Standard Life to cut 1,000 jobs

Standard Life listed on the stock exchange in July

Standard Life is to cut another 1,000 jobs as part of plans to save £100m a year by 2009.

The life and pensions group, reporting its first full-year results since its stock market listing, has already scrapped 4,500 posts since 2004.

The firm reported better-than-expected results with operating profits rising 55% to £614m ($1.2bn).

Most of its 8,500 staff are based in Edinburgh and it hopes most of the cuts will come from normal staff turnover.

The Amicus union is seeking recognition at Standard Life to try to prevent compulsory redundancies.

"Standard Life are putting profits for their new shareholders before their loyal workforce," said Amicus national officer David Fleming.

Pension changes

The group has benefited from last year's changes to the pensions laws that allowed it to concentrate on self-invested personal pensions (SIPPs).

The high-margin products helped its UK pension sales in the last three months of the year almost double to £363m.

Standard Life added that the trend of customers cashing in their policies early had been slowing.

The number leaving peaked in October as people left having received their shares following the demutualisation of the company in July.