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Tesco Pension
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# 1
cheqmate06
Old 09-02-2008, 11:47 AM
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Default Tesco Pension

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
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# 2
dunstonh
Old 09-02-2008, 12:30 PM
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Quote:
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.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 3
fg22
Old 09-02-2008, 1:06 PM
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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.
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# 4
dunstonh
Old 09-02-2008, 1:19 PM
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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.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 5
cheqmate06
Old 09-02-2008, 1:29 PM
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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.

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# 6
Retired I.F.A.
Old 09-02-2008, 2:07 PM
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Keep on paying into it.

And read your payslip a bit more often, "just realised ...since 2005.."
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# 7
cheqmate06
Old 09-02-2008, 2:26 PM
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Thanks for all the good information.

All future payslips will be closely scrutinised!!
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