Standard Life is cutting another 69 IT jobs at its main Edinburgh base as it continues to restructure its technology and customer service operations to reduce costs.

Earlier this month, the pensions and insurance firm axed 95 jobs in customer services at its Edinburgh and Glasgow sites, as part of the company's drive to make £100 million in cost savings by the year's end.

In addition to the 69 jobs going in Edinburgh, a further 17 jobs in the company’s network and telephony division are being transferred to BT as part of an outsourcing deal.

Standard Life claimed the headcount reduction would "ensure greater synergies, greater capacity to serve customers, and provide clarity of roles for our people".

Standard Life has been considering outsourcing most of its IT operation. While this plan seems to have been shelved for now, the company said it couldn't rule out further job cuts in the future.

The company started its £100 million cost-cutting drive in March 2010, and wants to reach the target figure by the beginning of 2012.

Standard Life has nevertheless said that technology supporting its growing online presence is a “key enabler” in its bid to launch financial products faster, and increase their scale and profitability.

In August, the company reported a 44 percent leap in half-year profits to £262 million, as it cut costs globally. In December 2010, Standard Life acquired IT supplier Focus Solutions for £42 million. The company sells technology aimed at automating the delivery of financial products and services across multiple distribution channels, including online.