Insurance giant to axe more jobs

Aegon offices and Ballam Road, Lytham
Aegon offices and Ballam Road, Lytham
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FYLDE insurance workers have been rocked by fresh jobs heartache.

Aegon UK is to shed a further 116 jobs – 17 at its Lytham base – as it continues major restructuring.

The Fylde-based jobs will go from the insurance giant’s Aegon Direct arm, which was launched two years ago to provide annuity advice.

The remainder of the jobs will be lost at the insurance giant’s Edinburgh base.

It comes after it was revealed last month 170 roles at the company’s Ballam Road operation would be transferred to private equity buyer Cinven. In May the company said it was to axe 213 from its offices in Lytham and Edinburgh.

Aegon bosses told employees it will minimise compulsory redundancies where possible.

A company statement said: “The moves will lead to a reduction of 116 roles in the life and pensions business. This includes a reduction of 17 roles in affinity group advice service Aegon Direct. Aegon has decided to close this business and wind it down by the end of the year.”

UK chief executive, Adrian Grace, said: “All of the decisions we’ve taken over the last 12 months have taken us closer to delivering our restructuring plans. We will continue to look at all cost saving opportunities to meet our target by end 2011.

“These are challenging times but we are on track to deliver and ensure Aegon’s future.”

Since January 2010, the firm has reduced its payroll by 1,106.

Brian Linn, general secretary of Aegis, the trade union, said: “For our members, today’s announcement brings months of uncertainty to an end. However, we appreciate a considerable number are in areas impacted by redundancy and have some difficult choices to make.”

Around 400 staff still work at Lytham and 2,500 in Edinburgh.