Eighty jobs at MGM Advantage linked to the annuities market will be axed, the company has announced today.
The retirement income specialist said the redundancies will be managed where possible through natural turnover and voluntary redundancy.
But it confirmed there may also be compulsory redundancies.
The company said it was 'repositioning' its business in response to the sweeping pension reforms in the Budget and announced it is developing a "radical new proposition for the retirement income market" that will be available early next year.

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The firm company plans to launch a raft of new products and intends to make product changes to the investment-linked Flexible Income Annuity.
Chris Evans, chief executive of MGM Advantage, said: "It is clear that the changes proposed in the recent Budget create many challenges for the industry.
"We have a great track record of responding to change, and it has become second nature to us over the last few years to adapt to opportunities that arise.
"In the need to respond quickly and effectively, we will focus on what we do best, developing innovative retirement income solutions.
"In the interim, we need to align our cost base to our new business plan for the year. Although I am personally deeply saddened by any redundancy, I have a responsibility to lead the business into the best possible shape, ready for the opportunities created by the current market turmoil."