Williams and Vahey to leave Aegon UK

Two more senior figures are to leave insurance giant Aegon UK as the company continues a restructuring programme designed to cut operating costs by 25% by the end of the year

Peter Williams and Rachel Vahey, the heads of industry development and pensions development respectively, will leave the company over the next few months.

Their exits add to that of head of corporate affairs Francis McGee, who will leave at the end of January after announcing his departure in September last year.

Aegon will combine its corporate affairs, business regulation and pensions development teams into a single unit headed up by current head of business regulation Steven Cameron, who has been promoted to head of regulatory strategy.

The company is streamlining its regulatory analysis and political affairs teams as part of an ongoing restructuring programme, announced in June 2010, which will see it focus on the at-retirement and workplace savings markets and reduce operating costs by 25% by end 2011.

Dr Peter Williams joined Scottish Equitable, which was later acquired by Aegon, in 1977, while Vahey has been with the company for more than 12 years.

Aegon UK finance director Clare Bousfield says: “Having the best possible understanding of the changing regulatory landscape is key to our strategy development and delivery.

“At the same time, it is important that we maintain an ongoing dialogue with the government, regulator and other key stakeholders within our industry. I’m delighted that Steven will be leading this work as part of our strategy team and I’m looking forward to working with him.

“I would like to thank Francis, Rachel and Peter for their valuable contribution to AEGON over the years and we and wish them every success in their future careers.”

In September last year, Aegon announced it would be halving the number of its UK sales centres as one of the first steps of the UK restructure.

The insurer had been widely expected to exit the protection market as a result of the shake-up, but it later confirmed it would retain its UK life insurance and protection businesses.

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