Friends Life has announced some jobs may be at risk as it closes its Basingstoke office and consolidate its two Manchester offices by the end of 2012.
There are 140 employees at Spring Gardens and 155 in the Basingstoke office.
A Friends Life spokesperson confirmed some, but not all, of the 295 jobs involved are at risk, and added a definite number of posts under threat cannot be revealed before the insurer has consulted internally on the roles.
The Basingstoke office undertakes the corporate pensions business acquired from Axa last year, which is currently being migrated onto the Friends corporate pension platform, New Generation Pensions (NGP).
Friends Life's Manchester presence, which includes its old office at Spring Gardens and the former Bupa office at Salford Quays, will be consolidated into the Salford location.
Friends Life has already consulted with Unite, which represents many of its employees.
David Hynam, executive director of operations at Friends Life, said: " Our strategy to reduce our cost base can be achieved by consolidating into fewer office locations and today's announcement helps us to achieve this objective.
"These decisions, whilst necessary, are extremely difficult ones to make and we are very mindful of the impact on our people. We will do all we can to help them through this period."
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