M&S faces £127m 'sting in the tail' charge following DB closure

Michael Klimes
clock • 1 min read

Marks and Spencer's (M&S) decision to close its defined benefit (DB) scheme to future accrual from April 2017 has resulted in a £127m charge.

In half-year results published on 8 November the retail giant said the change in status of members from active to deferred means they will see an annual increase in their pensionable salary. Und...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Benefit

What next for public sector pensions?

What next for public sector pensions?

Kirsty McLean says there is both much to celebrate and much to do within public sector schemes

Kirsty McLean
clock 16 April 2024 • 3 min read
Industry closes door on the re-opening of DB schemes

Industry closes door on the re-opening of DB schemes

PP poll finds 63% of the industry does not believe UK employers will re-open DB schemes

Martin Richmond
clock 16 April 2024 • 2 min read
Tender Watch: Grant Thornton Pensions Fund appoints fiduciary manager

Tender Watch: Grant Thornton Pensions Fund appoints fiduciary manager

Cardano appointed to provide investment risk and management services for £250m scheme

Professional Pensions
clock 15 April 2024 • 1 min read
Trustpilot