CEO calls for action

Aegon’s Grace calls on new government to ‘make up for lost time’

Adrian Grace

Adrian Grace: ‘we need to push ahead’

Aegon UK chief executive Adrian Grace has called for Boris Johnson’s new government to “make up for lost time” by pressing ahead with overdue pension and tax-relief reforms.

Mr Grace said that in terms of trends shaping the industry “the priorities of politicians are arguably a bigger influence than any time in recent memory.”

In a statement accompanying half-year figures, he said: “Whatever your views on the pros and cons of Brexit, one thing we can say with certainty is that it has already absorbed a huge amount of Government time and focus leaving little time to address other pressing concerns.

“We are pleased that the new Prime Minister has acknowledged this and we hope he and his team will now make up lost time in areas such as social care funding and pensions.

“For pensions, we need to push ahead with pension dashboards and the Government needs to solve the technical problems that stop non taxpayers getting the tax relief top-up they deserve and reform other elements of the pensions tax system which make higher earners fearful that if they save ‘too much’ they’ll be penalised.”

IAegon UK passed another milestone with platform assets rising from £128bn at the start of the year and passing the £140bn level for the first time.

In combination with its existing business, total assets administered on behalf of customers hit £173bn.

“In addition to strong asset growth we generated a profit of £61m and remitted £160m to Aegon group – our highest ever dividend paid,” said Mr Grace

“These figures reflect a consistent and profitable strategy by the business to develop a scale investment platform, while efficiently servicing and supporting our customers in older products.”

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