The chief executive of the Partnership Group said: “While this is regrettable, we believe this action is necessary to manage our cost base to reflect the impact of the pension changes announced in the Budget on sales of individual annuities across the industry.”
The cuts are part of cost management proposals announced by the group to reduce its running costs by £21m in 2015. The job losses will come from Partnership’s London and Surrey offices.
Mr Groves said: “This target takes into account the anticipated impact of lower levels of individual annuity sales, offset by targeted investment to develop areas of the business where we believe the greatest opportunities lie for us to leverage our intellectual property and expertise.”
