CompaniesNov 6 2015

Just Retirement/Partnership merger sees jobs cut

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Just Retirement/Partnership merger sees jobs cut

Up to 240 jobs may be cut following the Just Retirement and Partnership Assurance merger.

In a statement released by the firms on the merger, the providers said the headcount reduction is expected to be approximately 5 per cent in the initial six months following the merger completion.

This will be followed by a further 10 to 15 per cent over the following 24 months, excluding any reduction in headcount attributed to an anticipated rate of employee attrition.

The document stated: “These figures also exclude the positive impact of any growth in the business of the combined group following completion which would be expected to result in fewer reductions in headcount.

“It should be further noted that no decisions have been made to date and, therefore, the precise number of employees and specific teams, roles and locations affected will depend on the outcome of a post-completion consultation and integration planning process.”

The firms said that integration planning has begun, but more detailed analysis will need to be undertaken.

They added that finalisation of the integration plan will be subject to engagement and consultation with appropriate stakeholders, including employee representatives bodies in accordance with the legal obligations of the combined group.

In late October, the Competition and Markets Authority unconditionally cleared the recommended all-share merger of Just Retirement and Partnership Assurance to create JRP Group.

The boards of both companies are expected to post the relevant documents to their respective shareholders on or around 5 November, with Just Retirement convening its general meeting to approve the merger on 23 November and Partnership convening its court meeting and general meeting to approve the deal on 26 November.

It will therefore become effective around late December, subject to satisfaction or waiver of the outstanding conditions, including approval by the Prudential Regulation Authority and the Financial Conduct Authority.