Standard Life has confirmed it has entered hundreds of people into a 90 day consultation period as it prepares to axe 600 job roles.

The former mutual organisation is replacing these jobs with 100 new jobs which are part of the new ‘transformation’ programme being rolled out by chief executive David Nish.

Nish said around 100 job reductions would be achieved through natural attrition and 24 are existing vacancies that will not be filled in the UK and international business and in the group corporate centre.

He added, ‘As we transform Standard Life to deliver its growth ambitions, there is a need to both invest for future growth and actively manage our costs to be competitive.

‘The decision announced today is part of the journey towards being a more adaptable and flexible organisation.

'Our people will be provided with the support they need while the group goes through this necessary change.’

The London-listed life assurer said it would do everything possible to redeploy affected staff within the business and those staff affected have been entered into a 90 day consultation period.