Jobs at risk as Pearl closes Glasgow and Peterborough offices

by Gill Montia

Story link: Jobs at risk as Pearl closes Glasgow and Peterborough offices

Pearl Group, the life assurer that acquired Resolution earlier this year for £4.9 billion, is closing its Glasgow and Peterborough offices.

The move is expected to affect one-quarter of the group’s workforce and result in up to 480 job losses.

Activities at the offices marked for closure will be scaled down and merged with Pearl’s Wythall operations near Birmingham.

The process will be completed during the coming 18 months to three years during which some staff will be transferred to Wythall and other will be encouraged to apply for vacant positions at the site.

Around 400 staff currently work at Wythall; 300 in Glasgow and 180 in Peterborough.

Pearl chief executive, Jonathan Moss, explains that the group’s Phoenix and Peal Life divisions are being merged and the bulk of the company’s operations will relocate to Wythall.

It is understood that staff working for Pearl’s Resolution Asset Management unit not be affected by job cuts.

Both Pearl and Resolution have already outsourced much of their back-office functions.

Two years ago, Diligenta took over the closed-book business and IT operations at Pearl Group.