Tesco Pension Fund builds in-house investment team

4 May 2012

Tesco and the Pension Fund Trustees are establishing an in-house investment team to manage their pension scheme and increase net returns.

Tesco and the Pension Fund Trustees are establishing an in-house investment team to manage their pension scheme and increase net returns. 

Tesco has one of the largest private sector pension schemes in the UK, with over 170,000 employees part of its defined benefit scheme and investment assets worth over £6bn. The new in-house investment team will reduce dependence on external providers whilst governance will continue to be provided by the Trustees.

Lucy Neville-Rolfe, Executive Director CMG (Corporate & Legal Affairs) said “We are building a high-calibre in-house team to help manage our growing scheme and reduce dependence on external providers. I’m delighted that we have now received FSA approval and can start taking some of our investments in-house.”

A separate company, Tesco Pension Investment, has been set up and is now operational, having been granted FSA approval on 26th March 2012. The Pension Trustees will remain responsible for the long-term investment strategy and management of the Scheme’s assets. 

The new team will be led by Steven Daniels, Chief Investment Officer, while Tesco’s Group Pensions Director Ruston Smith will oversee the team. Daniels was Group Chief Investment Officer at Liverpool Victoria for 14 years.

Notes to Editors

About Steven Daniels, Chief Investment Officer, Tesco:  Steven Daniels joined Tesco Pension Investment in September 2011. For 14 years, he was the Group Chief Investment Officer of Liverpool Victoria. He is a Fellow of the Institute of Actuaries and an external member of the Alzheimer's Society investment committee.

This has no impact on the current consultation Tesco is carrying out on changes to the detail of its defined benefits scheme, announced in March.

About Tesco Pension Scheme

  • Tesco offers an award-winning defined benefit scheme that provides a pension at retirement based on the employee’s service and career average earnings.
  • Tesco is 1 of only 4 FTSE 100 companies who still offer defined benefit to all staff.
  • 96% of staff think it’s is a great way to save for retirement and 90% say it is an important influence on how long they stay with the business.

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.