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Partnership Assurance cuts 100 jobs following annuity overhaul
INSURANCE group Partnership is to cut 100 jobs, one in five of its current workforce, in a bid to cut costs following the government’s overhaul of the annuities market.
The company is trying to reduce its running costs by £21m, about a fifth of its annual operating costs, after chancellor George Osborne announced that Britons would no longer be forced to buy an annuity on retirement. Partnership specialises in annuities for people likely to die early.
“Whilst this is regrettable, we believe this action is necessary to manage our cost base to reflect the impact of the pension changes,” chief executive Steve Groves said in a statement yesterday. The job losses will come from Partnership’s London and Surrey offices.