UK - Cuts in pension staff will be "key" to a restructuring at Legal & General, the insurer says.
L&G told GP pensions would be a key area of its "drive for efficiencies".
A spokesman explained: "In a framework in which we are trying to drive for efficiencies, pensions is one of our key challenges. We would be looking to be able to provide a more streamlined high quality service levels to our pensions customers and clients."
In an internal email sent to employees on 23 February 2008 the company explained it was taking a review in response to changing business conditions.
The spokesperson said the following announcement would take place in April and that letters to employees giving 'notice of potential redundancy" would also be sent in April.
A restructuring of L&G's independent financial advisory (IFA) sale force was announced at the beginning of February.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.