Musgrave pension scheme short €55m

THE pension scheme for 2,000 Musgrave workers has a €55 million shortfall.

The company, which operates the SuperValu and Centra franchise operations, plans to radically revise the scheme, obliging workers to make an annual contribution of 6% of wages for the first time, according to documents circulated to staff

The pension scheme has just 55% of the €123.2m it needs to be fully funded.