Tesco Pension

cheqmate06 · 9 February 2008 at 12:47PM

Hi There

Have just found out that i have been paying into a pension with Tescos since October 2005 for my part-time job. I currently have a civil service pension and am debating whether or not to cancel this one. I have spoken to the pension section and they are sending me cancellation forms on the off chance i decide to cancel. i would prefer to get this money backdated but as i have been paying into it since oct05(more than 2 years)they cannot refund it. They state i can transfer amount to different pension but i don't really know what to do.

Preferably i would like cash in hand so can anyone tell me if there is a way of doing this.

Cheers in advance.

Cheqmate06

dunstonh · 9 February 2008 at 1:30PM

Have just found out that i have been paying into a pension with Tescos since October 2005 for my part-time job. I currently have a civil service pension and am debating whether or not to cancel this one.

Tesco Pensions are cut down versions of the Norwich Union stakeholder. Pretty poor quality designed for the typical Tesco purchaser. The Civil service scheme is significantly better.

You cannot get your money back from either of them. So just stop paying into the tesco one.

fg22 · 9 February 2008 at 2:06PM

It appears that Tesco operates a defined benefit, career average pension scheme for their employees. If you are a member of this then it is likely to be beneficial to continue paying into it. Due to the employer contributions the benefits are likely to be worth more than the amount you pay in.

dunstonh · 9 February 2008 at 2:19PM

I think we need some clarification here. I assumed that the Tesco pension was their retail product (the one you see at tills) and that the civil service pension is linked to employment.

If it is the Tesco occupational pension then they operate two versions depending on when you joined. The old defined benefit but also a defined contribution which they match payments into.

If both schemes are occupational (meaning you are an employee of both) then you should remain in both. The free money makes it worthwhile.

cheqmate06 · 9 February 2008 at 2:29PM

Apologies for not being 100% clear.Both are occupational pensions.I have no intention of changing civil service pension. I was just wondering wether it is worth it to continue tesco pension or not. I joined in October 2004 and pension started exactly one year later.

Hope this helps a little.

Cheqmate06

Retired_I.F.A. · 9 February 2008 at 3:07PM

Keep on paying into it.

And read your payslip a bit more often, "just realised ...since 2005.." :rotfl:

cheqmate06 · 9 February 2008 at 3:26PM

Thanks for all the good information.:beer:

All future payslips will be closely scrutinised!!

Tesco Pension

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