Aegon's head of annuity sales, Mark Cardy, has been made redundant as part of a restructure of the group's sales teams.
The firm says it remains committed to the annuity market, but had made changes to its adviser support teams to reflect developments in the market.
The position of annuity development manager, held by Jeremy Haines, has also been made redundant but Haines will be redeployed elsewhere in the business.
Aegon says it is reforming its sales teams from its current product-based approach to one which focuses on four themes. The themes are pre-retirement, at retirement, protection and corporate.
An Aegon spokesman says: "We remain committed to the annuity market and to supporting our advisers."
Changes in the at retirement market, which have seen a far greater variety of annuity and non-annuity products made available, mean the product-based approach is no longer an appropriate way to support intermediaries, Aegon says.
Cardy will leave the business on 9 April.
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