Retirement
Flexible retirement
We offer flexible retirement by mutual agreement between the ages of 50 and 75. Six months' notice is needed, subject to the needs of the business.
Pre-retirement courses
We offer courses for those approaching retirement to help colleagues think positively about the changes ahead of them. Specialists in various fields are available to talk to colleagues about a wide range of topics, including leisure time and fitness, diet and health, veterans' benefits, and financial planning. Individual pension consultations are also available if required.
In 2004/05, we ran 14 pre-retirement courses. Around 350 colleagues and their partners participated. Colleagues are eligible to attend the course if they are aged 50 and have at least five years' service. About 80% of those eligible take up the offer.
Pension communications
Colleagues and pensioners receive information on pensions both in written and in electronic form. Executive scheme members and the Sainsbury's Pension and Death Benefit scheme members receive an annual benefit statement giving details of the size of the Fund and their likely final pension. Ad hoc queries are answered by Sainsbury's Pensions Department. Our website (www.jspensions.com) covers the above schemes and our newer Stakeholder Pension Plan, which is accessed either from the Internet or from Sainsbury's intranet.
Pension fund investment policy
Our pension fund trustees apply a socially responsible investment (SRI) policy to their investments. This requires active engagement with company and investment managers on social, ethical and environmental issues.
We have a similar policy for the Additional Voluntary Contribution contract we offer to colleagues. Colleagues can also choose to invest their additional contributions in a Stewardship fund, which aims to invest in companies that make a positive contribution to society.
Veterans' Association
In recognition of the valuable service given by many colleagues, the JS Veterans' Association was established in 1947 with the aim of maintaining personal contact with retired colleagues and providing various benefits for them.
The Association currently has 14,000 members, who receive a copy of the JS Journal throughout the year, Veterans News Quarterly and an invitation to one of our reunions. Veterans retain their Staff Discount Card when they retire if they have completed 15 years' service and meet the retirement criteria.
Veterans have the opportunity to join a local Veterans' Association if one exists in their area. We have 29 local associations and four Regional Centres. Approximately 5,000 members took part in 15 reunions during 2004/05. A network of 70 volunteers makes all this possible.
The Veterans' Visitors Scheme runs alongside the local associations and helps to provide advice and support to veterans through a network of 90 volunteers. We have also introduced a welfare scheme to provide financial assistance for veterans. This is funded by Sainsbury's and works in partnership with charities and local authorities to provide support.
