Tesco Pension Chicken Shit
The following from the Guardian/Observer
“Tesco has lobbied the government to push through reforms to the UK’s retirement rules that would allow the supermarket to cut its final salary pension payouts if employees live longer than expected. Documents obtained under freedom of information rules reveal that the company told ministers that employers should be allowed more flexibility in administering their schemes in the light of rising retirement costs. The documents show for the first time that one of Britain’s major employers is concerned that the rising costs of defined-benefit pensions will become an increasing burden under current rules. The revelation is expected to dismay unions at the supermarket, which is one of a dwindling band of employers offering guaranteed retirement benefits. Tesco emphasised that it remained committed to its scheme, and was asking government for more flexibility to help keep costs under control.”
It seems then that Tesco care as much for their loyal employees as they do for their chickens. £2.85 billion profit for April 2008!