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.
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