More information about the plan
Who are the Trustees?
The Tesco Isle of Man Retirement Savings Plan is a registered pension scheme set up under trust.
An independent trustee has been appointed being Baker Tilly Isle of Man Corporate Trustee Limited. From time to time, Tesco may appoint individuals within the organisation as additional trustees.
The Trustees have appointed Baker Tilly Isle of Man Fiduciaries Limited to administer the Plan on their behalf.
The role of the trustees includes monitoring investment suitability and performance, monitoring administration standards and acting in the best interests of members.
The detailed provisions of the Plan are contained in the formal documents governing the Plan and Tesco's participation in it, which are the legal basis for the Plan and override the description on this website or in the Member Guide.
The Plan will be approved by the Assessor of Income Tax and be registered as an authorised plan with the Isle of Man Financial Services Authority.
What documents from the Plan are available to me?
The following documents are available to you on request.
- A Trustees' Annual Report and Accounts containing general information about the Plan.
- The Trust Deed and Rules.
- The Statement of Investment Principles describing the Trustees' investment strategy.
Can the terms of the Plan be changed?
Yes - Tesco reserves the right to change or withdraw the Plan at any time, including changing the benefits to be provided under the Plan. You'll be told if any changes affect you.
Can the Plan be closed?
Tesco currently intends to continue the Plan and participate indefinitely. However, it's possible that circumstances could arise in the future that may lead Tesco to discontinue the Plan or to change the rates of contributions it pays to the Plan or the level of life cover.
If Tesco decide to discontinue to the Plan, the Trustees would be required to offer an alternative plan to its employees to comply with legal obligations. The Trustees would use the money in the Plan to provide you with benefits in accordance with the formal documents governing the Plan and Tesco's participation in it.
Will I need to supply any documents?
For your own security and protection, and before any payments are made, you may be required to supply certain information and documentation that the Trustees consider appropriate at the time.
What about Data Protection?
To provide you with your pension benefits under the Plan we must process some personal data. This personal data will be held by us for as long as you're a member of the Plan and possibly longer if necessary.
We will take every care to ensure that your personal data is held securely. The Trustees, Tesco and Baker Tilly Isle of Man will treat all information about you and your dependant(s) as confidential. Personal data may be used for employment and pension administration purposes.
We will share this personal data with Baker Tilly Isle of Man and the Trustees who may share the data with other organisations that are providing services to the Plan but only where this is essential in connection with your membership and the administration of the Plan. These organisations might be located outside of the European Economic Area. The persons to whom data may be disclosed could include any insurance company or other relevant organisation.
Forms
To download a guide click the link.
Self-select Fund
Factsheets
Please contact Baker Tilly Isle of Man on 01624 693900
Or email by clicking here.
Lifestyle Option
Factsheets
To download a factsheet click the link.