Lude Generation

I don't have any association with them myself, or even know anyone that does work for them now, but...
They start making less money than they used to and one of the brainwave solutions is close their pension scheme to all staff.
WTF?
What an absolute bunch of jobbies.

I'm no left wing red socialist, but seriously, I do hope their entire workforce goes on strike!

drokking outrageous that that's one of their prime turnaround proposals IMO!

couldn't agree more! id love to see all the staff on strike - I used to work there 8 years ago, and apart from the fit till staff, the company sucked badger balls

I work there currently lol

As far as i know it hasnt been confirmed, but theyrr looking at that as a possibility

Apparently they are scrapping the idea of stacks of new stores, and shutting down about 25 too.

I hope that includes the 3 smaller ones in a 2 mile radius they opened near me out of spite, because they got refused a large supermarket here for 15 years. Oh and then sat on the property on that land until it was rotten, then full of squatters, before finally being forced to renovate them by the council.

I have huge sympathy for anyone working for the that may lose their job, but IMO the company can go ram itself.
I'm all for someone being the best or biggest at what they do, i.e. groceries, but for Tesco, they wanted everything. A total monopoly on pretty much everything you buy, and total world domination. They may as well have been a Bond villain...

MaccaIRL wrote:As far as i know it hasnt been confirmed, but theyrr looking at that as a possibility

Says they're going to start consultation on it.

That means it will happen, it's a matter of how many words and how many meetings with the staff reps it takes them to wrap it up.
Expect lots of positive noises about government stakeholder pensions coming your way on a staff noticeboard soon...

What's interesting though, is that as of a couple of years ago, it's become law that an employer must offer a workplace pension, so I'm unsure how that tallies with Tesco announcing they're going to close theirs?!

From what i heard today theyre going to reduce it just

So instead of retiring with 8k a year itll be 5k
That sort of idea

Again, its just talk atm

That doesn't fit with what their press release says;

Tesco trading statement off the Tesco plc website wrote:The initiation of consultation to close the company defined benefit pension scheme to all colleagues

Closure is closure, not reduction or adjustment and the payout from a Defined Benefits scheme isn't at all set or adjusted by the company, it's entirely dependant on how the pot of money built from the individual employee (plus employers) contribution performs by investment over the lifetime of that employee.
Sorry, what drokk was I on when I wrote that? (that's what comes of dipping in and out whilst trying to concentrate on a muffin hard report that's doing my head in ) What I wrote there was about a Defined Contribution scheme, not a Defined Benefit scheme. DB is a scheme where the outputs are set by the pension committee (final salary is one type of a DB scheme, for example). So... the beef is a) they want to close a DB scheme (which is not good, because they're always better) b) it doesn't say they want to replace it with anything? So what are their plans? Introduce a DC scheme? They suck... Either way, they still make plenty of cash so it's jobby this is their solution. Are they saying their pension scheme is in massive deficit at the moment? Also closing it to EXISTING staff is a step very few companies have made, they normally close DB to new staff, leaving existing staff in DB but saying new staff can only go into DC. So they're being extra bastardy...

Anyway, this is what your reps should know about and be sorting/briefing you on, so I'll leave it there!

Good luck.

I would say I'd take my business elsewhere in support, but I've done my absolute best not to shop with the bastards for years anyway!

wurlycorner wrote:That doesn't fit with what their press release says;

Tesco trading statement off the Tesco plc website wrote:The initiation of consultation to close the company defined benefit pension scheme to all colleagues

Closure is closure, not reduction or adjustment and the payout from a Defined Benefits scheme isn't at all set or adjusted by the company, it's entirely dependant on how the pot of money built from the individual employee (plus employers) contribution performs by investment over the lifetime of that employee.

Anyway, this is what your reps should know about and be sorting/briefing you on, so I'll leave it there!

Good luck.

I would say I'd take my business elsewhere in support, but I've done my absolute best not to shop with the bastards for years anyway!

As part of the company im obliged to say "please dont go and we will try our best to rectify the situation"

...but yano...

I hope it doesnt go

The closure of pension schemes is why I took my pension immediately after being made redundant when our site closed. (Not Tesco, but a major food manu.) despite 'only' being 51 at the time, and 'only' contributing for 12 years, I reckoned a little now, may be better than nothing later. As a major supplier to the likes of Tesco, margins are being squeezed continuously, and therefore company contributions to employee pension schemes are dropping all the time. A fairer slice of the cake for all in the 'food chain' is unrealistic when suppliers to these sharks are coming under increasing pressure on price.

Aye. Personally I think the whole 'pay to stay' thing is genius and sooooo morally just and fair...

a supermarket wrote:So, Mr supplier, you know how we pay you for the goods you supply us with...

famer giles wrote:Yes?

a supermarket wrote:Well, now we want you to pay us for the privilege of having us pay you for what you supply us.

famer giles wrote:Errr... Come again?