The John Lewis Partnership is to save tens of millions of pounds by ceasing a series of multimillion pound injections into its pension scheme after it swung into surplus.

Sky News has learnt that the retail mutual will stop the annual deficit repair contributions following a triennial valuation of one of Britain’s biggest private sector retirement schemes.

Sources said the move could be disclosed when JLP announces its half-year results on Thursday.

The news will be a welcome relief to the owner of John Lewis department stores and Waitrose supermarkets, which has amassed substantial financial losses in recent years.

Under chair Dame Sharon White, JLP has appointed its first chief executive – Nish Kankiwala – who has warned that it needs to “act at pace” to transform its performance.

The Partnership’s pension scheme has around 130,000 members.

It is expected to show a surplus of roughly £300m when the valuation as at 31 March 2022 is concluded.

John Lewis and Waitrose to hire over 10,000 people as Christmas looms

John Lewis boss left bruised after confidence vote by staff

John Lewis boss ‘doing her best’, says former chairman, after £234m loss

That would compare to the previous triennial valuation, to 31 March 2019, which showed a deficit of approximately £60m.

Read more from business:
The Range strikes £5m deal to buy collapsed Wilko’s brand
Four people face fraud charges over Patisserie Valerie’s collapse
Economy contracts by worse than expected 0.5% in July

Be the first to get Breaking News

Install the Sky News app for free

One insider said that using the same agreed valuation assumptions, the scheme is also expected to have been in surplus as at 31 March this year.

JLP was among the last companies to have a final salary pension scheme.

In May 2019, its Partnership Council – one of its elected governing bodies – unanimously agreed changes to its pension arrangements, resulting in the closure of the final salary scheme and the introduction of a new defined contribution pension.

A spokeswoman for the partnership declined to comment on Wednesday.

Related posts:

Greensill collapse leaves steel jobs in balance Virgin Active braces for fight over plan to ‘cram down’ furious landlords Ocado plans self-driving delivery vehicles and ‘kerb to kitchen’ robots in tech tie-up Annual house price growth running at fastest pace since 2007 Food industry supply chain chaos result of Brexit, British poultry association says What’s behind the energy crunch – and why it’s hurting UK industry Competition in markets is waning – and poorer households are suffering the most Housebuilding giant Barratt kicks off search for next chairman Single fund at asset manager faced ‘knockouts’ without fall in gilt yields Shapps demands decade-long steel jobs guarantee as part of £600m aid plan It’s true to say the UK has become worse off. But some have felt the brunt more than others Big fall in energy price cap revealed as taxpayer aid for bills nears end