John Lewis has confirmed that the £10m annual deficit repair payments are no longer required for its defined benefit (DB) pension scheme, after the scheme’s latest triennial valuation revealed a surplus.

The retailer's interim results confirmed that the key terms of the three-yearly pension valuation have been agreed, with the triennial valuation revealing a technical provisions surplus of £320m as at 31 March 2022, up from a deficit of £58m at the March 2019 valuation.

The scheme also recorded a technical provisions surplus as at 31 March 2023 of £84m, with no deficit contributions therefore required ahead of the next triennial valuation in 2025.

However, the partnership's accounting valuation showed an increasing deficit, as the accounting pension deficit before deferred tax rose from £101.9m at January 2023 to £155m.1 at the half year.

However, the partnership explained that the accounting valuation has no implication in terms of cash contributions that might need to be made to the scheme.

The DB section of the scheme was closed to new members and future accrual in April 2020, when all active members of the scheme were moved to become deferred members.

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