Aegon axes further 51 staff in cost-cutting spree

Staff were told today that all 42 roles within the company's employee benefits division and nine roles in the finance department will no longer be required. The losses are part of Dutch insurer Aegon's plan to cut its UK business by 25% by the end of 2011 in a massive restructuring programme announced in June, which equates to a saving of £80m a year. Aegon says it will refocus the business on two markets where it already has positions of strength: At retirement and Workplace savings. The insurer closed its employee benefits unit to new business in May 2009. Remaining employee ben...