More jobs go as Aegon continues to cut costs

Aegon UK has axed a further 116 jobs and closed its affinity group advice service Aegon Direct as it continues its cost-cutting programme.

The job cuts include the loss of 17 roles within Aegon Direct, which will close by the end of this year.

The firm is aiming to reduce operating costs by 25 per cent and refocus the business on the “at retirement” and workplace savings markets.

Aegon has so far cut 1,106 jobs since January 2010. These include 673 jobs through restructuring of the business and 329 roles that have not been filled after staff have left the firm. Another 91 roles were moved internally from Aegon UK to a different Aegon Netherlands business unit in 2010.

The provider also closed Aegon Benefit Solutions which saw 13 jobs cut, while a further 170 roles are expected to transfer to Cinven as a result of the sale of the Guardian closed life and pension book in August.

Aegon UK chief executive Adrian Grace says: “All of the decisions we have taken over the last 12 months have taken us closer to delivering our restructuring plans and positioning Aegon for success in its chosen markets.”

Aegis the Union general secretary Brian Linn says: “For many members, this announcement brings months of uncertainty to an end. However, we appreciate that a considerable number of people are in areas affected by redundancy and have some difficult choices to make.”

Corporate Benefits Consulting director Allan Maxwell says: “Any business has to look at the parts which are not profitable and do something about it. This seems like a positive move from Aegon that will make it stronger.”