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.”
Females can expect to live a greater number of years in poor health than males, according to data from the Office for National Statistics (ONS) for 2015 to 2017.
Scottish higher-rate taxpayers will benefit from more pensions tax relief than workers on the same salary anywhere else in the UK as income tax bands continue to diverge.
Schemes risk breaking the law and being forced to wind up as The Pensions Regulator (TPR) warns some may be master trusts but do not know so.
As a hectic 2018 draws to an end, Jonathan Stapleton wishes readers a quieter 2019.