Key facts

AEGON Secure Lifetime Income

Here you can find out the key facts of AEGON Secure Lifetime Income.

Investment returns aren’t guaranteed and, although the income is guaranteed with AEGON Secure Lifetime Income, the fund value isn’t – so it could fall as well as rise, and you may not get back the amount originally invested.

The only circumstance in which the guarantees wouldn’t apply is if AEGON Ireland plc failed. In this event, the benefits from your bond may be affected.

Description	International single contribution, unit-linked, life assurance plan
Basis the plan can be issued on	Single life (one person only). The plan holder must be the life assured.
Age eligibility	Minimum age is 45 years old and maximum age is 79 years old.
Minimum investment	£15,000
Minimum additional investment	If you want to make an additional payment, we’ll set up a new plan.
Maximum investment	£1 million across all our guaranteed products. We’ll consider investments over £1 million on a case-by-case basis
Number of plan policies	The plan is made up of 10,000 individual policies. This amount can’t be changed.
Payment method	Cheque Telegraphic transfer Banker’s draft
Guaranteed lifetime income	Only available from age 60. You can find details of the income rates we’ll pay in our Common questions section. The income is taken from the capital you invest. We’ll pay the minimum guaranteed amount each year for life, even if the capital runs out. Taking additional withdrawals from your plan will reduce the guarantees. If this option is selected, we’ll charge a guarantee option fee based on the fund choice. Details of the charges are shown below.
Guaranteed death benefit	On your death, we’ll pay to your estate the higher of: Original contribution less guaranteed income already paid, and 100.1% of the cash-in value Taking additional withdrawals from your plan will reduce the guarantees. If there’s no cash-in value of the plan, and you’ve received more in guaranteed income payments than you originally invested, there won’t be any benefit to be paid.
Guaranteed pre-income increases	We guarantee to increase your income base by at least 3.25& of the original investment each your invested but not yet taking guaranteed income. This means that every year, we’ll increase your income base to the higher of: the previous year’s income base increased by 3.25% of the original investment, and the highest recorded fund value locked in by the yearly income escalator feature.
Yearly income escalator feature	Every year on the plan anniversary, we’ll check if the fund value recorded on a monthly anniversary over the previous 12 months is higher than the original contribution, or a higher fund value from a previous plan anniversary. If there is a higher recorded fund value then we’ll increase the guaranteed income by the same proportion. Once this higher amount is locked in, it won’t go down (unless you take additional withdrawals) – but depending on the underlying funds performance is could go up again.
Additional withdrawals	You can take additional withdrawals at any time. However, they’ll have an impact on the guarantees and would reduce your guaranteed income payments. It may also create a tax charge. Your financial adviser would be able to give you more details on this.
Fund choice	There’s a varied range of investments available: Create range – over 90 different funds covering all asset classes from some of the leading fund managers Multi-manager portfolios – a mixture of the UK Fixed Interest fund and equities from our Create range Core portfolios – a mixture of the UK Fixed Interest fund and the UK Index Tracker fund Our Investment choice leaflet gives you more detailed information about the funds available.