What is the Morrisons' Retirement
It’s a pension savings plan available to
employees of Morrisons.
Each year Morrisons or your group employer
will guarantee your pension pot will build up at the rate of 16% of
your pensionable pay each year.
You build up an individual pension pot which
you use to provide you with a pension when you retire.
Who can join?
Anyone who is not an active member of one of
the other Morrisons or Safeway schemes is eligible to join the
Retirement Saver Plan.
What does it cost?
The rate of contribution is 5% of your
Your pension contributions get tax relief
which means that the real cost works out at 4% of your gross pay,
if you are a basic rate tax payer, (or put another way, for every
£1 you pay it will only cost you 80 pence).
Can I pay more?
Yes, you can also choose to pay additional
voluntary contributions (AVCs) to either the Retirement Saver Plan
or a private pension.
Do Morrisons pay anything towards the
Yes, Morrisons will be responsible for meeting
the balance of the cost, to ensure you build up 16% of your
pensionable pay each year.
If you don’t join you are turning down the
chance to receive extra pay put towards your pension savings.
How much pension will I
The size of the pension when you retire will
depend on a number of things but most importantly how big your pot
is, how old you are and the cost of buying a pension when you
retire. You normally have to be at least 55 to start
receiving your pension.
What else is on offer?
A tax-free cash lump sum when you
Current tax rules allow you to take 25% of
your pension pot as a tax-free lump sum when you retire. The
rest of your pot has to be used to buy a pension.
You can retire, subject to consent, at any
time from age 55. The normal retirement age from the
Retirement Saver is 65. Please note that your pension will be
lower if you decide to take your retirement pot early.
Pension benefits for your dependants
when you die
When you retire you can choose for a pension
to be paid to your spouse or civil partner if you die before
If you die before you retire, the value of
your pension pot will be paid as a lump sum to your dependants.
What happens to my pension if I leave
If you leave less than two years after joining
the Plan you will have the option of a refund of your pension
contributions (less tax).
If you leave two or more years after joining
the Plan the fund you have built up so far will remain in your
retirement pot in the Retirement Saver Plan, until you retire or
decide to transfer to an alternative pension scheme.
How do I join?
To join the Retirement Saver Plan you will
need to visit: http://www.mymorrisonsretirementsaver.co.uk/
and click the 'join now' button. If you would rather go
through the joining process over the phone you can contact the
dedicated Morrisons Pensions helpline on 0845 6000 353.
If you were an employee of Morrison’s prior to
1 October 2012 and you are not already in a
Morrison’s or associated company pension scheme, you can apply to
join the Plan NOW. Usdaw would urge you to consider joining the
Plan to ensure you are not losing out on this important
Following the recent pension changes,
Morrison’s has a legal obligation to automatically put you into the
Plan after 2016 if the following apply to you:
aged 22 or over;
under State Pension age;
earn more than £182 per week (this figure is subject to change by
government each April).
Morrisons will contact you at this time if
this affects you.
You can subsequently opt out of the Plan if
you do not wish to be a member, however, Usdaw would strongly
advise you to think twice before doing so.
Contact Usdaw for more
Usdaw members can contact the Union’s Pensions
Section by calling 0161 224 2804 or sending an email to