Aegon is to retain its life insurance and protection business as part of its UK business restructure, but has decided to close its third party pension administration business.
The provider is also shutting its employee benefits software business.
As part of the restructure, first announced in June, Aegon is cutting a number of senior management roles over the course of the year and expects to have a more streamlined organisational structure by the end of 2011.
The closed book of Guardian Financial Services is being retained.
Aegon says it will soon begin consultation with unions Aegis and Unite about the impact of these measures, though says it cannot say at present how many roles will be affected.
The third party pensions administration business is part of Aegon Trustee Solutions business unit and employs 82 staff in Cheshire.
Aegon Benefit Solutions employs 7 staff in London.
Aegon UK chief executive Otto Thoresen says: “The decisions we have announced today follow a thorough review of our businesses and how they fit with our new strategy announced in June.
“Our new approach will see Aegon concentrate on the at retirement and workplace savings markets, which are already positions of strength for us in the UK.
“It is important that we continue to move forward with our restructuring programme to create a more efficient business, improve returns and ensure our long term success.”
Aegis general secretary Brian Linn says:”Today’s announcement is devastating news for our members in Aegon Trustee Solutions in Daresbury and Benefit Solutions in London.
“Although there are no expected job losses for at least a year, our members had high hopes these businesses would survive. We anticipate that this will be a painful process for everyone and we will do everything we can to help our members through this extremely difficult time.”
The restructure at Aegon’s UK business has already seen the closure of its group risk business, its withdrawal from the bulk annuities market and the reorganisation of the UK sales division.
These measures will mean the loss of 106 jobs.
Aegon says the restructure will help the company focus on its core businesses of life insurance, pensions, and asset management.