Your Q&A's
What happens if, I leave Tesco or I'm off sick?
If you leave Tesco, the options available to you are the same as those available to you if you had voluntarily opted-out of the Plan. Please see on page 7 of the booklet.
If you're off work due to sickness, contributions will continue to the Plan, as long as you're receiving pay from Tesco. Both your own and Tesco's contributions will be based on the pay you actually receive during this period.
If you're in poor health and do not expect to be able to return to work in the future, it may be possible to access your retirement savings early.
If you're seriously ill (certified by a registered medical practitioner that life expectancy is less than a year) you can take your retirement savings before age 55. Other conditions may apply.
I die?
If you die while still employed by Tesco, a lump sum will be paid, usually to your nominated beneficiary. The amount payable will normally be:
- Cash worth five times your annual pay if you're still contributing to the Plan or one times pay if you have stopped contributing before you die plus
- The value of your Tesco retirement savings at the date of your death.
I get divorced?
If you get divorced, the pension savings you've built up are generally taken into account by the court when deciding on a divorce settlement or dissolution of a registered civil partnership.
- The value of your savings can be 'offset' against other financial assets, like the marital home.
- Your savings can be subject to a 'pension sharing' order, where a proportion of your pension is given to your ex-spouse or registered civil partner. Your savings are then reduced as a result.
- Part of your savings can be 'earmarked' through a court order for your ex-spouse or registered civil partner to receive when you retire.
I stop saving?
You can stop contributing to the Plan at any time, by completing the Stop Contributions Form (click here to download).
However, you should give serious consideration to the consequences of not saving enough for your retirement.
You should also be aware that if you stop contributing, Tesco will stop contributing to your savings and you'll no longer receive the higher life cover you receive when you're contributing to the Plan.
The options available to you if you stop saving are the same as described above under 'What happens if I leave Tesco?'
If you stop saving while still working for Tesco you can rejoin the Plan at any time.
I go off on maternity, paternity or adoption leave?
Whilst you receive statutory payments for these types of leave, Tesco will continue to pay its matching contributions, as though you were still working and receiving your normal levels of pay.
These contributions will continue whilst you're entitled to statutory maternity pay, statutory paternity pay and statutory adoption pay. The life cover you receive as a member of the Plan will also continue.
Your own contributions will be calculated based on the pay you actually receive whilst on maternity, paternity or adoption leave.
I'm already contributing to another retirement savings plan?
You can pay into as many retirement savings plans as you like but Tesco will only contribute into this Plan on your behalf and the annual allowance will apply to the total of all your retirement savings.
I want to transfer other retirement savings into the Plan
You can normally transfer retirement savings from other pension schemes into the Plan. This could include from the Tesco PLC Pension Scheme and any plans run by your previous employers or any private pension policies you may have taken out.
Neither Tesco nor the trustees can advise you on whether transferring other retirement savings into the Plan will be in your best interests or accept any responsibility for your decision. In some cases, it could be possible that transferring other retirement savings into the Plan would not be in your interest.
- Consider taking financial advice (in some cases this will be required).
- If you wish to consider a transfer please contact Baker Tilly Isle of Man who will be able to advise you what is required to enable you to proceed
What if my personal details change?
If you change your name or address you must notify Tesco, unless you have left the company in which case you should contact Baker Tilly Isle of Man.
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 if I have any questions or a complaint?
Any problems or queries can usually be settled by asking for more information. The Plan's helpline will be able to help you with any questions you may have.
However, if this approach does not resolve matters to your satisfaction or if there is something you disagree with, there is a formal dispute procedure that can be used by anyone who has rights in the Plan.
All formal complaints must be made in writing. This will be investigated and the Trustees will make a formal decision.
Call Centres are also closed between Christmas and New Year.
The Isle of Man Financial Services Authority is able to intervene in the running of schemes where trustees, administrators, professional advisors or other persons have failed in their duties.
Isle of Man Financial Services Authority,
Isle of Man Pensions Ombudsman
The Pensions Advisory Service
The Pensions Advisory Service (TPAS) is available to assist members and beneficiaries with any general queries they may have, or any difficulties they have failed to resolve with the Trustees or administrators through the internal disputes resolution procedure.
The Pensions Advisory Service
11 Belgrave Road
London SW1V 1RB
Tel: 0300 123 1047
Website: www.pensionsadvisoryservice.org.uk
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.