Aegon to phase out historic Scot Eq name

Aegon is set to drop the famous Scottish Equitable name as part of a strategic re-brand.

The firm will begin a phase-out in August, leaving the "more global" Aegon brand to stand alone, in a process it anticipates will take a year.

Aegon insists the move is just a branding issue and does not affect its 15-year partnership with Scottish Equitable plc, which has a 178-year history in Scotland.

It says policy documents will be re-written, company literature updated and its websites re-branded to reflect the move.

It adds it has already begun the phase-out process, as evidenced by the absence of the Scottish Equitable name from sponsorship material as part its multi-million pound deal with British Tennis.

"There is no question of getting rid of the Scot Eq name because Scottish Equitable plc is a legal company and will remain on all policy documents in the small print," Aegon spokesperson Lesley McPherson says.

"There has been a big appetite, right from the top, to increase the awareness of Aegon and its credentials in the UK market.

"We felt there was a disproportionate awareness of Aegon compared with the space it occupies in the market. We're third in the pensions market now, for example, whereas years ago we were seventh or eighth.

"This will be a gradual process. There are no plans to do anything overnight."

Scottish Equitable's history in Scotland dates back almost 200 years to 1831. It joined the Aegon group in 1994.

Aegon, which provides life insurance, pensions and other long-term savings and investment products, was formed in 1983 - the result of a merger between two Dutch insurers, AGO and Ennia.