UK - Royal London has completed its review of support functions following its decision to close its direct sales team.
The outcome of the review is subject to consultation but a further 92 redundancies are anticipated in addition to the 380 originally anticipated across the UK.
The latest redundancies will be split mainly between the Wilmslow and Edinburgh offices with a small number in the London office.
Group chief executive Mike Yardley said: “The closure of our retail division was always going to have a knock-on effect on support functions such as finance, human resources and compliance.
“The final phase of the review was focused on ensuring that we have the appropriate resources to support our core business areas – Scottish Life, Bright Grey and Royal London Asset Management – in achieving their current objectives and future growth plans.”
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.