Aegon has established a dedicated pipeline servicing team to assist advisers ensure they secure their rates before the increases due to life office tax and gender directive changes.
Gender neutral pricing comes into effect on 21 December 2012.
The servicing team says it will work proactively with advisers to ensure that cases are managed and supported through the application process. They will ensure that all outstanding information is completed and will help secure any outstanding information from GPs.
To secure gender specific rates Aegon will need to have offered its acceptance terms and advisers and their clients will have had to accept the terms. A start date must be agreed with Aegon, and there needs to be a form of payment set up (ie a completed direct debit mandate). The start date when the policy goes on-risk can be after the 20 December, but must be within 30 days of the issue of terms.
If terms and a start date have not been agreed and/or Aegon has not received a completed direct debit mandate by 20 December, a concluded contract will not exist. In this circumstance, new acceptance terms will need to be issued on gender neutral rates.
“We recognise that the run up to 21 December will be a busy time for advisers and we want to do all that we can to ensure that applications are processed as quickly as possible prior to the deadline,” said Rod Mckie, head of at retirement proposition.
“Working in partnership with advisers, this dedicated pipeline service team will ensure that we are proactively sourcing all information required to complete business. Advisers should continue to use their dedicated servicing team phone numbers.”
