Charges on the
Aegon Platform
For intermediaries only
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2
Learning objectives3
Intermediary charges
– the basics5
Taking intermediary
charges8
Managing ongoing
adviser charges13
Redirecting charges18
Managing and
monitoring cash23
Key dates and
reconciling charges29
Learning outcomes33
Charges on the Aegon Platform
Contents
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Learning objectives
Charges on the Aegon Platform
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Explore the key aspects of intermediary charges on the Aegon Platform.
Understand how and when we pay your charges.
Understand charging options for products available and how to redirect them.
Learn how to reconcile your intermediary charges.
Charges on the Aegon Platform
Learning objectives
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Intermediary charges
- the basics
Charges on the Aegon Platform
6Charges on the Aegon Platform
Intermediary charges – the basics
ChoiceInitial adviser charges - single, regular and cash
transfer contributions.
Ad hoc adviser charges.
Ongoing adviser charges – (% or £, including or
excluding VAT, minimum and maximum charges (£) and
tiered).
Tailored initial adviser
chargesInitial adviser charges can be a
percentage or monetary amount. Simple payment
We pay all charges from the product’s
cash facility.
We don’t need your
client’s signed fee
agreement for ISA, GIA or
Aegon SIPP.
Minimal paperwork
There’s a default sell down
in place on each product –
in case there’s not enough
money to cover
outstanding charges.
Default sell down
7Charges on the Aegon Platform
Intermediary charges – the basics
• Support material is available in the document library.
• The Intermediary charges section provides forms so you can set up or amend charges and supporting documents such as the key dates calendar and annual charge guide.
• Product specific forms are available under the individual product categories
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Taking intermediary charges
Charges on the Aegon Platform
9Charges on the Aegon Platform
Taking intermediary charges
You can select the following intermediary
charges during the online quote and apply
process:
• initial adviser charge (IAC) on cash
transfers;
• IAC on single contributions;
• IAC on new regular contributions;
• ongoing adviser charge (OAC), and
• ongoing service charge.
OAC can be:
• a percentage;
• monetary amount, or
• tiered.
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You can take an IAC on new regular contributions in either of two ways:
1. A fixed amount over the payment period.
For example, £500 to be paid over a maximum of 36 months.
2. An amount of each contribution:
Monetary – for example, £50 each month for a maximum of 36 months.
Percentage – for example, 3% of a regular contribution for a maximum of 36 months.
IAC on new regular contributions Charges on the Aegon Platform
This option isn’t available for Aegon SIPP regular contributions or on existing regular
contributions.
11Charges on the Aegon Platform
IAC on new regular contributions
Available from:
• the quote and apply process
for a new ISA or GIA
product, or
• the Regular contributions
tab from the Product
summary.
12Charges on the Aegon Platform
Ad hoc adviser charge
You can request an ad hoc adviser
charge from the Intermediary
charges tab in the product
summary.
Simply select the Set up ad hoc
charge button.
You can then choose to use
available cash or select funds to
switch into cash to pay the charge.
We’ll give you a deal acknowledgement reference after you
submit the request online.
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Managing ongoing adviser charges
Charges on the Aegon Platform
14
• OAC can be set up as:
• a percentage;
• a fixed amount (£);
• to include or exclude VAT;
• a minimum and maximum amount, or
• tiered.
• You can also choose a service charge if you
want to charge separately for other services
you offer.
• The use of fee models is optional. To create a
fee model, please complete the Charge set
up form.
Charges on the Aegon Platform
OAC options
To download the form, select Intermediary charges then Forms from the
document library.
15Charges on the Aegon Platform
OAC
From the product summary you
can view and amend ongoing
adviser charges in the
Intermediary charges tab.
To make changes select Manage
ongoing charges.
16Charges on the Aegon Platform
Change cash top-up method
From the Intermediary
charges tab you can also
view and change the cash top-
up method.
Select the Change cash top-
up method button.
17Charges on the Aegon Platform
Cash top-up method
You can select to sell from either the largest fund (default) or a nominated fund.
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Redirecting charges
Charges on the Aegon Platform
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Fees and charges – payment options
Charges on the Aegon Platform
Product level GIA GIA direct debit for cash
Product charges paid from
the product’s cash facility:
Annual charge
Intermediary charges
Service charges
SIPP drawdown charge
Selected product charges
paid from the GIA cash
facility:
ISA, GIA and SIPP
charges
All intermediary charges
All service charges
SIPP drawdown charge
Selected product charges
paid from the GIA cash
facility – topped up by
monthly direct debit:
ISA,GIA and SIPP charges
All intermediary charges
All service charges
SIPP drawdown charge
20Charges on the Aegon Platform
Manage product charges
Select Manage
product charges from
the client summary to
view how ongoing
adviser charges are
set up for each
product.
21Charges on the Aegon Platform
Payment options
Select to redirect charges from client
products into the GIA.
Where more than one GIA is available you
can select which GIA your client would like
us to take the charges from.
22Charges on the Aegon Platform
Direct debit for charges
You can also choose to set up a
direct debit into the GIA to cover
the charges taken from the GIA.
Select Next to:
• view an estimate of all monthly
charges;
• choose a direct debit amount;
• supply all direct debit
information, and
• submit the instruction.
2323
Managing and monitoring cash
Charges on the Aegon Platform
24Charges on the Aegon Platform
• All charges, income or withdrawals are paid from a product’s cash facility.
• There needs to be enough money available in the cash facility to make payments.
• If there isn’t and you don’t tell us what to do, we’ll automatically sell funds to top up the cash balance.
• You can make sure there’s enough money available by:
• allocating a specific amount into the cash facility;
• switching from funds into the cash facility;
• automatic cash top up from largest fund (default option);
• automatic cash top up from nominated fund (fund selected through the Intermediary charges section in the Product summary), and
• automatic recurring switch to cash from selected funds or proportionately (set up by sending us a completed recurring switch from cash instruction).
Managing and monitoring cash
25Charges on the Aegon Platform
Cash ring fencing reminder
• We collect charges from the available cash when
they’re due.
• This may mean the cash you want to use for other
purposes may be used to pay monthly charges. This
is because it isn’t currently ring fenced.
• Examples of instructions this can happen with are
ad hoc adviser charges and GIA to ISA switch
(single and joint accounts).
• You may want to switch an additional amount to cash
to make sure there’s enough money available.
26Charges on the Aegon Platform
How to switch to cash
1. Complete the online switch process to switch the required monetary amount to cash.
2. Where cash isn’t ring fenced, we suggest you oversell to cover the potential impact of
monthly charges.
3. Wait for the pending trades to settle before placing the next transaction.
To view an estimate of the monthly charges, select Manage product charges from the
client summary screen, and then select to pay by direct debit. The next screen shows
the estimate.
27Charges on the Aegon Platform
Switching to cash – ring fencingWhen switching, you’re asked if you want to Use the cash allocation for fees and charges.
If you select Yes - the cash will only be available for ongoing adviser charges.
If you select No - it will be available for all charges and anything else.
We don’t ring fence for ad hoc adviser charges
28Charges on the Aegon Platform
• The Wrapper Data report allows you to monitor all product cash balances.
• Go to the Product Wrappers Opened and Held Reports section in Report Zone.
• It opens a customisable report with over 60 data fields.
• Use the Layout tab to select data to include.
• To view cash information select from:• cash value;• available cash, and• cash percentage.
Cash balance monitoring
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Key dates and reconciling charges
Charges on the Aegon Platform
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• We calculate the OAC using the product value on the last working
day of the month.
• We’ll collect the payment from cash on the first business day of the
month.
• If there isn’t enough cash available to fund charges and a sell
down is required, we’ll sell down automatically, wait for the cash to
settle and make payment on the following Monday.
• We pay IAC and ad hoc adviser charges weekly.
• All charges are paid by BACs.
Charges on the Aegon Platform
Key dates
You can find our key dates for intermediary charges calendar in the document
library under Intermediary charges > Support literature
31Charges on the Aegon Platform
Access information from the
Adviser Remuneration
Reports section of Report Zone to:
• Check paid charges.
• Identify clients who aren’t paying charges.
• Search charges by date and type.
• Check outstanding ongoing adviser
charges.
• Identify clients with no ongoing adviser
charge.
• Export to Microsoft Excel or PDF.
Reconciling charges – Reports
32Charges on the Aegon Platform
• Data files with full details of all charge payments can be
accessed using our eData service.
• eData supplies data to back-office systems and other services that have links with us.
• We can help you to integrate our data so links seamlessly into your back-office systems for intermediary charge reconciliation.
• Email our Platform Consultant team at
[email protected] to get started.
Intermediary charges data integration
As email isn’t a secure method of communication, please don’t include any personal, financial or banking information.
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Learning outcomes
Charges on the Aegon Platform
34Charges on the Aegon Platform
We’ve explored different intermediary charges, the options available and their features.
You should now understand the different ways you can instruct and redirect charges.
You should now know how we calculate, collect and pay intermediary charges.
You should now know how to reconcile intermediary charges.
Learning outcomes
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APLT386189/01/20