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 | | Wednesday, 5 December, 2001, 11:51 GMT Britannic cuts 250 Scots jobs  Life assurance and pensions firm, Britannic Assurance has announced plans to shed around 250 jobs in Glasgow. The cuts are a result of Britannic's takeover of Alba Life and will be made over the next two years. However, about 150 of the affected jobs will be transferred to Britannic offices in the Midlands. The company says that this is part of a process aimed at cutting Alba's operating costs to maximise returns to policyholders.
Britannic acquired Alba Life two years ago and now plans to merge their operations to create a new Britannic Group life and pensions office in Birmingham. Danny O'Neil, Britannic's chief executive, said the move was a natural step to take following a strategic review of Alba Life's operations. A core workforce of 120 full-time Alba staff will be retained to manage the company's corporate pension funds business. Alba is a closed fund, it does not take on new business, and Britannic said it wanted to cut costs to maximise returns for existing policyholders. | | See also:  Internet links: The BBC is not responsible for the content of external internet sites Top Scotland stories now:  Links to more Scotland stories are at the foot of the page. | |||||||||||||||||||
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