How much will I get from Tesco Retirement Savings Plan?
The Tesco Retirement Savings Plan is a long-term savings plan to help you build up savings to use when you retire.
To check how much you might get from the Tesco Retirement Savings Plan, use The Planner.
This is a simple calculator that helps you see how much you might build up and what difference it might make to your savings if you pay more or work for longer. But remember the planner is just a guide and your Tesco retirement savings could be less or more.
Overall, how much you’ll get depends on a number of different things:
1. How much you and Tesco pay in– you should think about making the most of Tesco’s matching contribution of 7.5%. But you can save as much as 100% of your pay if you wish, conditions may apply.
If you save more of your pay towards your retirement savings, you’ll build up more money to invest and use for your retirement.
And when you save towards your retirement, you benefit from tax relief and possibly savings in the National Insurance you pay too.
See the section 'How much does it cost’, this tells you more about tax savings and national insurance.
2. When you retire – the longer you work and save, the more savings you’ll build up.
Working longer can help in two ways:
- You’re saving for longer and so you’re giving your savings longer to grow. Remember though your savings can fall as well as grow.
- Your savings don’t have to last for quite such a long time.
3. How much you earn – the higher your pay, the more you’ll save.
4. How you invest your savings – this can make a big difference. As investments can go up and down, it’s good to keep an eye on how your money is doing.
5. How you take your savings – you’ll have lots of flexibility regarding how you take your savings and when you retire. What you decide affects how much you’ll get and when you’ll get it.
Your annual benefit statement shows you how much you’ve built up in the Plan; how your investments have done, plus an estimated forecast of how much you might get from the Plan at your target retirement age.
Access this information at any time at Manage Your Account – you'll need your account details given in your Welcome Letter or Benefit Statement to register.