UK - Co-operative Insurance Services is encouraging staff to take early retirement as part of modernisation plans.
The firm wants to axe 2500 jobs over the next 18 months to two years in response to “market and economic changes”.
The Manchester-based firm, which employs 9000 people, did not say which part of its business would bear the brunt of the cuts, but said it would look to pension off older staff first and retrain others where possible.
The CIS Employees’ Pension & Death Benefit Scheme is worth £1.4bn and receives annual contributions of £35m.
Co-operative Financial Services chief executive Mervyn Pedelty said: “CIS is not immune from the intensifying economic and competitive pressures within its core markets and we need to take action to ensure a vibrant, successful and sustainable future.”
PP has analysed the accounts of the biggest pension consulting firms and recorded the turnover (revenue) in their most recent accounts. The full leaderboard is below…
UK defined benefit (DB) schemes have increasingly undertaken benefit reviews over the last four years resulting in an acceleration of scheme closures, Aon research finds.
Contributions are no longer sufficient to meet regular payments for three-quarters of small- to medium- sized defined benefit (DB) schemes, Buck analysis finds.