24 January 2007
Marks & Spencer is to overhaul its final salary pension
scheme in an attempt to plug a £704m deficit.
The scheme will remain open to existing members but they will
have to make contributions from their salaries or get lower
benefits on retirement.
At the same time, the pension scheme assets will be boosted by
half the value of M&S's property portfolio.
M&S is the latest in a long line of firms to reform its
pension scheme in an attempt to close a black hole.
