EMCC European Monitoring Centre on Change



Geographic Location

Country: United Kingdom
Region: Scotland


Sector: Financial services
Financial and insurance activities
65 - Insurance, reinsurance and pension funding, except compulsory social security

Employment Effects

Announcement Date: 08-09-2011
Planned Job Reductions min: 100
Type of Restructuring: Internal restructuring

Additional Information

The Dutch pension company Aegon is to cut more than 100 jobs. The cuts are part of the firm's strategy to reduce costs by 25%. The insurer's UK arm is based in Edinburgh and most of the cuts are expected to affect workers in the capital. Some jobs are also going south of the border at the firm's IT base in Lytham St Annes, near Blackpool. Trade unions are confident the majority of job losses will be achieved voluntarily.