Lloyds shifts Aylesbury operation after Equitable decision
Lloyds has announced its life, pensions and investments operations will move from its Aylesbury offices after Equitable Life announced it would no longer use the group as its administrator.
Equitable Life announced it would be ending its 10-year administration contract with Lloyds in March 2011.
The announcement prompted Lloyds to make a site review and will move its life, pensions and investments operations from Aylesbury by the end of 2011 - 350 roles will remain at the offices.
The group said 540 jobs would go as part of a restructure that had been announced earlier this month.
John van der Wielen, managing director of Halifax Life, said: "We will be working through a two year programme that will see life, pensions and investments relocate from Aylesbury by the end of 2011.
"This will allow us to manage our exit in a phased fashion and work closely with the local government bodies to ensure colleagues achieve the best possible outcome based on the options available.
"We recognise that these changes are likely to cause uncertainty for colleagues. We understand this and will provide colleagues as much ongoing support as possible."
Equitable Life announced it would be appointing HCL Technologies as its new third-party administrator, which will see 340 Lloyds staff transfer to HCL.
