If you save more of your pay towards your retirement savings you'll build up more money to invest and use for your retirement. And when you save towards your retirement you benefit from tax relief.

2. When you retire
The longer you work and save, the more you can build up. Working longer can help in two ways:

• You're saving for longer and so you're giving your savings longer to grow. But remember,  your savings won't necessarily always grow if you leave them for longer - they can fall as well as grow.
• Your savings don't have to last for quite such a long time.

3. How much you earn
The higher your pay, the more you can save.

4. How you invest your savings
This can make a big difference. As investments can go up and down, it's important to keep an eye on how your savings are doing by referencing your annual benefit statements or by contacting our dedicated email address tescoIOMretirementsavingsplan@bakertillyiom.com. Also different investment options have different charges so this will affect the amount you get.

5. How you take your savings
You'll have lots of flexibility in how you take your savings when you retire. What you decide will affect how much you'll get and when you'll get it. Some retirement options will have costs associated with setting them up, which can also impact on how much you'll get. Reference your annual benefit statement or contact Baker Tilly Isle of Man for more information.

How can I check how much I've got now?

Once you have started saving, you can check how much you've saved in the Plan on your annual benefit statement or contact Baker Tilly Isle of Man.

What other retirement income might I have?

As well as the Plan, you should take into account all retirement savings or pension plans that you have to build a clearer picture of all the money you might receive when you retire.

These could include:

Tesco PLC Pension Scheme

• Many Tesco colleagues may have a pension or additional voluntary contributions (AVCs) that they built up in the closed (November 2015) Tesco PLC Pension Scheme.
• Based on how long you were a member of this Scheme, this pension may represent a significant part of your income in retirement. Take a look at your
  final statement from the Scheme (January 2016) to confirm how much you've built up.

The State Pension

• The Government provides a State Pension at State Pension Age which for many colleagues will form an important part of their retirement income. This is paid for the rest of your life.

Other income

• Can you expect any income from any other places when you retire? For example, a previous employer's pension, other savings, or from any private pensions you may have.

Tesco will match how much you pay up to 7.5%.

If you want to pay more than 7.5% of your pensionable pay you can, but Tesco will only match your contribution up to 7.5%.

If you're in the Plan and you're not sure how much you currently pay, you can find out by contacting the Tesco Pension helpline on 0345 070 1113.

What is pensionable pay?

The pay used to calculate your contributions, called your pensionable pay, is generally made up from all of your earnings apart from bonuses.

Colleagues may receive some special payments, for example car payments, which are not included in pensionable pay for calculating contributions.

You can also make a one-off contribution into the Plan by cheque which should be
made payable to the Trustees of the Tesco Isle of Man Retirement Savings Plan.

This should be sent to:
Baker Tilly Isle of Man
PO Box 95
2a Lord Street
Douglas
Isle of Man
IM99 1HP

When making a payment, you'll need to provide your Plan membership number.
This can be found on the letter that's issued to you when you become a member.

The completed form should be sent to:
Payroll Department
Tesco House
PO Box 506
Cardiff
CF14 4TT

Providing you've notified Tesco in sufficient time for your request to be processed, your change should be made the next time you're paid.