John Lewis appoints DC pension provider

The John Lewis Partnership has appointed Legal and General as bundled administration provider to the defined contribution (DC) section of its pension scheme.

John-Lewis-Partnership-store-2015

The appointment is part of the retailer’s implementation of its new hybrid pension arrangement, comprising both DC and defined benefit (DB) sections.

In February, John Lewis announced plans to halve the accrual rate for its final salary pension scheme and extend the DC section of its hybrid scheme. 

The amendments will come into effect from this month for new John Lewis employees and from April 2016 for existing employees.

Jane Newell, chair of the trustee board of the John Lewis Partnership Trust for Pensions, said: “Our search for a compatible defined contribution partner has been lengthy and robust.

“We were impressed with the commitment of the shortlisted providers, not only to John Lewis, but to the UK defined contribution market, however at the conclusion of this process Legal and General was our unanimous preferred choice.

“We were impressed with its clarity of strategic thought, operational robustness and ability to be flexible throughout this process.”