Up to 500 jobs at Pearl could be terminated as the Hugh Osmond-led group continues to integrate its Phoenix and Pearl life divisions.
The bulk of the group’s Glasgow and Peterborough-based staff will either be moved to its Wythall office or be forced into compulsory redundancies.
Unions fear up to 500 positions may be axed, but it is understood Pearl aims to limit cuts to 300.
Employees at Glasgow-based Resolution Asset Management appear likely to avoid any job losses however.
Late last year Pearl won the £4.98bn race for Resolution, fighting off interest from Standard Life and Friends Provident. As part of the deal, Pearl offloaded certain assets to Royal London.
The Unite union labelled Pearl’s job cuts a “slap in the face” for its workforce.
“Unite members are shocked and many are angry to hear that both sites are to close,” Unite deputy general secretary Graham Goddard says.
“Over the last two years the workforce in Glasgow have been bounced from one employer to another.
“Despite this upheaval, they have remained professional and continued to deliver for their various employers, only to be rewarded by losing their jobs.”IFAonline
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From 6 April 2019