Below are the examples of how ASDA changes to the pension scheme will affect colleagues who were paying into the Step-Up Pension Scheme.
You will see from the illustrations that there is a significant reduction in ASDA contributions and the amount of money going in to your pension, and although there are transitional payments, these will come to an end and colleagues will receive a smaller pension when they retire or have to put more money in themselves to make up for the ASDA shortfall. We believe this is unacceptable. ASDA colleagues deserve a good pension and ASDA has the ability to pay.
Step Up Impact April 2018 – March 2019 Pensionable Pay £1,200
Pre-April 2018
2% matched £24.00 colleague/ASDA
£48.00 total contributions
Post-April 2018 Lower Earnings Limit (LEL) Applied
3% colleague £22.44 (-£1.56)
2% ASDA £14.96 (-£9.04)
£37.40 total contributions
Total Difference -£10.60 per 4 weekly pay period
+ £117.52 transitional payment (May 19)
Pensionable Pay £2,000
Pre-April 2018
2% matched £40.00 colleague/ASDA
£80.00 total contributions
Post-April 2018 LEL Applied
3% colleague £46.44 (+£6.44)
2% ASDA £30.96 (-£9.04))
£77.40 total contributions
Total Difference -£2.60 per 4 weekly pay period
+ £117.52 transitional payment (May 19)
Pensionable Pay £1,600
Pre-April 2018
3% matched £48.00 colleague/ASDA
£96.00 total contributions
Post-April 2018 LEL Applied
3% colleague £34.44 (-£13.56)
2% ASDA £22.96 (-£25.04)
£57.40 total contributions
Total Difference -£38.60 per 4 weekly pay period
+ £352.52 transitional payment (May 19)
Pensionable Pay £2,000
Pre-April 2018
3% matched £60.00 colleague/ASDA
£120.00 contributions
Post-April 2018 LEL Applied
3% colleague £46.44 (-£13.56)
2% ASDA £30.96 (-£29.04)
£77.40 total contributions
Total Difference -£42.60 per 4 weekly pay period
+ £377.52 transitional payment (May 19)
