JLT to take over Aegon’s DB pension portfolio

JLT Benefit Solutions will take over the ongoing provision of services to Aegon’s portfolio of defined benefit (DB) pension schemes.

The portfolios have an asset value of £710 million and contain 25,000 members.

The partnership will see 100 Aegon staff transfer to JLT in early 2013.

Duncan Howorth, chief executive at JLT Benefit Solutions, said: “The ongoing provision of services to DB schemes is central to our strategy as the market continues to consolidate.

“DB schemes need the support of firms that continue to invest in this activity, while the arrangement allows Aegon to continue to develop its business model for the future.”

Adrian Grace, chief executive at Aegon, added: “The agreement provides for continuity of employment for our staff and the maintenance of services for our [employer] clients.”

JLT, which acquired Alexander Forbes Actuaries and Consultants in October, will move into new offices in Edinburgh in 2013.