Partnership is axing 100 jobs as part of a cost cutting exercise to save £21m a year.
The company says the move follows a review of its cost base as it expects annuity sales to continue to remain low following the Budget.
The job losses will affect Partnership’s London and Redhill offices. Staff entered into consultation today.
The job losses come after a recruitment freeze introduced last month, when the provider it revealed a year-on-year drop of 44 per cent in individual annuity sales.
Partnership chief executive Steve Groves says: “We have undertaken a thorough review of our cost base and are targeting annualised cost savings totalling £21m in 2015 compared with our planned 2015 cost base. This target takes into account the anticipated impact of lower levels of individual annuity sales, offset by targeted investment to develop areas of the business where we believe the greatest opportunities lie for us to leverage our intellectual property and expertise.
“It is our intention the decisive action we have announced today will deliver the necessary alignment of our cost base required for the business to thrive in our new environment.”