John Lewis cuts the time staff must wait to join final salary pension

John Lewis plans to reduce the amount of time staff have to wait before being able to join its final salary pension scheme from five years to three.

The non-contributory scheme is fully funded by John Lewis, meaning staff will have a pension based on 1/60th of their final salary for every year.

The retailer introduced the five-year waiting period in 2003 at a time when many organisations were faced with increasing pension deficits. The partnership council will consider the proposal at its next meeting on 13 March.