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Usdaw statement on Morrisons proposal to change staff pension provision

Date: 31 January 2015 Morrisons has announced that they wish to consult on the closure of their existing career average pension schemes. The Company is also proposing to offer all affected employees membership of the existing Retirement Saver Plan.
Joanne McGuinness - Usdaw National Officer says: "There is a legal requirement for Morrisons to enter into a meaningful consultation with Usdaw regarding this change to pension provision and we are currently in the process of agreeing a timetable for discussions.

"We will consider in full the Company’s business case, Usdaw’s priority will be to maintain good pension provision for all Morrisons staff. In the meantime we can reassure our members, who are in the existing CARE schemes, that the pension they have already built-up will not be affected.

"We recognise that this is a worrying time so we will be supporting, advising and keeping our members updated on any future developments."

Any Usdaw members with questions or concerns should contact the Union on 0161 224 2804 and speak to the Pensions Team.

Notes for editors:

Usdaw (Union of Shop, Distributive and Allied Workers)
is the UK's fourth biggest and the fastest growing trade union with over 433,000 members. Membership has increased by more than 17% in the last five years and by nearly a third in the last decade. Most Usdaw members work in the retail sector, but the Union also has many members in transport, distribution, food manufacturing, chemicals and other trades.

The proposed changes would mean that staff currently in one of the CARE schemes would:

• stop building up benefits in that CARE scheme
• have benefits already built up in the CARE scheme protected and remain there until drawn upon.
• be able to build future pension benefits in the Morrisons Retirement Saver Plan.

Staff who are not currently a member of one of the CARE schemes, but are eligible to join, will be able to build up future pension benefits in the Morrisons Retirement Saver Plan. Existing members of the Morrisons Retirement Saver Plan are unaffected by these proposals.

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