Aegon finds a buyer for part of UK business

DUTCH insurer Aegon has managed to sell part of its third-party pensions administration business to corporate consultant Goddard Perry.

Aegon said last month it planned to close the operations as part of its attempt to cut 25 per cent of its UK costs by the end of next year, but will now sell the administration arm to corporate consultant Goddard Perry for an undisclosed sum. The buyer was unavailable for comment yesterday.

The firm said that the 82-strong office will continue as a going concern under the name HS Administrative Services.

Aegon is still set to cut more than 100 jobs in the UK. It is also in the final stages of selling Transamerica, its US reinsurance business and closing several UK operations in an effort to repay a €3bn bailout fund from the Dutch government.

The firm returned to profit in November 2009 after over a year of heavy losses.