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Just Retirement and Partnership merger could see 15% of jobs cut

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  • 06/11/2015
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Just Retirement and Partnership merger could see 15% of jobs cut
The agreed merger between Just Retirement and Partnership could see up to 15% of jobs cut from the combined workforce of 1,198.

According to a document concerning the share merger, a headcount reduction is expected to “generate savings for the combined group in areas where there may be duplication”.

The merger, which is expected to be finalised in December, could see 5% of jobs at risk in the first six months following its completion, and a further 10-15% over the following 24 months.

The document said this proportion excluded any job losses in light of an anticipated rate of employee turnover.

It added that the figures did not factor in the positive impact of any business growth from the combined group, meaning fewer jobs could be at risk than anticipated.

No decisions have been made concerning a date to reduce the group’s headcount, and so the precise number of employees and terms alongside this will depend on a consultation and integration planning process, the document stated.

The planned merger between the two firms was announced in August, after far-reaching pension reforms announced in the 2014 Budget have caused annuity sales to plummet at a number of retirement planning firms.

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