Banking giant Barclays has added insurance provider Aegon UK to its distribution platform under an agreement that will see selected Aegon products made available to Barclays customers through its national financial planners network.

Under the partnership agreement, Barclays will offer retail investors Aegon’s new ‘Five for Life’ product range, which offers guaranteed income in retirement. This is the first time investment solutions will feature on Barclays Financial Planning’s Select Choice platform.

Aegon’s products will be available through Barclay’s network of over 900 financial planners across the UK, covering their retail, premier and business banking customer bases.

This represents the most significant bank distribution deal the Dutch insurer has secured in the UK and is an important step in its strategy to extend its distribution capability in the UK market to a wider range of business and individual customers.

The first Aegon products to be introduced to the Barclays Financial Planning Select Choice panel will be its business protection range, which includes insurance propositions, such as key person and partnership protection, that meet the needs of Barclays business banking customers.

Aegon’s ‘Five for Life’ is the only product of its kind in the UK market and meets the emerging customer need of a guaranteed level of income for life during retirement.

Aegon UK chief executive Otto Thoresen said: This new partnership with Barclays is an important development for Aegon in the UK. It is our most significant banking link to date and will enable us to reach a broader customer base with products where we have a compelling proposition. Achieving enhanced distribution strength is one of Aegon’s key growth initiatives and in line with Aegon UK’s aim to increase its market share.