UK - Towers Perrin is to stop carrying out actuarial business at its second largest office, it has been revealed.
The move follows the virtual closure of its investment consultancy arm where only one senior analyst has been retained.
In the latest restructure, its Newbury-based employee benefits consultants are to be relocated to London.
But the benefits administration staff – Towers Perrin Administration Solutions (TPAS) and Towers Perrin Retirement Systems (TPRS) – will be left insitu for the time being.
An ex-Towers Perrin senior consultant said: “In the wake of the closure of its investment consultancy arm, Towers has now decided to virtually close its Newbury office – the consultancy’s second largest premises.”
He added that the departure of the actuarial staff would leave the office in a much depleted state. The Newbury admin staff comprises the rump of those who did not move to Towers Perrin’s National Employee Benefits Centre in Bristol in the late 1990s.
A Towers Perrin spokeswoman confirmed its intention to consolidate its Newbury and London-based actuarial practices.
She said: “We believe that by bringing together these two locations we will be able to provide a more effective service to our clients.”
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