Tesco - Scheme Introduction
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Transcript
Tesco Non-Seniors - Scheme Introduction Video
Your scheme introduction video
Welcome to your Tesco Retirement Savings Plan.
Let’s take a look around …
Contributions
Each time you pay in, your employer pays in too. The government also helps in the form of tax relief (limits apply).
This table shows what you and Tesco can pay in. You can pay more if you want to. To find out more go to legalandgeneral.com/tesco or visit the Reward and Benefits section on ourtesco.com
Investments
Unless you tell us otherwise, your savings will be invested in the scheme’s default lifestyle profile. This is called the Tesco Lifestyle Cash Option. If you choose to make your own investment decisions, you should invest your savings in a way that reflects your circumstances and goals.
The way your savings are invested impacts the world around us. To find out more about how we invest your savings responsibly, go to legalandgeneral.com/tesco
Your scheme’s investment guide will tell you what your investment options are. You can review and change the way your savings are invested in your online account at the Reward and Benefits section on ourtesco.com
Charges
You pay:
- an Annual Management Charge of 0.10% for administration, and
- a Fund Management Charge, if you’re invested in the default lifestyle, between 0.12% and 0.18% depending on how much you have invested in each fund.
This means that for every £100 in your retirement savings pot, you will pay a total annual charge of between £0.22p and £0.28p each year. Remember, your Fund Management Charge may change if you choose different investments.
Retirement options
When you’re ready to start using your retirement savings, it’s important to know what your options are. To find out more visit legalandgeneral.com/tesco
Unless you’re suffering from ill health, the earliest you can do this is from age 55 (although this will increase to age 57 in 2028). Generally, the first 25% of your retirement savings pot is tax free, the rest is taxed as income.
Help and advice
Pension Wise (moneyhelper.org.uk/pensionwise) is a service from MoneyHelper and can help with these decisions.
You should also consider taking financial advice. To find a local adviser, go to the Guidance and Advice section at legalandgeneral.com/tesco
Advisers may charge for their services.
We have planning tools that can help you check if your retirement savings are on track. You can find them in your online account or by going to your scheme website.
There are 2 other videos in our scheme introduction series:
- Frequently Asked Questions
- Transferring your pensions to Legal & General.
You'll find them on your scheme website.
Thank you for watching and for saving with Legal & General.