Actuarial and Pensions Administration Jobs to be lost in Glasgow?

Brian Spence

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JLT Employee Benefits are apparently consulting with their staff with a view to closing their operation in Glasgow.  We understand about 70 staff are affected many of whom were engaged in providing actuarial and pensions administration services to final salary pension schemes originally set up by insurance companies like Scottish Mutual and Scottish Provident, mutual businesses that provided secure skilled employment for many decades but now sacrificed at the altar of shareholder value.  The pension schemes will apparently be serviced from JLT’s offices in England.

Sad to see a highly skilled team that has taken years to put together and which has accumulated knowledge of the pension schemes they administer just disappear like this.

UPDATE ON 5 JUNE 2009 – Story confirmed in The Herald.

Brian Spence

Post by Brian Spence

Fellow of the Institute and Faculty of Actuaries and Society of Actuaries in Ireland, scheme actuary, professional pension trustee