Aegon outsources final salary schemes to JLT

By GARETH MACKIE
Published on 02/11/2012 00:00

Life and pensions firm Aegon is to outsource the running 
of its final salary pension 
operations in a deal that will see some 100 staff in Edinburgh transfer to employee benefits specialist Jardine Lloyd Thompson (JLT).

Chief executive Adrian Grace said there would be no redundancies as a result of the agreement, which follows this week’s confirmation that Aegon had outsourced its protection unit to Serco in a ten-year deal worth £190 million.

He added: “We remain committed to building our UK business, focusing on our chosen markets of workplace savings and at-retirement, and the businesses we believe are core to those markets.”

Malcolm Reynolds, managing director of trustee solutions at JLT, said the firm’s headcount in Scotland will rise to more than 200 following the deal, expected to complete next year.