John Lewis scraps final salary pension

The John Lewis partnership has abandoned its final salary pension scheme in favour of a new hybrid pension programme which will be based partly on staff contributions.

The department store group also owns supermarket chain Waitrose and has said that the changes will take effect for new partners from April 2015 and from April 2016 for existing partners.

Staff have also been informed that the amount of time before they can join the replacement scheme has increased from three years to five.