Britain’s fourth largest supermarket Morrisons has revealed it plans to close two of its DB pension schemes.

Morrisons is proposing that two CARE schemes, which have been closed to new employees for a number of years, will close to future accrual. The proposal is to close the Wm Morrison 1967 Pensions Scheme and the Safeway Pension Scheme.

The closure of the schemes would mean staff members would no longer be able to build up benefits in the CARE schemes, but existing benefits would be protected. Instead, the staff members will be enrolled in the Morrisons Retirement Saver Plan, which is available to all colleagues in the group.

Morrisons group HR director Emily Lawson said the proposal is intended to “provide fairer pensions benefits to all colleagues” so that those doing the same role have the same benefits.

“These are only proposals at this stage. Before any final decisions are made we will be entering into a consultation process with affected colleagues and their representatives,” she added.

Usdaw national officer Joanne McGuiness, which represents Morrisons employees, said the supermarket has a “legal requirement” to enter into a “meaningful consultation” with Usdaw. According to McGuiness, they are currently in the process of agreeing a timetable for discussions.

"We will consider in full the company’s business case, Usdaw’s priority will be to maintain good pension provision for all Morrisons staff. In the meantime we can reassure our members, who are in the existing CARE schemes, that the pension they have already built-up will not be affected,” she added.

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