EDINBURGH-based Scottish Widows is to axe 130 jobs across the UK as part of a restructuring of its pensions and investments businesses.
The company said it was adopting a new model to “better support customers and advisers moving forward”.
The new structure will see about 45 new roles created in Edinburgh and Bristol.
Ronnie Taylor, pensions and investments director at Scottish Widows, said: “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.
“As a result of these changes, there will be around 130 role reductions across the UK, as part of the reductions recently announced in Lloyds Banking Group’s strategic update. Around 45 new roles will be created in Edinburgh and Bristol, as part of the new structure.”
The cuts are part of owner Lloyds Banking Group’s plans to make 9000 redundancies over the next three years.