Morrison puts end to final salary pension

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Financial Services > Pensions > News

Morrison puts end to final salary pension

Thu, 04 Jun 2009

Supermarket group WM Morrison has become the latest large company to ditch its final salary pension scheme . The supermarket chain announced strong profits, but will now close its lucrative final salary scheme.

From July on, the pensions given to staff, who number 10,000, will be based on a career average earnings, rather than their final salary earnings. Barclays yesterday made clear that they would scrap final salary pension schemes for staff, following an earlier announcement by BP.

A statement from Morrison said that they would: "move all future benefit accrual onto a career average basis, such that it will grow in line with inflation rather than being linked to final salary."

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