Legal & General has today announced the closure of its flagship Kingswood office in 2018 following months of negotiations with Unite.
The closure of the site will be phased, starting in spring 2016, and finishing in summer 2018 - around 1,400 employees are currently based at the Kingswood site.
The Kingswood roles are proposed to transfer to Hove and Cardiff, and employees are able to "follow their roles".
L&G said: "The closure will not impact on the service provided to our customers."
Last month Unite members at Kingswood voted in favour of industrial action. Consultation over the site's future with Unite and local employee representatives started in July 2015.
Unite and Legal & General have now agreed relocation and travel packages. If Kingswood employees are unable to move, or be redeployed, Unite and Legal & General have agreed severance terms.
Ian Methven, regional officer at Unite had previously warned: "Our independent report reveals that L&G are prepared to rip a £21 million black hole in to the local economy, a bitter reward for the seventy years that Kingswood has provided a home for the company to prosper."
Simon Burke, group commercial director at Legal & General said: "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."
Further reading
L&G staff vote for industrial action to save Kingswood office
