Staff may have to wait longer for benefits
John Lewis Partnership may raise the retirement age for its pension plan. It is the latest in a spate of retailers to propose a rejig of its final-salary pension scheme.

It is understood that the Partnership, which has a 50,000-member fund, is examining several options, including increasing the age at which members can take benefits, from 60 to 65.

A JLP spokesman said: 'Any change would not be carried out to cut costs, but to prevent them from escalating.'

The retailer is reviewing its existing scheme as a result of increasing age expectancy, a spokesman said. He added that if the company did change the scheme, it would be implemented in stages, will the full consultation of an employee-elected committee.

The Partnership reported a pension deficit of about 15 per cent in March 2004.

Since late last year, a number of retailers, including Co-operative Group and Arcadia, have considered cuts to pension plans for existing staff, either by raising contributions or changing the way benefits are accrued.

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