The provider said the 130 job losses were part of the reductions recently announced in Lloyds Banking Group’s strategic update.
However, it said about 45 new roles will be created in Edinburgh and Bristol, as part of the new structure.
Scottish Widows said the new structure meets demand from intermediaries and employers for greater “specialised support” in a rapidly changing market place.
The main changes include:
- Establishing a new corporate relationships team of more than 100 pensions specialists, developing relationships with both intermediaries and employers
- In the lead up to next April, creating an individual distribution team of 30 business development managers to develop relationships with key adviser firms
- An expanded telephony distribution team of over 100 individuals with specialist skills across key market
Scottish Widows pensions and investment director Ronnie Taylor said: “We are currently seeing unprecedented change in the pensions landscape. As a result of this we have reviewed our structure and are making changes to better support customers and advisers.
“The changes will introduce better specialisation, expertise and support across the markets we serve to help support customers as they plan for their retirement.
“At Scottish Widows we are absolutely focused on developing strong, long term relationships and providing flexible support and expertise where it is needed most.”
