Aegon has struck a deal with Jardine Lloyd Thompson which will see JLT provide ongoing services to Aegon’s defined benefit schemes and 100 Aegon staff move to JLT.
The portfolios involved in the agreement have a value of around £710m with 25,000 members.
JLT Benefit Solutions chief executive Duncan Howorth says: “The ongoing provision of services to defined benefit schemes is central to our strategy as the market continues to consolidate. DB schemes need the support of firms that continue to invest in this activity while the arrangement allows Aegon to continue to develop its business model for the future.”
Aegon chief executive Adrian Grace says: “Our partnership with JLT delivers a strong solution for our clients and their advisers. The agreement provides for continuity of employment for our staff and the maintenance of services for our clients.”
Last month, JLT announced the acquisition of Alexander Forbes’ employee benefits business, Alexander Forbes Consultants and Actuaries, for £17m.