LONDON (Alliance News) - Legal & General Group PLC Friday said it has been appointed as the new workplace pension provider to the John Lewis Partnership Trust for Pensions.
According to Legal & General, it has been appointed as the bundled administration provider for the defined contribution section of the retailer's pension scheme.
In its annual report for 2014, Legal & General picked out the development of its defined contribution UK pensions business as a top priority for the group.
"The appointment is part of the implementation of the Partnership?s new hybrid pension arrangement, comprising defined contribution and defined benefit sections," Legal & General said in a statement.
Jane Newell, the chair of the trustee board of the John Lewis Partnership Pensions Trust, said that Legal & General was the "unanimous preferred choice" after a "lengthy and robust" search for a defined contribution partner.
The John Lewis Partnership is responsible for operating more than 40 John Lewis shops in the UK and over 300 Waitrose supermarkets.
Legal & General shares were down 0.4% at 280.7 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Legal & General (LGEN)