John Lewis sees leap in DB scheme demand
UK - John Lewis Partnership, the high street chain, saw over 11,000 employees, or ‘partners' as they are known within the firm, join its defined benefit last year when the terms were changed to open further access.
The cooperative company's 2008 results revealed it had a huge response from staff when the minimum waiting period to join the defined benefit scheme was reduced from five to three years' service.
Similarly, the group also saw its profits rise after giving its pension fund ownership of its £127.4m share in Ocado - an online grocery delivery service - in November last year.
(See earlier IPE story: John Lewis gives Ocado to its pension)
JLP's profit, before paying out ‘partnership' bonus and tax was £407m, up 7.2% or £27.2m thanks in part to the shifting of Ocado in the DB scheme.
Those members not eligible to join the DB scheme at this time - which was last valued at £1.86bn (€2bn) in November - have the option of saving through a new defined contributions plan.
If you have any comments you would like to add to this or any other story, contact Julie Henderson on + 44 (0)20 7261 4602 or email email@example.com