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Publish Date : 03-Nov-2012

JLT Benefit Solutions Limited (JLT) and Aegon have today entered into heads of agreement to form a partnership for the ongoing provision of services to Aegon\'s portfolio of defined benefit schemes, and some related client portfolios.

Duncan Howorth, Chief Executive of JLT Benefit Solutions said \"This deal represents an important partnership for both companies. The ongoing provision of services to defined benefit (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.\"

The deal will see around 100 staff transfer to JLT in early 2013. The portfolios which form part of the agreement have an asset value of c Ł710 million and contain 25,000 members.

Adrian Grace, Chief Executive of Aegon added \"Our partnership with JLT delivers a strong solution for our clients and their advisers. The agreement provides for continuity of employment for our staff and the maintenance of services for our clients.\"

JLT, which recently announced the acquisition of Alexander Forbes Actuaries and Consultants, will acquire new offices in Edinburgh during 2013. Malcolm Reynolds, Managing Director of Trustee Solutions at JLT commented \"As a result of these two deals, we will have a substantial presence in Scotland with over 200 staff making us one of the largest firms of employee benefits consultants in Scotland.

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