4,000 members affected
Department store group Debenhams is poised to end its final salary pension scheme. The retailer intends to close the scheme to new and existing members and switch to a stakeholder scheme.
A consultation process with employees is under way and is expected to take two months.
At present, the final salary fund is worth£500 million and has about 4,000 members. If plans go ahead, members of the scheme will keep all the benefits they have accrued to date.
Other retailers have also been addressing pension issues. In February, world famous department store Harrods announced it was shutting its final salary scheme and replacing it with a money purchase scheme.
No comments yet