Newspaper article The Evening Standard (London, England)

Jobs to Go at Just Retirement Following Budget Overhaul

Newspaper article The Evening Standard (London, England)

Jobs to Go at Just Retirement Following Budget Overhaul

Article excerpt

Byline: Jamie Dunkley

TROUBLED pensions provider Just Retirement today admitted it will be forced to cut jobs across its 800-strong workforce because of radical reforms announced in March's Budget.

The company said sales of individual annuities were now running at about half the levels seen before the Coalition overhauled the industry. From next year, retired workers will be handed more freedom with their pension pots and will no longer have to buy an annuity.

The reforms saw the company's shares fall more than 40% in three hours after the Budget announcement was made and they now sit at 166p, well below the 225p they were at when it floated in November. Chief executive Rodney Cook said Just Retirement now planned to strip out PS14 million in costs during the next financial year and would be investing PS5 million ahead of the launch of new products to offset weaker demand for individual annuities.

He said the group will be starting a consultation with staff ahead of an unspecified number of job cuts, which will be spread across its business. …

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