Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+

Latest News

M&S latest to shelve final salary pension

by Personnel Today 6 Mar 2002
by Personnel Today 6 Mar 2002

Retail chain Marks & Spencer has closed its final
salary pension scheme, with staff recruited after 1 April unable to join the
non-contributory pension.

Unions have slammed the move – the latest in a long line of
scheme closures by firms, including Iceland and Ernst & Young.

However, there will be no change to the pension scheme of
current M&S staff – only new starters will be affected.

After a year’s service, new staff will join a defined
contribution arrangement which will be contracted in to the State Earning
Related Pension Scheme.

M&S announced the move following a 12-month review.
Under the new scheme employees will need to contribute between 3 and 6 per cent
of earnings, with M&S adding between 6 and 12 per cent of the member’s
contribution.

During the qualifying period staff will be covered for
life assurance of twice their annual salary and will also be encouraged to take
out a stakeholder pension.

John Peachey, head of group pensions, said the plan would
be competitive.

“The new flexible scheme is more appropriate for today’s
business environment and will allow employees, with the support of the company,
to take ownership of their final pension by deciding how big a commitment they
are prepared to make," he said.

Sign up to our weekly round-up of HR news and guidance

Receive the Personnel Today Direct e-newsletter every Wednesday

OptOut
This field is for validation purposes and should be left unchanged.

"We will encourage all new employees to become part
of the plan and have assured current employees that their own scheme will
remain unaffected."

By Ross Wigham

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

previous post
Friendships and work don’t mix, say HR professionals
next post
Employers pull plug on final salary pensions

You may also like

Number of police working second jobs doubles

15 Jul 2025

Mansion House speech: will employers’ pension contributions rise?

15 Jul 2025

University staff to strike over hybrid working curbs

15 Jul 2025

Employees voting with feet as return-to-office pressure increases...

15 Jul 2025

Businesses warned against reducing recruitment in favour of...

15 Jul 2025

Postmasters could take ownership of Post Office

14 Jul 2025

Ethnicity and disability pay gaps: Ready to report?...

14 Jul 2025

Manager dismissed after covert recording with HR wins...

14 Jul 2025

Food sector warned it is facing a workforce...

14 Jul 2025

Gregg Wallace investigation: 45 allegations upheld

14 Jul 2025

  • Empower and engage for the future: A revolution in talent development (webinar) WEBINAR | As organisations strive...Read more
  • Empowering working parents and productivity during the summer holidays SPONSORED | Businesses play a...Read more
  • AI is here. Your workforce should be ready. SPONSORED | From content creation...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2025

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2025 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • Brightmine
    • Learn more
    • Products
    • Free trial
    • Request a quote
  • Webinars
  • Advertise
  • OHW+