How to join or opt-out of the Plan.

Any Tesco colleague working in the Isle of Man can join the Plan - no matter how old you are, how long you've worked at Tesco or how much you earn.

How do I join?

Automatically

• If you're aged between 22 and 75, you'll automatically join the Plan within three months of starting work. You do not need to do anything. We'll write to you to let you know when this has happened.
• Please note that if you're over the age of 75, we will not automatically enrol you into the Plan, but you can still choose to join. You can do this by calling 0345 070 1113.

By opting in

• You can apply to join the Plan yourself at any time by completing an application form (download it here).
• Alternatively you can contact the Tesco Pension Helpline on 0345 070 1113.

Please note...

if you don't join the Plan at the first opportunity, for example when you first join Tesco, and then join the Plan at a later date, we may need to obtain some more information from you to increase the life cover provided under our insurance policy.

• If we need any more information from you we'll get in touch and let you know what information we need. This information will be shared with our insurers, and we will increase your cover to five times your pay, once our insurers have agreed to provide the increased level of cover.
• In addition, if you're over age 75, it is possible that our insurers may stop providing cover for your lump sum death in service benefit. We will write to tell you if this is the case.

Can I opt-out of the Plan?

Opting out before the first contribution is taken from your pay and before you're automatically enrolled

• If you are due to be automatically enrolled into the Plan and you wish to opt-out and not have anything deducted from your pay, you may do so up until the date the first deduction is due to be made.

After being enrolled - opting-out of the Plan

Once you've been enrolled as a member of the Plan, you can stop paying contributions at any time using the Opting-out of the Plan Form (click here to download).

• If you choose to opt-out of the Plan, Tesco will also stop paying its matching contributions into the Plan and your life cover will reduce to one times your pay.
• If you've been a member of the plan for less than 3 months, you are only entitled to Option 4 below.
• If you've been a member of the Plan for more than 3 months but less than 2 years you can choose between options 2 and 4 below.

1.

Leave your savings where they are

You have the option to leave your savings invested until you choose to take them (which can be at any time from age 55 if you have left the employment of Tesco).

You can continue to choose which funds to invest in.

2.

Transfer the full value of your savings to another approved pension arrangement

You can choose to transfer your savings into a new employer's pension scheme or to a personal pension plan if you have one. To arrange this, you should contact the scheme you wish to transfer to.

3.

Take your savings

If you're 55 or over, you may be able to take your savings from the Plan straight away. But remember, the earlier you take your savings the longer they will have to last.

4.

Receive a refund of your personal contributions

You can choose to receive a refund of the value of the contributions you have personally paid into the Plan, allowing for investment performance.Tax at a rate of 7.5% will be deducted from the payment. If you take a refund of your contributions, you'll lose out on the contributions Tesco has paid into your savings account.

If you wish to choose this option you should contact Baker Tilly Isle of Man.

Can I start or restart contributions to the Plan at a later date?

If you're employed by Tesco you can apply to join or re-join the Plan at any time.