The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Financial Services Financial And Insurance Activities Insurance, Reinsurance And Pension Funding, Except Compulsory Social Security 65.11 - Life insurance
100 jobs Number of planned job losses
Announcement Date
23 June 2014
Employment effect (start)
23 June 2014
Foreseen end date
Description
A change where the UK no longer requires pensioners to purchase annuities has seen life assurance company, Partnership Assurance announce plans to cut 100 jobs. This cut in jobs represents approximately one-in-five of all positions in the company and is aligned with efforts in the business to reduce expenses by a similar proportion - around one-fifth of annual operating costs. Media reportage suggests that Partnership Assurance was among those companies hardest hit by the UK Government's announced plan to change the pensions system. This is because the company specialises in selling annuities, rather than having a portfolio of other insurance lines.
The company has already commenced consultation with impacted staff. Employees working in sales and administration roles are among those categories of staff who are likely to be affected by the company's decision to downsize. The impacted workers are located in offices based in London and Redhill, Surrey.
Sources
23 June 2014: Financial Times
24 June 2014: City AM
Citation
Eurofound (2014), Partnership Assurance, Internal restructuring in United Kingdom, factsheet number 77278, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/77278.
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