Canada Life has confirmed its UK division is undergoing a reorganisation as part of its modernisation programme which will result in job losses.
The company said some new roles will be created as well as job losses, so it was currently unable to confirm the scale of those job losses.
Lindsey Rix, chief executive of Canada Life UK, said: “As part of our ambitious transformation programme to support our growth strategy, we’re undergoing an internal reorganisation to accelerate our modernisation to better meet our customers’ needs.
“Our aim through this work is to simplify reporting lines, improve ways of working and equally build capability to be more competitive in our chosen markets. We will be introducing new roles, and changing some roles to create better focus for us as a team.”
One of these redundancies includes Andrew Tully, technical director at Canada Life, who will leave the business at the end of this month.
He has been at Canada Life for almost five years and has more than 34 years’ experience within pensions and retirement from a number of large providers, such as Standard Life (now Abrdn) and Retirement Advantage.
He regularly comments in the media, speaks at conferences, and is a member of various industry working groups.
Rix added: “We remain focussed on building our retail wealth and retirement businesses, while retaining our market-leading group risk position, and delivering the commercial objectives for our shareholders.
“Inevitably, with changes of this scale, regrettably there will be job losses. We are working with colleagues affected by this announcement and will of course fully support them through this change.”
amy.austin@ft.com
