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John Lewis axes link to final salary in staff pension scheme15 May 12:11pm

John Lewis axes link to final salary in staff pension scheme

The Guardian
Money-saving move follows store closures and cutting staff bonuses to lowest since 1953 John Lewis is ditching any link to final salary in its pension scheme in a bid to save £80m annually. After the pension move from April next year, all 83,900 workers at the John Lewis Partnership, which also owns the Waitrose supermarket chain, will have access to a defined contribution scheme under which the company will match staff payments of up to 8% of pay.
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