Tesco announces it will keep Defined Benefits pension scheme for staff

13 Mar 2012

Tesco has today announced it is keeping its defined benefit pension scheme and is making some essential changes to ensure it is sustainable for the future and remains one of the best pension schemes in the UK. The changes are being communicated to staff today.

Tesco has today announced it is keeping its defined benefit pension scheme and is making some essential changes to ensure it is sustainable for the future and remains one of the best pension schemes in the UK. The changes are being communicated to staff today.

A Tesco spokesperson said: "We are retaining the defined benefit pension scheme when most companies have closed theirs. Only three other FTSE 100 companies still have one.

"Because people are living much longer pensions cost much more to provide. These changes make our defined benefit scheme sustainable.

"Our staff can still retire at 65; indeed they can still retire any time after 55. These changes don't require colleagues to work any longer, do not require colleagues to pay more and will not affect the pension that staff have already built up."

For more information please contact the Tesco Press Office on
01992 644645

Tesco is the UK's largest retailer and one of the world's leading international retailers. Tesco has around 5,000 stores worldwide, employing over 500,000 people in the 14 countries in which it operates. Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people: the people who shop with us and the people who work with us.