Bosses at pension firm Standard Life have announced that they will be axing 50 Edinburgh jobs as they downsize their operations team early next year. The cuts will come in quarter one of 2023 as the company will transfer their operations team to TCS and Diligenta.
The internal announcement of dozens of layoffs came out today. Standard Life managers have said they will host a consultation with staff in order to mitigate the impact of the upcoming cuts.
The job cuts are part of their plans to “modernise and future proof” their digital infrastructure by outsourcing much of the responsibility to their digital partner TCS and Diligenta.
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The Phoenix Group, which owns Standard Life, announced partnership with the Mumbai-based software, technology and outsourcing company back in 2019. However, these layoffs come after 60 Edinburgh Phoenix Group jobs were slashed in 2020.
Pensions operator Standard Life remains one of Edinburgh’s largest private employers and an iconic feature of the city - providing pension services for almost 200 years.
A spokesperson from Standard Life said: “As our business grows it’s vital that we modernise and future proof our systems and digital infrastructure to make sure that the people delivering the service to customers, day-in day-out, are equipped with the best possible tools and systems to enhance the experience they provide.
“By partnering with one of the world’s leading digital transformation organisations, our colleagues will continue to deliver the same excellent customer service that Standard Life is known for and be part of a business dedicated to service advancement and digital innovation.
“Where roles are not transferring to TCS & Diligenta we are committed to working with all affected colleagues to ensure they have the support necessary to secure their future whether inside or outside of the organisation.”
Mary Alexander, Unite Scottish deputy officer, said: "This is a real punch in the gut for the Standard Life workforce. It's the latest blow to the financial sector and comes at a time when workers across Edinburgh are facing a cost of living crisis. Unite will do our utmost to help and assist our members during this difficult and uncertain period."
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