LBG to sell bulk annuities business

Colleagues working in Bulk Annuities within IP&I will today have heard that Rothesay are buying LBG’s Bulk Annuities portfolio. 

No staff are in-scope to be transferred as part of the purchase of the portfolio, which is subject to regulatory approval next year. 

Any staff whose roles mainly relate to new business origin will be either at risk of redundancy, mapped to an alternative role, or go through a selection process for a reduced number of roles. 

We are also wary that as the move progresses, colleagues dealing with existing business will likely also face role uncertainty. Unite have called on the bank to recognise this at this early stage and work with colleagues who are, or may be impacted by the announcement to develop skills to enable them to succeed at the bank. 

If you are impacted by today’s announcement and would like to talk it over with a member of the Unite team, then please contact us.

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