View more on these topics

Aegon cuts sales jobs in platform push


Aegon is to cut its salesforce from around 100 roles to 70 as part of a shift towards its platform business, Money Marketing understands.

Sales staff were called into a meeting yesterday where it is understood the insurer announced around 30 roles would be lost as a result of moving resources away from its legacy business.

An Aegon spokesman says: “We’ve always been very clear that digital is the way forward and that our focus is on growing the business through our platform.

“The platform remains our long-term strategic priority and we have implemented a new operating structure to support this. We are focusing our sales team behind the platform and unfortunately a number of roles will go in this process.

“Like any successful business we need to continue to evolve and the changes we’re making will help accelerate our growth.”

The firm says new roles will be created and it will aim to redeploy affected staff in other areas of the business. However, it could not say how many people would be retained.

Aegon’s Q3 results, published in November, revealed a 12 per cent fall in underlying pre-tax earnings as the retirement reforms continued to ravage its back book.

Earnings dropped 12 per cent year-on-year, from £22m to £19m. Within the provider’s life business, earnings fell 43 per cent, from £18m to £10m, while pensions profits more than doubled, from £4m to £9m.

Meanwhile the firm’s platform saw net inflows of £900m during the period, although this was primarily as a result of upgrading existing customers rather than attracting new money.

Aegon now has £5.3bn of assets on platform, up from £4.64bn at the end of the previous quarter.

In September, it emerged the Aegon Group, headquartered in the Netherlands, is preparing to sell off its UK annuity book .

The spokesman adds: “We confirmed we’d initiated a review of our UK annuity portfolio. This process continues and we will update the market in due course.”



Aegon launches post-Pension Wise guidance offering

Aegon has launched a new guidance offering designed for customers who have already used the Government’s Pension Wise service. Aegon Assist, which is being trialled with a team of three staff, is targeted at customers who don’t have a financial adviser, and want more information about Aegon products. The service is open to customers at […]


Aegon revamps default pension funds

Aegon has launched a new range of default funds for its workplace pension schemes in response to the pension freedoms. The five funds have platform charges of between 0.05 per cent and 0.4 per cent. They all use Aegon’s “flexible target glidepath” which targets three retirement income decisions in the final six years of saving. […]


Aegon UK earnings slump as pension freedoms ravage back book

Aegon’s UK business has reported a 12 per cent decline in underlying pre-tax earnings during the third quarter as Chancellor George Osborne’s retirement reforms continue to ravage its back book. The provider’s Q3 results, published this morning, reveal earnings dropped 12 per cent year-on-year, from £22m to £19m. Earnings within the provider’s life business were […]


Barclays to cut 1,200 investment banking jobs

Barclays is to cut around 1,200 jobs, with job cuts focused in its Asian investment banking division. The BBC reports that investment banking operations in Australia, South Korea, Taiwan, Indonesia, Malaysia, the Philippines and Thailand will all be closed down. Services will be offered from other locations. The bank is pulling out of Russia completely […]

Investment clock economic update

In the latest Investment Clock economic update, Ian Kernohan, Senior Economist at Royal London Asset Management, discusses the implications of the US Federal Reserve’s recent hike in interest rates and upcoming French presidential election. The value of investments and the income from them is not guaranteed and may go down as well as up and […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment