with Aegon has allowed the wrap to expand its footprint in the platform market and steal a lead on its competitors.

He adds the deal has helped Novia to break-even earlier than expected.

"We are now in profit and this deal gives us money to expand the business and we are now taking on four sales people and expanding the office team."