Greggs now has 2,600-plus stores in the UK
Greggs has announced it will increase matched pension contributions to 7% this year in a bid to help its people save for their future.
In its preliminary results for the year to 28 December 2024, the baker – which is understood to sell around 2.5 million sausage rolls a week from its 2,600-plus stores – said it had increased the matched pension contribution for its workforce from 4% of pay to 6% of pay as of January 2024 and would raise it again over the coming year to 7%.
The results also noted that, during 2024, the company made a special £4.5m contribution to its defined benefit scheme, The Greggs 1978 Retirement and Death Benefit Scheme, in order to complete a £100m buy-in with Aviva in July - a transaction which it says covers the majority of the scheme's liabilities.
The baker said the valuation of the assets held by the scheme following the buy-in results in an accounting loss which has been recognised in its accounts – adding the scheme was now in a net deficit position of £0.4m, down from a surplus of £6.6m at the end of 2023.
Greggs said that, although a buyout of the scheme was possible in the future there is "no indication that this will be executed and finalised in the short-term".
