Aegon, the life insurance and pensions firm, has announced plans to cut 213 UK jobs, including those in IT, in a bid to meet its cost savings target.

The posts in IT, marketing and support will be cut from the company’s headquarters in Edinburgh, and its offices in Lancashire.

Aegon will also outsource 106 jobs in the area of the business that manages inbound and outbound documents to specialist document managing company Océ.

“This is a challenging time for our people and our business but achieving a lower cost base is essential to ensure Aegon remains a strong and successful business in the years ahead,” said Aegon UK chief executive Adrian Grace.