Morrisons two defined benefit pension schemes, the 'Morrison' and 'Safeway' schemes, have seen total deficits reach £11m from a surplus of £38m in 2012 according to its latest financial results.
The results for the company's last financial year which ended on 3 February found that the net pension liabilities in 2012 was £11m compared £20m in 2013. Both schemes operate on a career average revalued earnings basis.
Expected returns on scheme assets fell from £140m in 2012 to £120m in 2013.
On 24 September 2012, Morrisons opened a new post retirement beenfit plan, the Morrisons Retirement Saver Plan. The scheme provides a lump sum benefit based upon a defined proportion of an employee's earnings each year, revalued in line with a guaranteed rate prior to retirement.
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