Friends Life plans to close it Basingstoke office and consolidate its office in Manchester, putting 295 jobs under review.
As part of a review of locations, the insurer plans to migrate the corporate pensions administration undertaken in the Basingstoke office to its New Generation Pensions corporate platform. The migration is due to be completed in 2012.
In total 140 staff are employed in Manchester and 155 in Basingstoke but Friends Life could not confirm how many jobs would be cut and that a consultation period was underway.
A spokeswoman said: 'It's too early to say what the fallout will be but it is fair to say all these roles will be considered in the migration plans. There's no job losses being announced today.'
Friends Life said it will consider appropriate relocation of employees and was in consultation with Unite, the union which represents a number of its employees.
David Hynam, executive director of operations at Friends Life, said: 'The proposals announced today are part of a review of our office locations across the enlarged business to rationalise sites and reduce fragmentation of our operations.
'Our strategy to reduce our cost base can be achieved by consolidating into fewer office locations and today's announcement helps us to achieve this objective.'