Aegon plans to close all of its regional sales offices as part of a major restructure which could result in 160 job losses, Money Marketing can reveal.
Aegon held a meeting with its UK staff at 10am today during which it announced plans to close its six regional sales offices in the UK.
In addition, the provider will increase the number of “platform implementation” roles from 19 to 42 as it focuses resources on its ARC platform offering.
Aegon managing director of UK retail Duncan Jarrett says: “The distribution structure has served us fantastically well in the past, but we must evolve to provide for the adviser community, helping us to strengthen and develop profitable relationships for the future.”
Aegon’s regional sales offices are based in Glasgow, London, Guildford, Birmingham, Manchester and Bristol.
Aegis, the trade union which represents Aegon UK workers, says: “This is devastating news for our sales community.
“Whilst we understand the business, economic, technological and regulatory drivers for change, we are focusing on how we can best support our members at this difficult time.
“We will continue to work with the company throughout the consultation period to identify as many redeployment opportunities as possible for the affected staff.”
It is the second major UK restructure Aegon has announced in three years.
The last restructure, announced by Aegon group chief executive Alex Wynaendts in June 2010, saw the provider cut over 1,000 jobs in the UK as part of a restructure designed to reduce operating costs by 25 per cent by the end of 2011.