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Woolworths ups retirement age to save pensions

first_img Comments are closed. Woolworths is to raise the age at which new members of its final-salarypension scheme can retire from 60 to 65 years old. The retailer, which employs 30,000 staff, is just another in a line ofemployers changing pension provision as longer life expectancy and lowerinvestment returns have made financing some pension schemes too costly. Woolworths said that increasing the retirement age meant it could afford tokeep its final-salary pension, when many rivals were abandoning theirs. Joan Howard, Woolworths group HR director, said the final salary scheme wasa powerful tool for recruiting, retaining and rewarding staff throughout thegroup and is highly regarded by employees. “We have had an intensive internal communications programme as well asa pensions helpline, and have yet to receive any negative responseinternally,” she said. Woolworths is the third high-profile employer in four months to announceplans to raise the retirement age. Related posts:No related photos. Woolworths ups retirement age to save pensionsOn 1 Jul 2003 in Personnel Today Previous Article Next Articlelast_img read more