What other retirement income might I have?

Many Tesco colleagues still have a pension or additional voluntary contributions (AVCs) that they built up in the defined benefit Tesco Pension Scheme (closed November 2015).

Based on how long you were a member of this Scheme, this pension may be a significant part of your income in retirement. Take a look at your final statement from the Scheme (Jan 2016) to confirm how much you’ve built up.

Use the The Planner to add this to what you might receive from your Tesco Retirement Savings Plan to help give you a better understanding of your overall retirement income.

The Government will provide you with a State Pension at State Pension age. This is paid for the rest of your life.

In the 2015 Budget, the Government announced changes to the State Pension. People who reach their State Pension age on or after 6 April 2016 will receive the new flat-rate State Pension. For the 2023/2024 tax year, this will be £203.85 per week – providing that person has met the minimum national insurance contributions.

Those who reach, or have reached, the State Pension age before this date will continue to receive the old State Pension, which is £156.20 per week for 2023/2024.

For many colleagues, the State Pension will make up an important part of your income in retirement. Follow the link to find out how much you can expect to get from the State Pension. When you use The Planner, it will calculate an approximate State Pension for you.

Can you expect any income from any other places when you retire? For example, a previous employer’s pension, other savings, or from any private pensions you may have.

Make sure you take these into account when you plan your finances for retirement and when you use The Planner.