Socialist Worker

Sainsbury’s new attack on staff

Issue No. 2001

Sainsbury workers could lose out on large chunks of their pension if they do not contribute more from their wages.

Employees in the company’s “career average” plan who make up around two thirds of its pension scheme, are being told to increase contributions from 4.25 percent to 7 percent.

Those who do not “choose” this option will be automatically switched to a “cash balance” pension.

Under this scheme employees aged 60 could lose two thirds of their benefits, while 45 year olds could lose three quarters of their pension.

This pension would cost Sainsbury’s around half as much as the career average plan.


If you enjoy Socialist Worker, please consider giving to our annual appeal to make sure we can maintain and develop our online and print versions of Socialist Worker. Go here for details and to donate.

Article information

News
Sat 20 May 2006, 00:00 BST
Issue No. 2001
Share this article


Mobile users! Don't forget to add Socialist Worker to your home screen.