Friends Life is making around 150 staff redundant as part of a new round of cost cutting.
The provider says it has not yet decided which departments will suffer cuts, adding it will inform staff in due course.
As well as the job losses, Friends Life has around 50 job vacancies it will no longer fill.
The provider currently has around 3,800 employees.
A spokesman says: “Friends Life continues to progress with the ongoing reorganisation of the business to create a group structure which can deliver its clearly-stated business strategy and position the business for future growth.”
In July last year, Friends announced it was closing its Basingstoke office and consolidating its Manchester offices by the end of 2012.
In November 2011, it announced plans to outsource the IT and customer service functions for its heritage business to Diligenta, with 1,900 jobs moving across.
Plan Money director Peter Chadborn says: “The main concern for me is that service standards do not slip.”