Major jobs cuts are anticipated at pension services firm Diligenta which provides services to some of the biggest pension insurers.
The cuts at the firm owned by Tata Consultancy Services (TCS) - part of the Tata Group - are set to impact experienced pension staff as well as customer services, back office and call centre functions.
Over 130 cuts are expected at the organisation's Dorking site which handles Diligenta's corporate pensions. Many of these are expected to be in the corporate pensions. Some posts are outsourced by Friends Life, now part of Aviva. A further 100 jobs are planned to be cut or relocated from Diligenta's Exeter base which deals with a combination of corporate and retail pensions.
The company handles open and closed book policies on behalf of The Phoenix Group. In partnership with TCS, Diligenta also provides support to the National Employment Savings Trust.
A Unite spokesperson said jobs may be moved to Peterborough and Bristol. However, current staff are unlikely to be relocated to these areas meaning a potential loss of skill and experience in corporate pensions. The plans will take effect in 2017, after which Diligenta will retain a reduced presence in Dorking.
Diligenta made an £8m loss into 2016 following a £28m profit in 2015.
Unite national officer for finance Dominic Hook said: "The pension services industry has long been a vital part of Surrey's economy, but these cuts are the latest in an alarming trend of highly profitable finance firms turning their back on the county."
"Unite will continue to consult and support members throughout this process and we call on Diligenta to think again about where their priorities lie."
A Diligenta spokesman said: "We are consulting with a number of employees about changes to our location strategy.
"Peterborough, Bristol, Liverpool, Basingstoke will continue to be core Diligenta locations and will not be impacted by these changes. We remain focused on the long-term sustainability of our business and committed to ongoing investment in the UK.
"We anticipate these changes will impact around 130 roles over the next 12 months. We are committed to supporting impacted employees throughout the process and are in regular dialogue with employee representative bodies, which have been consulted about these changes."
An Aviva spokesperson said: "Diligenta supports a small part of Aviva's customer service for Aviva's Corporate Pensions customers at our Dorking site. Aviva will maintain a considerable customer service team at its Dorking site serving our corporate pension customers and we do not expect any disruption to service standards due to the changes announced by Diligenta."
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