Royal London has announced that the headquarters of the Royal Liver business, located in one of the Three Graces on Liverpool's Pier Head, is to close.
Following a review, the mutual life and pensions company said the closure of the Liverpool office will result in up to 222 roles becoming redundant.
Royal London added that 105 new roles will be created in its own Wilmslow office, with a further seven in London. The proposed changes are subject to consultation.
The company added that a process is in place to enable Liverpool-based employees to apply for these roles on a "preferred candidate" basis. Discussions will be taking place with these employees to establish their interest in the new roles.
The 90-day consultation period starts on Monday 8 August, with individual consultations beginning next week. Integration plans have not yet been developed in detail but the expectation is that the majority of the work would be transferred by the end of 2011.
Stephen Shone, group finance director at Royal London, said: "We have given careful consideration to the proposed changes being announced today, and recognise the implications that an announcement of this nature has for employees. We are putting in place a comprehensive package of support for all employees who are affected by the proposed changes, and this will include the availability of specialist outplacement support. I very much hope that as many people as possible will take advantage of the opportunities arising from the creation of more than 100 new roles."
Royal Liver was based in the building of the same name for 100 years and was taken over by Royal London in May.