Scottish Widows cuts 130 roles in shake-up

Scottish Widows has announced a restructure of its pensions and investment business, resulting in 130 job cuts across the UK.

The provider said it will be adopting a new model to “better support customers and advisers moving forward”.

The new structure “meets demand” from intermediaries and employers for greater specialised support in a “rapidly changing” market place, it added.

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The main changes include establishing a new corporate relationships team of over 100 pensions specialists to develop relationships with both intermediaries and employers.

In the lead up to next April, it will also be creating an individual distribution team of 30 business development managers to develop relationships with key adviser firms

Scottish Widows will also be expanding its telephony distribution team to over 100 individuals.

As a result of these changes, there will be around 130 role reductions across the UK, forming part of the reductions recently announced in Lloyds Banking Group’s strategic update.

Around 45 new roles will be created in Edinburgh and Bristol as part of the new structure.

Ronnie Taylor, pensions and investments director at Scottish Widows, said: “We are currently seeing unprecedented change in the pensions landscape. As a result of this we have reviewed our structure and are making changes to better support customers and advisers moving forward.

“The changes will introduce better specialisation, expertise and support across the markets we serve to help support customers as they plan for their retirement.”