STAFF at financial services group AMP's offices in Tunbridge Wells are waiting to see how 900 job cuts in the UK will affect them.

The firm is making redundancies after closing its life insurance arm NPI to new business.

The move comes after Australian-based AMP failed to find a trade buyer for NPI. It says the reduction of 900 jobs will be achieved at NPI and through efficiencies across the UK business.

AMP has offices in Calverley Road, Tunbridge Wells, and also in Bristol, Cardiff and Peterborough but has not yet said exactly where the jobs will go.

It employs some 5,500 people in the UK. In December it cut 1,900 jobs when it axed the door-to-door sales force at Peterborough-based Pearl Assurance.

The closure of the NPI specialist pensions book now means all AMP's UK-based life companies are closed to new business.

AMP announced last month that it was looking to spin off its loss-making UK operation and focus on Australian and New Zealand-based operations.

Archie Norman, Conservative MP for Tunbridge Wells, said: "I very much regret that local employees may lose their jobs and hope the uncertainty will be resolved very soon. It is sad to see one of our largest and most successful local employers decline so rapidly.

"But the Tunbridge Wells economy is a lively entrepreneurial environment and I have no doubt it will bounce back rapidly."

As well as Pearl and NPI, the UK portfolio includes London Life, Towry Law and a 50 per cent stake in Virgin Money.

AMP says the announcement will have no impact on plans to demerge the UK arm.