Legal & General has confirmed it will be closing its flagship Kingswood office in 2018 following months of speculation over its future.
Money Marketing first revealed the insurer was planning to exit the Surrey site, where it has been since the Second World War, in June 2015.
Early this month staff voted to strike over the decision, but L&G says the closure will be phased starting in spring 2016 and finishing by summer 2018.
The company says staff will be able to “follow their roles” to Hove and Cardiff. It says union Unite has agreed on relocation packages and severance deals for those who cannot move.
L&G group commercial director Simon Burke says: “The world we live in is digital, and how we work with and serve our customers is continually evolving. To keep offering great value for money products to our customers, we need our employees working at fewer and the right locations, so we can drive costs down, and improve customer service.
“The Kingswood building, for all its history and strengths, is our least adaptable building to changing business demands, and has high rent and running costs. Closing it is not an easy decision to make, but it is the correct one for Legal & General and our customers.
“No-one ever wants to close a location, especially one that has served Legal & General so well over decades. I would therefore like to thank all those people who have worked in Kingswood, and those that work there now, for all their hard work in helping to make Legal & General the successful company it is today.”
L&G has gone through a major restructuring since the 2014 Budget saw annuity sales plummet. Last week it announce the sale of its Sipp business Suffolk Life to Curtis Banks.