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Managing your retirement savings

Managing your retirement savings might not be something you need to do every day, but there are a few things you should try and review on a regular basis.

The goal of having savings for retirement is being able to fund the lifestyle you want when you come to take your money. It’s all about whether you’re saving enough and whether you’re invested in a way that reflects your current plans. 

By keeping on top of these things now, you can make sure you’re doing everything you can to stay on track. You can check how your retirement savings are doing using one of the online planners. Current Tesco colleagues, please visit Our Tesco. If you no longer work for Tesco, please access Manage Your Account.

Life’s changes may mean that over time, your retirement goals or circumstances could change too. As life moves on, it’s important that you review the choices you’ve made about your retirement savings as well. If you are uncertain about what to do, we recommend you speak to a financial adviser. Please see Guidance and financial advice for information on the options available to you.

✔ Are you paying enough?

Even if you can only afford to pay a little bit more at the moment, any extra contributions into your retirement savings account will help you build up your savings and give you the best chance of meeting your retirement goals. Current colleagues, you can change your regular contributions in Our Tesco. If you’re thinking about making a one-off contribution, please see Can I Pay Extra?

✔ Are your retirement savings invested in the right place?

How your retirement savings are invested can make a big difference. So, it’s important to make sure you’re invested in a way that reflects your circumstances and goals. We offer a variety of investment funds with varying levels of responsible investing approaches incorporated. See our guide to the Investment Options for more details. You can find out more detail on the responsible investing page.

✔ Look after your loved ones

If you want to nominate or change who your retirement savings should be paid to in the event of your death.

  • Current Tesco colleagues, please go to Our Tesco to update nominated beneficiaries in the event of your death.
  • If you no longer work for Tesco, simply log in to Manage Your Account and click on Nominate Beneficiaries to let us know who would like to nominate as a beneficiary. 

This will make it clear who you'd like your savings to go to if you still have money left in your retirement savings account at that time. The Legal & General Mastertrust trustees have discretion as to who receives the money, but we will take your wishes into account.

✔ Think about your retirement age

When you join the Plan, your target retirement age is automatically set to age 65, but you can change it to a different age (normally no earlier than age 55) whenever you like, through Manage Your Account (current colleagues can access this without having to log in, through Our Tesco.)

When thinking about your target retirement age, remember that you won’t be obliged to take all your benefits at once at that point.

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Manage your account

Keeping up to date with your retirement savings is easy with our online service, Manage Your Account.

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Responsible investing

Find out how our investments incorporate a responsible investing approach, considering environmental, social and governance (ESG) issues in their investment process.

Find out more

Getting your retirement savings into one place

Keeping your retirement savings in one place could make them easier to manage, cost you less and give you greater choice.