Arcadia tightens pensions terms - papers 5th January

ACCORDING TO the Financial Times, Philip Green's Arcadia retail group and the Co-operative Group yesterday joined the ranks of British companies seeking to control the soaring costs and risk of final salary pension schemes. Both companies have altered the terms on which employees can earn future pension benefits. At Arcadia, staff received notice that future benefits will require them to increase their contribution to 6% from 4% of their pay and work until they are 65 - up from the previous retirement age of 60 - in order to maintain current benefit levels. Green, chief executive of Ar...