John Lewis pension changes

Firefly42

My aunt is in the John Lewis pension scheme (has been for 26 years) but has received a letter about changes to the scheme. It looks like it will move to a fully DC arrangement but I wondered if anyone had more information about these changes and how they will impact someone with her length of service? It looks like there were other changes a few years ago but again I wasn’t sure whether they affected everyone or just new entrants?

xylophone

Your aunt should have her original pension scheme booklet and information from the scheme about changes made in 2015 - the latest letter should give details of any future changes.

https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/10607636/John-Lewis-to-cut-back-gold-plated-pension-scheme.html

https://www.theguardian.com/business/2015/feb/02/john-lewis-ditches-final-salary-pension-staff-contribution-scheme

https://fashionunited.uk/news/business/john-lewis-to-adopt-hybrid-pension-scheme/2015020315366

Has she obtained a new state pension statement?

https://www.gov.uk/check-state-pension

Brynsam

Firefly42 wrote: »

I wondered if anyone had more information about these changes and how they will impact someone with her length of service?

Yes - the pension scheme administrators are her best starting point if she has specific queries. Before contacting them, worth checking she's read the information just provided to see what further information is likely to be forthcoming in the next few months.

Firefly42

Thanks all. There does seem to be a lot of support available (intranet, education sessions) but the letter she has been sent isn’t very clear

xylophone

the letter she has been sent isn’t very clear

What does it say?

Is she going to attend an education session?

And has she obtained a new state pension statement?