Not paying through SMART - for those who don’t pay tax

If SMART isn’t right for you or you want to have your contributions taken from your pay outside of SMART, your contributions can be paid directly into the Plan through Tesco’s payroll.

When you pay into the Plan outside of SMART, basic rate tax relief is then added to your contribution so that every £80 you pay is treated as a contribution of £100.

Paying into the Plan in this way means you’ll also receive tax savings. Therefore, if you’re not a taxpayer, it’s likely you’ll be better off paying through this method  rather than through SMART. If paying by this method is right for you based on what you earn, we’ll automatically arrange this for you.

Please take a look at the Tax Facts Sheet or ring the Tesco Pensions Helpline on 0345 070 0090 for more information.

If you don’t want to pay contributions through SMART, please let us know by completing this opt out of SMART form.

If you do not pay through SMART and you are a higher rate tax payer, you will not receive the full level of tax relief you are entitled to when your contributions are paid to the plan. You will need to claim back the higher rate or additional rate tax relief you are entitled to through your self-assessment form.