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| Version 2 | Version 3 |
|---|---|
| Prudential jobs deal with Capita | Prudential jobs deal with Capita |
| (40 minutes later) | |
| Hundreds of jobs at the Scottish base of financial giant Prudential will be transferred to Capita in a £700m deal. | Hundreds of jobs at the Scottish base of financial giant Prudential will be transferred to Capita in a £700m deal. |
| About 1,000 staff working at Prudential's Craigforth site near Stirling are amongst those moving. | 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. | 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. | 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. | 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. | 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. | Capita is Britain's biggest back-office firm and will also take over 750 Prudential jobs in Reading and 1,250 based in Mumbai. |
| The Stirling operation will be developed into a centre of excellence for life and pensions administration Paul Pindar.Capita chief executive | The Stirling operation will be developed into a centre of excellence for life and pensions administration Paul Pindar.Capita chief executive |
| A Prudential spokesman said the staff not being outsourced would remain as employees of the business. | 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, 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. | 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 operations and employees transferring to Capita under this agreement will allow us to take a significant step forward with these ambitions. |
| Customer service | |
| "The Stirling operation will be developed into a centre of excellence for life and pensions administration." | "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. | 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. | 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. | |
| 'Early meeting' | |
| "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." | |
| 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. |