Standard Life has proposed to cut 95 members of staff from its UK customer service department.
The compulsory redundancies are part of the insurer's planned cost-cutting programme in which it aims to save £100m by 2012.
A Standard Life spokesperson said: "In January 2011 the structure of our customer service division was reviewed which has led to greater levels of resource sharing.
"This increased efficiency means we can offer the same high levels of service to our customers, with a reduced number of people.
"We will now enter a period of consultation with our staff association on the proposed changes which will last a minimum of 30 days."
Standard Life cut 36 jobs in May when it shut down its face-to-face advice service for clients.
Rival Aegon announced today it will further its own efficiency plans by closing its final salary employee pension scheme and switch members to a group personal pension.
Three funds to watch
Adviser tech review