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Impact Investing

IPE special report May 2018

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Harrods facing pension strike

The UK’s world famous department store Harrods could be facing “damaging” strike action following its failure to undertake proper consultations on its decision to shut its final salary pension scheme, the Amicus union has warned.
Amicus - representing 100 members - has accused the store of replacing the existing final salary scheme with an “inferior money purchase scheme”.
In February, Harrods announced its decision to shut its final salary scheme to new and existing members from April, and open up a defined contribution scheme. The scheme deficit stands at £95m (e137m). Longer life expectancy, lower interest rates, higher taxes and low investment returns were cited as reasons for the closure.
Harrods stated it has been involved in consultations and remains “fully committed to the individual one on one consultation process.”


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