Pensions and insurance company to shed 460 jobs

Around 460 jobs are expected to go at a pensions and insurance company in Shropshire.

ReAssure in Telford is part of the Phoenix Group, which said it was extending its longstanding partnership with its IT service provider and will be moving the customer servicing for ReAssure customers to TCS Diligenta in a move it said would consolidate the majority of its policies onto one platform.

While it is projecting around 460 roles to be made redundant, the company said it would be creating some additional customer servicing roles in Telford as it consolidates work.

A number of roles will also move to TCS Diligenta in the Telford offices to continue looking after customers, which is planned to take place in 2024.

The company said: “We are working through which roles will be impacted and will ensure our colleagues are notified as soon as any further decisions are made. A support package for all impacted colleagues is in flight, to support with leading through change and also outplacement activity including career coaching, CV writing and interview techniques and job searches.

“In addition, we are exploring opportunities to link in with local employers in the affected areas.”

Phoenix Group CEO Andy Briggs said: “We continually review our operating model to ensure it is meeting the evolving needs of our customers on their journey to and through retirement. Since the acquisition of ReAssure in 2020, Phoenix has been operating two customer administration platforms concurrently.

“This gave us optionality in the short-term, but over the long term, it makes more sense to consolidate policies onto the TCS BaNCSTM platform. It will remove duplicate investment, fully leverage the advantages of our strategic relationship with TCS and ensure we maintain cost efficiency. It will enable Phoenix customers to benefit from the clear digital focus, consistent customer journeys and customer proposition provided by one platform.

“This transformation will lead to some job losses and the transfer of a number of roles to TCS which will be based in Telford. We are committed to supporting all those employees who will be impacted and will do whatever we can to minimise redundancies.”