M&S introduces pension caps in cost-cutting bid

The retailer, which released an interim management statement this morning, says it would cap annual increases in pensionable pay to 1pc, affecting the terms of the M&S Final Salary Pension Scheme for the 21,000 employees who are active members of the scheme. It adds it would be changing the early retirement benefits for members who joined the scheme before 1996, but did not give further details. The firm says the changes to its pension scheme will come into force in October this year but adds it was not proposing to close the scheme to future accrual. The scheme closed to new members in...