Sainsbury employees could see their pensions cut by half if they take up the retailer’s new pension scheme.
In a research note for RBC Capital Markets, independent expert John Ralfe warned that an employee with 20 years' service on Sainsbury’s current scheme would receive a third of their final salary as pension. However, the same person would receive less than half that on the new ‘cash balance’ scheme.
In a research note for RBC Capital Markets, independent expert John Ralfe warned that an employee with 20 years' service on Sainsbury’s current scheme would receive a third of their final salary as pension. However, the same person would receive less than half that on the new ‘cash balance’ scheme.
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