Hundreds of jobs at the Scottish base of financial giant Prudential will be transferred to Capita in a £700m deal.
More than 2,000 people work at the Craigforth site
About 1,000 staff working at Prudential's Craigforth site near Stirling are amongst those moving.
The company announced in March that 3,000 of its UK jobs were under review after it raised its UK cost-cutting target to £195m.
This move ends a six-month wait for Prudential staff. The deal is part of an effort to cut costs by almost £200m.
About 2,300 full-time staff are employed at the Craigforth base.
The company will now look after Prudential's mature life and pensions business including company and individual pensions and life and endowment policies.
Capita is Britain's biggest back-office firm and will also take over 750 Prudential jobs in Reading and 1,250 based in Mumbai.
A Prudential spokesman said the staff not being outsourced would remain as employees of the business.
Capita, which has agreed a 15-year deal with Prudential for the outsourcing arrangement, said the Stirling operation would be developed into a key centre for life and pensions administration.
Capita chief executive Paul Pindar said: "We are committed to expansion in both the UK life and pensions market and our Indian operations to meet increasing demand.
"The operations and employees transferring to Capita under this agreement will allow us to take a significant step forward with these ambitions.
"The Stirling operation will be developed into a centre of excellence for life and pensions administration."
Prudential had been under mounting pressure to reveal the outcome of the jobs review, with trades unions complaining that it had left thousands facing months of uncertainty.
The jobs are expected to transfer by April next year.
Stirling MSP Bruce Crawford gave a "cautious welcome" to the news.
He said: "I know many people employed at the Craigforth site feared redundancies and this will be a welcome reprieve.
"It is now important to focus on the long term security of the workforce at Craigforth and the terms and conditions of the transfer.
"I will be seeking an early meeting with Capita to discuss their plans for the workforce."
Stirling councillor Colin O'Brien said the move built on discussions between the council and Prudential.
However, he added: "I remain concerned about the other 1,500 jobs at Craigforth which we do not know the future of, and we must hear from Prudential of the plans for them.
"Prudential have submitted substantial development plans for the Craigforth site and their application will be considered by the council in the new year.
"The announcement together with the planning application confirms that both Capita and Prudential have recognised that Stirling is a place that is open for business.
"The quality of life in Stirling, the excellent location giving easy access to all of Scotland and the rest of the UK and last but not least the well educated, high quality workforce available in this area have all been important factors leading to these decisions."
Earlier this year, life funds management firm Resolution announced the outsourcing of operations in Glasgow and Birmingham, affecting about 500 jobs.
Capita secured a deal with Resolution which manages funds for Scottish Mutual, Scottish Provident and Phoenix Life Assurance.
Customer service and IT positions would remain in the UK with back-office work outsourced to India.
However, 500 jobs were lost due to the new arrangement.