Scottish Widows is cutting 130 roles as part of a restructure of its pensions and investments business.
Affected employees have been briefed today and the provider says it will seek to redeploy staff where possible.
The cuts are part of parent company Lloyds Banking Group’s recently announced plan to make 9,000 redundancies over the next three years.
Scottish Widows is creating 45 new roles in Edinburgh and Bristol as part of the restructure.
It is establishing a new corporate relationships team of over 100 pensions specialists to develop relationships with intermediaries and employers, a team of 30 business development managers to manage relationships with key advice firms, and expanding its telephone distribution team.
Scottish Widows pensions and investments director Ronnie Taylor says: “We are currently seeing unprecedented change in the pensions landscape. As a result of this we have reviewed our structure and are making changes to better support customers and advisers moving forward.
“The changes will introduce better specialisation, expertise and support across the markets we serve to help support customers as they plan for their retirement.”
Earlier this month, Lloyds announced it was pulling out of standalone protection advice, leaving 1,200 branch staff at risk of redundancy.