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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 the Budget’s annuities overhaul saw sales at the provider fall 50 per cent.

Just Retirement announced plans this week for a group restructure targeting £14m in cost savings following the Budget changes. It 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”.

Group external affairs and customer insight director Steve Lowe says the provider, which employs 820 people, has begun talks with staff on potential redundancies but has not decided how many roles need to be cut. He adds that senior executives have agreed to take a 10 per cent pay cut 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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