MORE than 300 Glasgow workers face the axe after insurance company Pearl Group today announced plans to close a city centre office.

MORE than 300 Glasgow workers face the axe after insurance company Pearl Group today announced plans to close a city centre office.

The news comes just months after they were told their jobs were safe following the company's £5billion takeover over of rival Resolution.

Asset Management staff at the firm's St Vincent Street base will lose their jobs within the next 18 months as the office is scaled down and any remaining work is moved to Birmingham.

More than 1500 staff in Resolution's life and pensions' division in Glasgow were last year transferred to Capita under an outsourcing deal. Hundreds of posts were switched to India following the move.

Graham Goddard, deputy general secretary of the Unite union, said: "This announcement is a slap in the face to a highly skilled and loyal workforce. Our members are shocked and angry."

Pearl looks after £19.8billion in closed life funds on behalf of 3.5million policyholders.

The funds are split between Scottish Provident, NPI, London Life, Scottish Mutual, Pearl, Phoenix and Resolution Asset Management, which are all managed by the company.

Pearl Group said the Glasgow closure was part of a long-term strategy for its life businesses.

The base will be scaled down and the bulk of operations will be transferred to the group's site in Wythall within 18 to 24 months.

Jonathan Moss, chief executive of Pearl Group, said: "Pearl is in discussions with Unite and we are putting in place a programme of outplacement support for employees who will be leaving."