How retirement saving works

Saving into this pension is a simple, low cost and tax-efficient way to save towards your future. 

• Your retirement savings account is set up for you by Tesco. You and Tesco pay in, and the government helps out in the form of tax relief.
• The money that you and Tesco pay into your retirement savings account builds up your retirement savings account builds up and is invested in one or more of our investment options.
• The aim of an investment option is to grow the value of your retirement savings account but this isn’t always guaranteed.
• Our investments incorporate a responsible investing approach, considering environmental, social and governance (ESG) issues in its investment process.
• You can decide what to do with your money, and how you take it from age 55 (the earliest age from which you can take your savings will change from age 55 to age 57 in 2028, although please note if you joined the Tesco Retirement Savings Plan before 4 November 2021 you will retain the option to retire from age 55), whether or not you’ve stopped working.

About the Plan

The Plan is part of the Legal & General Mastertrust (the Scheme). The Mastertrust is a defined contribution (or money purchase) pension scheme. It is managed by a board of trustees who are legally bound to look after your money and put your best interests first. The current trustees are:

Legal & General Trustees Limited,
Vidett
LawDeb Pension Trustees, and
Independent Governance Group

To help you understand how your retirement savings plan works, take a look at your guide to the Tesco Retirement Savings PlanOpens in new tab.

If you’d like more information on how the Legal & General Mastertrust works you can visit the Mastertrust websiteOpens in new tab.

Are there any charges for your new plan?

There are some charges that you pay for your Tesco Retirement Savings Plan – the annual management charge (AMC) for administration of the pension and the fund management charge (FMC).

The AMC charge for your Tesco Retirement Savings Plan is 0.10%.

The FMC differs from fund to fund and is reflected in the value of the units of each fund, so it isn’t taken directly from your retirement savings account. Each fund has a factsheet that tells you the current FMC.

You can access further information such as fund specific charges and latest performance by logging in to Manage Your AccountOpens in new tab.

If you’re not registered for Manage Your Account, it’s quick and easy to do and allows you to manage your retirement savings online.

Or, if you’re a current Tesco colleague, you can access Manage Your Account without having to register or log in. Just go to Our TescoOpens in new tab and click the ‘Visit Your Savings Account’ button.

For further information please also refer to your guide to the Tesco Retirement Savings PlanOpens in new tab and guide to the Investment OptionsOpens in new tab.

Can I pay extra?

Yes. You can make additional contributions into the Plan, of up to 100% of your pay (subject to certain conditions), although Tesco will only match up to 7.5% of your pay.

You can make a one-off contribution directly into your retirement savings account electronically, by paying into the following bank account:

Barclays Bank Plc
Sort Code: 20-19-90
Account Number: 40820199

You'll also need to send an email to mysinglepremium@landg.comOpens in new tab, confirming the amount you're sending.

Please include your Plan number or your National Insurance number in the email, so we know who the money is for.
 
Alternatively, you can send a cheque, made payable to Legal & General Assurance Society to:

Tesco Retirement Savings Plan
Workplace Savings
PO Box 1560
PETERBOROUGH
PE1 9AP

When making a payment, you'll need to provide your Tesco Retirement Savings Plan membership number.

This can be found on the membership certificate that is issued to you after your first contributions have been paid to the Plan.