Royal London cuts 222 jobs
However 105 new roles will be created in Wilmslow with a further seven in London and a process has been put in place to enable Liverpool-based employees to apply for these roles on a “preferred candidate” basis.
Discussions will be taking place with these employees to establish their interest in the new roles.
The 90 day collective consultation period starts today with individual consultations beginning next week.
Integration plans have not yet been developed in detail but the expectation is that the majority of the work would be transferred by the end of 2011.
The move follows a review undertaken to identify the best way to integrate business operations in Liverpool with the rest of the Royal London Group.
The proposed changes are subject to consultation and the Caledonian Life business in the Republic of Ireland was not part of the review and is not affected by the proposed changes.
Stephen Shone, group finance director at Royal London, said: “We have given careful consideration to the proposed changes being announced today, and recognise the implications that an announcement of this nature has for employees.
“We are putting in place a comprehensive package of support for all employees who are affected by the proposed changes, and this will include the availability of specialist outplacement support.
“I very much hope that as many people as possible will take advantage of the opportunities arising from the creation of more than 100 new roles.”