In a statement, the specialist annuities provider said its new measures, which are expected to generate annualised cost savings of
"Whilst this is regrettable, we believe this action is necessary to manage our cost base to reflect the impact of the pension changes announced in the Budget on sales of individual annuities across the industry," Chief Executive
Last month, the company had said average daily individual annuity quote levels had fallen by about half in the wake of the 2014 Budget proposals made by Chancellor of the Exchequer George Osborne, who removed the effective requirement on individuals to buy annuities in retirement.
"It is our intention that 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," Groves said.
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