John Lewis and Waitrose face pension deficit

Endaba Group

The parent company of John Lewis and Waitrose could face a tough task to cut its increasing pension deficit of £1.5 billion. Leading pensions expert John Ralfe believes John Lewis Partnership’s pension deficit rose by £512 million in 6 months due the partnership structure of the company. Ralfe added that the retail giant had the additional challenge where staff control the business, meaning they were unlikely to be supportive of action that could cut their pensions. John Lewis Partnership said it had paid £1.35 billion into the scheme over five years.