Tesco Pension Transfer
In 2015 Tesco decided to close its Defined Benefit Pension Scheme (Final Salary), like many other companies due to the increased costs. Tesco workers were rewarded with final salary pensions for their hard work, which gives them a guaranteed income in retirement based on the length of service, final salary and some other discretionary factors.
In addition to the above benefits, these pensions have fantastic death in service benefits, which will assist spouses if a member dies before claiming their pension.
Why would you move such a fantastic pension?
Financial Advisor or Third Party promised much higher returns
You were told as you are no longer working for Tesco that your pension is frozen and not performing
You were told incorrectly that the fees are high in the Tesco Pension
You wanted more flexibility and the ability to invest in different funds.
You desperately needed to access your tax-free cash
You moved your Tesco Pension
Financial Advisor charged a substantial fee to transfer your Tesco Pension
Your new pension provider is charging substantial fees
You have lost the death in service benefits and guarantees attached to the pension
Your pension has increased in value, since transferring, however the question is how much it would be worth if you had left it with Tesco.
Case Study of Tesco Pension Transfer:
Mr A used to Work at Tesco
Aged 53 at present
Offered £8000.00 Annual Final Salary pension on retirement at 60
Transferred £100,000 pension to Aviva on 05/05/2017
Current Value of Aviva Pension £115,000
Normal retirement age date would be 01/01/2026
If Pension was left with Tesco it would be worth £177,243.79
Mr A is due compensation of £62,243.79
Most Tesco workers do not realise how valuable their Defined Benefit pension is and are often approached to move their pension to release tax-free cash and to increase performance. Once the pension is moved all the benefits attached to the Pension are lost, leaving members substantially worse off.
If you moved your Tesco Defined Benefit pension, we would recommend that you speak to one of our claim specialists for a free no-obligation assessment on 0800 061 4585
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