B&CE has launched a redundancy consultation with staff as part of a plan to reduce costs and become more efficient.
The organisation - which made the announcement to staff this morning - said the expected number of posts at risk is less than 60 from a total workforce of 600, but noted the net impact would be lower as it will continue to hire in "areas of need", such as customer facing positions.
B&CE said the move follows a period of substantial growth for the business - with its staff numbers trebling over the past five years as its master trust offering, The People's Pension, has grown to have around 4.5 million members and around £8bn in assets under management.
But it said the costs of investing in its occupational health and pensions business had also grown significantly - noting it needed to fund that increased investment by reducing costs and becoming more efficient.
The firm added that investing for the long term in the products and services that its members want and need required "difficult decisions now" to ensure the organisation could continue providing value for money.
B&CE chief executive Patrick Heath-Lay explained: "Reducing B&CE's costs is important to make the business more efficient, enable further investment in The People's Pension, and ensure we continue to provide value for money and meet our members' needs.
"We haven't taken these decisions lightly and will do all we can to support our people during this difficult period."
This comes as B&CE Holdings published its annual report and financial statements, revealing a loss of £15.6m for the year to 31 March 2019. In the previous financial year, it posted a loss of £8.8m.
The accounts revealed that, while management fee revenue had grown from £17.8m to £27.1m, due to increased income from The People's Pension as its assets under management grew substantially, operating expenses had also increased substantially - with £5.7m of costs being incurred by B&CE's People's Health operation to build out an online tool to help employers and accredited occupational health service providers manage health-at-work.
B&CE said it expected the group's operating expenses to continue exceeding income to support the growth of TPP but said it expected future income to be sufficient to meet this additional expenditure.
Update: This article was updated at 14:00 on 7 October to include the figures from B&CE's annual report and financial statements
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