As insurer Aegon seeks to cut a quarter of its UK costs, hundreds of jobs in Scotland's finance sector are running at a risk.

The Dutch Company is to refurbish its pension products, which could see 600 job cuts at its UK headquarters in Edinburgh.

Reports had earlier revealed that Aegon UK's parent Dutch Company was planning to sell its business in the UK. However, Ageon UK has denied such a development.

On Sunday there was a speculation that Aegon NV is planning to sell Aegon UK for a sum of £1.5 billion.

A spokeswoman for Aegon UK said that the story is false.

AEGON N.V., one of the world’s largest life insurance and pension groups, has informed US Department of the Treasury that it is withdrawing its application for participation in the Troubled Asset Relief Program (TARP).