In a note to the stock exchange, the firm said the 100 job cuts would – together with actions already taken – generate annualised cost savings of £21m in 2015.
It added operating expenses next year would fall by about £80m.
The job losses will come from the firm’s London and Redhill operations.
Chief executive Steve Groves (pictured) said: “While this is regrettable, we believe this action is necessary to manage our cost base to reflect the impact of the pension changes announced in the Budget on sales of individual annuities across the industry.”
He added: “We have undertaken a thorough review of our cost base and are targeting annualised cost savings totalling £21m in 2015 compared with our planned 2015 cost base.
“This target takes into account the anticipated impact of lower levels of individual annuity sales, offset by targeted investment to develop areas of the business where we believe the greatest opportunities lie for us to leverage our intellectual property and expertise.”
Groves said the “decisive action” taken would result in the “necessary alignment of our cost base required for the business to thrive in our new environment”.
Partnership expects to incur non-recurring costs totalling £3m during 2014 in implementing these changes, and a further £5m during 2014 and 2015 in supporting new initiatives, including product development.
Updating shareholders in April, Partnership chairman Chris Gibson-Smith said annuities would continue to be an important part of retirement planning and Partnership, whose shares slumped more than 55% on the day of George Osborne’s speech, would adapt to the changes.
