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| Version 1 | Version 2 |
|---|---|
| Standard Life to cut 1,000 jobs | Standard Life to cut 1,000 jobs |
| (about 4 hours later) | |
| Standard Life is to cut another 1,000 jobs as part of plans to save £100m a year by 2009. | 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 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). | 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. | 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," Amicus National Officer David Fleming said. | |
| Pension changes | 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 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. | 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. | Standard Life added that the trend of customers cashing in their policies early had been slowing. |
| The number leaving peaked in October as people were able to do so without penalties following the demutualisation of the company in July. | The number leaving peaked in October as people were able to do so without penalties following the demutualisation of the company in July. |