Edinburgh-based pensions group Aegon UK is to close its Glasgow sales office with the loss of 22 jobs as part of a restructuring exercise.
In total, six regional offices across the UK will shut, leading to the loss of 160 jobs. Aegon, however, said it will create 43 new roles in platform and protection sales, centralised support, and other roles, of which fewer than 10 are expected to be in Edinburgh.
Under orders from its Dutch parent, which had considered selling off the business, the group shed 25% of its workforce in 2010-11 following a plunge into losses. A spokesman said: "That was a cost-cutting exercise; this is more about the shape for the future. We realised we would be stronger if we restructured."
Aegon said: "Over the past few years, Aegon UK has focused on the core markets of workplace savings and at-retirement. The Aegon Retirement Choices (ARC) platform is now established as an innovative and unique proposition, and is attracting new business and adviser adoption at a rate that has exceeded our initial expectations."
It said this change, along with this year's new regime of commission-free financial advice, and continuing advances in technology, had all driven the restructuring of its distribution. Although the regional offices will close, many staff will continue to work remotely. More than half the new roles will be in platform implementation, as Aegon is to move its ARC platform management in-house from its platform partner Novia.
When Aegon completed its cost-reduction programme 18 months ago it had reduced employment in Edinburgh from 2500 to 1900, with total UK numbers down from 3600 to 2700. Asked whether the new changes heralded further restructuring, the spokesman said: "No."
He said Aegon would consider redeployment and voluntary redundancy to reduce the need for compulsory redundancies.
Duncan Jarrett, managing director of retail for Aegon UK, said: "The distribution structure has served us fantastically well in the past, but we must evolve to provide for the adviser community, helping us to strengthen and develop profitable relationships for the future."
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