More on those Aegon job cuts (and how they could hit Scotland)

Aegon, which employs a hefty 2,400 people in its Edinburgh life and pensions business, has shed some more light on where the job cuts are likely to occur as it aims for a 25% cost reduction.

The life insurance giant intends to close two UK businesses entirely, as it looks to shift its focus towards the At-Retirement and Workplace Savings market.

Aegon is winding down its third-party pensions administration business, which employs 82 staff in Cheshire. This is part of the Trustee Solutions division, which also has an office in Edinburgh that will not be affected by the move.

The other division set to be axed is its employee benefit software business, which employs just 7 staff based in London.

However, the bulk of Aegon's UK life and pensions is in Edinburgh, with 2,400 of the firm's 4,000 staff based there. Unfortunately, due to its legal obligations to consult with unions Aegis and Unite, the firm is unable to provide figures on how many employees will be affected by the restructuring.

As the cost-cutting target is 25%, the assumption was that 600 roles were likely to go north of the border. But this may be a little off the mark.

Aegon points to a "streamlined management and organisational structure" and, while rank-and-file redundancies are of course inevitable, it says the changes will result in a "number" of senior management role will go. The cost-saving by stripping out these highly paid roles could mean fewer cuts further down the ladder.

There's also the need to consider the redundancies already announced within its group risk business and through the closure of a number of regional sales offices - including one in Glasgow - which has seen 106 roles go.

The new organisational structure will be in place by the end of 2011.