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02-Jul-08 11:30 [Pensions]
John Lewis revamps pension scheme Final salary pension schemes at the John Lewis Partnership are to be enhanced, with new joiners also being offered a defined contribution plan.
The move will mean that more staff will be able to be involved in the scheme and better engage with the organisation, according to publication Employee Benefits.
As a result of staff feedback, employees will be able to join the final salary scheme after three years at the company as opposed to the current five.
"The partnership is run for the benefit and happiness of its [staff] and to do that we have to be a high-quality retailer," a spokesman told the publication.
It added that the issue affected everyone and was considered to be of high importance.
Around 18 per cent of staff are expected to be able to move onto the final salary scheme when the changes come into force.
New joiners on the defined contribution plan will be able to put up to six per cent of their salaries into the scheme, which will be matched by the partnership until the end of the three-year waiting period.
The Department for Work and Pensions announced in June that it intends to make it unlawful for employers to encourage or force workers out of workplace pension schemes under proposed changes to the pensions bill.
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