Morrison's Retirement Saver Plan (N)


What is the Morrisons' Retirement Saver Plan?

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 pensionable pay.

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 Plan?

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 get?

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 retire

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.

Early retirement

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 them.

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 Morrisons?

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: 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 benefit.

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:

You are:

·        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 information

Usdaw members can contact the Union’s Pensions Section by calling 0161 224 2804 or sending an email to