Aegon axes 213 life and pension roles

Aegon UK is to cut 213 jobs and outsource a further 106 within its life and pensions business as part of a cost-cutting exercise.

The company is aiming to reduce operating costs by 25% by the end of 2011 and is axing 213 roles across the areas of marketing, IT and personal assistant support staff.

At the same time, Aegon announced it is in negotiation to outsource the areas involved in managing inbound and outbound documents within the business. Once completed this will mean 106 staff are transferred to the new supplier company Océ.

Aegon UK chief executive Adrian Grace said: "This is a challenging time for our people and our business but achieving a lower cost base is essential to ensure Aegon remains a strong and successful business in the years ahead.

"The changes we've announced today mean we remain on track to meet our cost saving targets by the end of this year."

The company added it is seeking to minimise the number of compulsory redundancies where possible as it seeks to refocus its business on "at retirement" and workplace savings.

Aegon had met £37m of its £80m cost saving target by the end of March 2011 "through a combination of payroll and non-payroll savings".