Skandia UK to axe 86 jobs

Skandia UK is cutting 86 jobs from its operations team, which serves the firm’s platform and life arms.

The team has just over 900 people and is responsible for processing new business valuations and other administration duties.

The jobs are all based in the Southampton office, where Skandia has a total of 1,600 staff.

A Skandia spokesman says: “Business transacted online is now at a record high, with 95 per cent of new business and nearly all top-ups and switches being transacted online. This means we can now reduce the number of back office support functions without impacting the level of service we provide.”