Aegon UK has announced an additional 213 job cuts across its marketing, IT and personal assistant support staff.
Aegon today advised staff of new structures being brought in as part of its drive to reduce its operating costs by 25 per cent by the end of 2011.
The provider is also in negotiations to outsource work involved in managing inbound and outbound documents within the business, which, once completed, will mean 106 staff are transferred to the new supplier company Océ.
Aegon says it is seeking to minimise the number of compulsory redundancies where possible.
Aegon announced its plans to restructure and refocus its UK business in June. As well as cutting costs, the company aims to refocus the business on two areas, at retirement and workplace savings.
Aegon says it met £37m of its £80m cost saving target by the end of March through a combination of payroll and non-payroll savings.
A further update on the impact of the cost savings from today’s announcements will be given in the next few months.
Chief executive Adrian Grace (pictured) says: “This is a challenging time for our people and our business but achieving a lower cost base is essential to ensure Aegon remains a strong and successful business in the years ahead.
“The changes we have announced today mean we remain on track to meet our cost saving targets by the end of this year.”
Aegis the Union general secretary Brian Linn says: “This is a sad and difficult time for our members, with many of them facing an uncertain future. To be clear, Aegis will resist any attempt to impose compulsory redundancies. We recognise the current challenging business environment but are hopeful that job losses will come through volunteers.
“We have insisted voluntary redundancy registers are opened and redeployment opportunities are offered to help mitigate compulsory redundancies.”