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Aegon set to join exodus if Scotland votes for independence

Aegon has become the latest business to announce its plans in the event that Scotland votes for independence in next week’s referendum.

The company says it is prepared to launch a new registered life company in England in addition to its existing Scottish and English registered companies.

“This means irrespective of any currency, regulatory or tax change we can continue to serve all our customers,” Aegon chief executive Adrian Grace says.

“Any changes as a result of Scottish independence won’t happen overnight and we will continue to provide regular updates for customers through email and on our website.”

A growing number of UK companies have revealed contingency plans that could see them moving to England if Scotland votes to ditch the union on 18 September.

RBS and Lloyds have already said they would consider moving their headquarters south of the border if Scotland leaves the UK.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Lots of new jobs down here in England then?

  2. Where does “exodus” come in? This is a new company, it’s not a movement of HQs, it’s not a movement of people, it’s not a movement of operations. I’ll wager it’s a new entity within the existing structure that would be subject to English and Welsh law and rUK regulation so it would be a sensible division of customers between Scottish and rUK. That doesn’t equate to job movements as RBS specifically said in their statement.

  3. It may be a new company, but where are its clients coming from? – the Scottish entity. Where will its staff come from? Maybe the Scottish entity, or from new hires South of the Border, which could result in redundancies in Scotland. Implication, if not outright statement by Aegon

  4. That much is obvious Ian. The point being that insurance companies operate with multiple entities but they don’t need offices for each. Googling ‘standard life pra returns’ and clicking the first link told me Standard Life have at least three entities for example.

  5. Aegon is a Dutch company that employs around 3000 people in the UK to support its UK operation. Independence will mean around 90% of its operation will be outside the UK so yes it will move jobs, it may even decide to sell off the remaining part in Scotland. Aegon doesn’t run it’s UK operation from Amsterdam, it runs it from Edinburgh (currently). It would become very difficult to design produce and service products in a different country with different tax and regulations.

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