Arcadia Group latest to close pension scheme

Date: 20 July 2010

The Arcadia Group (which includes well-known high street fashion retailers such as Burton, Topshop, Dorothy Perkins and Miss Selfridge) is the latest employer to close their final salary scheme to future pension build up.

Scheme members will be offered membership of the Arcadia Stakeholder Plan on the following enhanced terms:

• an employer contribution of 6% if the employee contributes 4%
• an employer contribution of 9% if the employee contributes 6% or more
• life assurance cover of six times salary
• ill-health benefits for employees forced to retire on medical grounds

A 60 day period of consultation with affected employees began on 19 July and, if the company decides to go ahead with it proposals, the scheme will close on 31 October 2010.

Usdaw members employed by Arcadia Group who have questions about the proposals should contact the Union’s pensions team on 0161 249 2439 or email pensions@usdaw.org.uk.