As part of the competitive rewards package we provide in each of our markets, the type and level of retirement savings we offer is influenced by the needs of our local businesses and the preferences of our people – as well as local state provision and legislation.
In the UK, we offer a retirement savings plan for all our colleagues. As well as savings for retirement, the plan also provides valuable life cover for every member.
The retirement savings plan is managed by Legal & General. Tesco has also set up a Governance Committee to provide robust oversight and ensure the plan meets the needs of our colleagues. The investment options in the plan were chosen based on the likely needs of our membership, and take into account different age groups and ethical / religious views. At retirement, members are able to choose how to take their savings, in a way that suits them.
The closed defined benefit scheme will continue to be looked after by its Trustee. Tesco Pension Investment, set up by Tesco and the Trustee, continues to be responsible for managing all assets of the scheme, making direct investments, whilst also employing specialist investment firms. We strongly encourage Tesco Pension Investment and the specialist external investment firms to manage investments responsibly. This includes monitoring how they vote on corporate resolutions and the extent to which they consider environmental and social issues in their investment decisions.