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Just Retirement consults on job cuts as Budget hits annuity sales

Just Retirement is consulting with staff over possible job cuts after Chancellor George Osborne’s Budget annuities overhaul saw sales at the provider drop 50 per cent.

On Monday, Just Retirement announced plans to carry out a group restructure targeting £14m in cost savings following the Budget changes.

The firm says from Budget day to the end of April, activity levels “fluctuated, but have fallen by just under 50 per cent on average compared to pre-Budget run rates.”

Just Retirement group external affairs and customer insight director Steve Lowe confirms the provider, which employs 820 people, has begun talks with staff over potential redundancies but has not yet decided how many roles need to be cut.

Lowe also says senior executives at the company have agreed to take a 10 per cent pay reduction as part of the savings drive.

Last month, MGM Advantage said it would cut its 250-strong workforce by almost a third following the Budget announcement.

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