John Lewis pensioners will have to wait

The John Lewis Partnership is considering raising the age at which staff can draw a full pension, as part of a plan to save more than £10m a year.

A cost-cutting review is proposing to raise the normal pension age from 60 to 65, or 62 for department managers.

The move would follow similar changes by rival retailers including Woolworths and Arcadia, and more drastic measures elsewhere as companies struggle to finance increasing pension costs.

Rentokil Initial became the first FTSE 100 company to close its final salary scheme before Christmas. The Co-op group later announced similar moves.

Elsewhere, brewer Scottish and Newcastle is warning staff they will have to start contributing more to the company’s final salary scheme or lose their right to a full pay-out.