UK – The jobs of pensions administration staff at retailer GUS are under threat following an outsourcing agreement with Capita Hartshead.
Capita, part of the group which administers the congestion charge in London, said this week that it has won a contract to administer pension arrangements for the retailer, which owns the Argos and has a majority stake in luxury goods brand Burberry.
Financial terms of the deal were not disclosed.
The scheme secretary Barry King confirmed that, as a consequence of the appointment, some members of the eight-strong group in Manchester “could lose their jobs”, but added it was still “very early days”.
The company operates a defined benefit scheme worth around 340 million pounds (488 million euros) and a defined contribution plan with a value of around 35 million pounds. There are around 4,500 active members, and more than 7,000 deferreds and pensioners in both schemes.
According to the company’s most recent annual report, GUS had a net deficit of 215 million pounds in its retirement benefit schemes.
In November last year Capita won a contract to provide life and pensions administration services to Prudential International and St James's Place International.