Aegon UK to shut tied pensions advice unit; Extra 116 jobs to go

Aegon said it will wind down the business, which, until last year, offered tied advice on both conventional and enhanced annuities but now offers whole of market guidance on the conventional products, by the end of the year. It said it believes the capital required to run the unit can be better redeployed in other areas to provide a greater return for shareholders. Meanwhile, the group has announced it is putting in place new structures in its customer services and finance areas as a result of investment in technology and streamlining of operations, with the loss of more than 100 jobs...