Proposed pension scheme changes announced at Woolworths

Woolworths have made an announcement proposing changes to the current pension arrangements in place for their employees.

If you work for Woolworths and you pay into their final salary pension scheme then you can continue to do so although the contributions that you pay are due to increase.

Staff who joined the Company in the last year will still be able to join the final salary scheme after they have completed 1 year’s service.

Anybody who has already been with the Company for over a year and have not yet joined the final salary pension scheme may still apply to do so.

However, any new staff starting employment with Woolworths after 31 August will not be able to join the final salary pension scheme.

Instead, these new employees will be offered the chance to join the Company’s new money purchase-type pension scheme after they have completed 6 months’ service.

The new money purchase scheme will require employees’ to contribute 3% of their pay (with tax relief).  Woolworths will also contribute 3% of employees’ pay.

Usdaw will be consulting with our members at Woolworths who may be affected by the proposed changes to the pension arrangements.

At this time we are awaiting more information about the proposed changes and the implications they may have for our members.

Usdaw represents over 3,000 employees at Woolworths and in the meantime we would urge those members who have questions about the proposed changes to contact the Pensions Section at Central Office on 0161 224 2804 or send an email to pensions_section@usdaw.org.uk.

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© 2003 (USDAW) Union of Shop, Distributive and Allied Workers
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