Two directors redundant as Aegon overhauls protection arm

Aegon has made two redundancies and created six new job positions as it separates its protection arm from the rest of its business.

Former protection proposition director John Wilkinson has left the company, and the role of protection distribution director currently held by Martin Williamson has been proposed redundant.

However, the re-shuffle represents a net increase to Aegon’s headcount with the creation of six new roles, for which the company has already begun the recruitment process.

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Dougy Grant, previously retail strategy director, has been appointed as Aegon UK’s new protection director, taking on responsibility for the whole protection business.

Aegon will separate out all staff devoted to its protection business and set them up as a separate division within the company, reporting protection figures internally as opposed to being amalgamated with the rest of the company’s business.

Duncan Jarrett, managing director of retail and at retirement for Aegon UK, said: “Protection remains a core part of the Aegon UK strategy. Recent investment in the proposition has driven strong results and these improvements will continue.

“Aegon’s ambition is to get the UK ready for retirement and protection is a key part in making sure that those plans are robust enough so that when the unthinkable happens, our customers can concentrate on what matters without worrying about money.”

Aegon said in a statement that no other roles will be affected.