AROUND 145 jobs across housing group Torus are at risk over the next four years as part of the bid to make £17 million savings.

On April 1 Helena Partnerships and Golden Gates Housing Trust (GGHT) partnered to form Torus, which set out its plan to deliver for tenants in the coming years.

But following the Chancellor's Budget in July it was revealed that social housing customers will secure a one per cent reduction in rent, year on year, over four years from next April.

Despite the welcome announcement for many, housing associations, including GGHT, have been forced to review their finances due to the imminent reduction in rental income.

To combat the losses, Torus will need to make a £17 million reduction in the next four years and a faces a 10 per cent reduction in its asset value.

It has identified a plan to make £14 million of the savings, beginning with £1.7 million in 2016-17, but finding a way for the additional £3 million remains on the agenda.

As part of the measures to save resources, approximately 145 jobs, across both GGHT and Helena, are at risk but Torus chief executive Rob Young insists employees are fully aware of the situation.

"This has a range of impacts and every housing association is doing what we are doing," he said.

"There were no cuts planned in relation to how rent is structured.

"We have held a meeting with staff and provided them with a clear brief and we are working with trade unions across Torus to come up with views as to how we can mitigate the impacts.

"We were planning how to be more efficient over the next 10 years but this has fast tracked all that and to a bigger extent too.

"I am confident we can work through these numbers in a rational, well planned manner, by working in harmony with staff."

Mr Young is confident Torus can continue meeting the housing demand of tenants, as well as strengthening the 'financial viability' of GGHT and Helena.

Voluntary redundancy is currently being offered to staff across the group.

Staff are continually being urged to put forward their ideas during the 'open' and 'collaborative' discussions.

GGHT has 387 members of staff, Helena 549 and Torus 24 but no particular group will be targeted.

Torus' four-year plan has been approved by the relevant boards at the organisation and is being tipped to provide 'resilience' against future financial losses.