Lewis(John) PLC Reform of Pension Scheme (1488Z)
15 Mai 2019 - 3:58PM
UK Regulatory
TIDM45GD
RNS Number : 1488Z
Lewis(John) PLC
15 May 2019
John Lewis plc
Wednesday 15 May 2019
This announcement contains inside information
John Lewis Partnership elected representatives vote to reform
pension scheme
Following a year-long review and consultation with Partners, the
John Lewis Partnership Council - a body made up of 58
democratically elected representatives who represent the views of
Partners across the business - has voted for changes to the
company's pension scheme.
The Partnership currently operates a hybrid scheme, combining
elements of Defined Benefit and Defined Contribution, which are
available depending on length of service. Following the changes,
all 83,900 Partners will have access to an improved Defined
Contribution section of the scheme, with matching contributions of
up to 8% of pay and an additional 4% after three years' service,
regardless of whether a Partner pays into the scheme or not. It
will also mean a more equal distribution of profits among
Partners.
The Defined Benefit section of the pension will close and these
changes are intended to take effect from April 2020. The new
pension scheme structure is designed to be more affordable,
supporting the Partnership's strategy of improving its long-term
financial sustainability, saving approximately GBP80 million in
annual pension costs.
Partner feedback was essential in shaping the pension proposal,
with over 10,000 Partners sharing their views over the last six
months. The decision to make the changes was approved this
afternoon by the John Lewis Partnership Council.
-ENDS-
Notes to editors
John Lewis plc is the principal trading subsidiary of the John
Lewis Partnership with two listed corporate bonds on the London
Stock Exchange.
The John Lewis Partnership johnlewispartnership.co.uk owns and
operates two of Britain's best-loved retail brands - John Lewis
& Partners and Waitrose & Partners. Started as a radical
idea nearly a century ago, the Partnership is now the largest
employee-owned business in the UK, with 83,900 employees who are
all Partners in the business and share in its profits. The
Partnership operates on strong democratic principles, which means
that every Partner has a say in how the organisation is run. The
business has annual gross sales of over GBP11.7bn, 400 shops and a
leading online business. Its commercial strategy is focused on
differentiation rather than scale, through investment in innovation
and Partner led service.
Enquiries
For further information please contact:
John Lewis Partnership
Clayton Hirst, Partner & Group Head of Corporate Affairs,
07947 708167
Sarah Henderson, Partner & Group Senior External
Communications Manager, 07764 676036
Citigate Dewe Rogerson
Simon Rigby, Joint Managing Director, 07771 784446
Jos Bieneman, Director, 07834 336650
Ellen Wilton, Associate Director, 07921 352851
Debt investors
Lynn Lochhead, Partner & Head of Treasury and Corporate
Finance, 07834 770684
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END
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