Tesco Pension

rorysdad

Hi

My partner worked for Tesco as a Stock Controller for around 10 years between 1994 and 2004. She left in 2004 when our son was born and has not heard anything from them since.

She has been diagnosed recently with Stage 4 ovarian canver and we have emailed Tesco Pensions Dept to ask if she has a pension - they have confirmed that she has and are sending a statement of the value and they say that if she supllies a medical report which they will pay for, they may release the pension to her early.

She is 41 years of age.

Anyone any guess on what the pension may now be worth? She worked part-time for 10 years - 16 hours a week and I have looked back at minimum wage rates which seem to be around £4.50 per hour back then.

RD

atush

it would be based on her annual salary in 2004 (uprated for some kind of inflation) and based on part time service so 10 years might be say 4 full years? the statmetn should say.


If her condition is terminal, or likely to be severely life limiting, ask for a CETV ie transfer value. As moving it to a DC pot could be an option. Compare this with a spousal pension for you and a dependents pension for each of your children if any?

rorysdad

Thanks Atush. I don't understand the terminology!

Is a transfer value going to be less than the current value?

What is a DC pot?

What we are trying to do is get any money due now rather than when she is pension age.

RD

xylophone

https://www.ourtesco.com/office-handbook/your-pay/all-about-pensions/

might be a source of information.

hyubh

rorysdad wrote: »

Is a transfer value going to be less than the current value?

What is a DC pot?

What we are trying to do is get any money due now rather than when she is pension age.

Transferring out means just that - getting a cash equivalent transfer value (i.e., gross amount) out of the Tesco scheme and putting it into a personal (or at least different) pension instead. This is distinct from drawing the pension early (and possibly at an increased rate) due to ill health. I'd recommend finding out the terms of the latter in the first instance (different schemes have different terms) - in the jargon it would be an 'ill health retirement from deferred'.

atush

Basically, find out what happens to you and your kids and what you would get now/later if she died tomorrow. and under ill health retirement. they will/could be different.

Compare this to the Cash equiv (ie CETV) that they quote you. which May or may not be a better deal

Only you know her prognosis and can ask for the figures required?