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Very Little Helps => Stores => Topic started by: karrigan1 on 12-10-17, 01:14PM

Title: Tesco pension - Leaver
Post by: karrigan1 on 12-10-17, 01:14PM
Hi

Wondering if anyone can help, I had a Pension with Tesco for 14 years i left the Company 2 years ago. Recieved some paperwork to say now not part of the pension etc, I managed to lose paperwork about transferring my pension to another company so called them (about 4 weeks after i left) on the only number i could find. I got told they couldn't deal with me as i was no longer an Employee.  Would  i have lost the money or can i get it all sorted and transferred?
Any help would be grateful.  :)
Title: Re: Tesco pension - Leaver
Post by: streaker on 12-10-17, 02:11PM
Was the previous pension not all moved to legal and general ?
If you google the number they maybe able to help.
Title: Re: Tesco pension - Leaver
Post by: karrigan1 on 12-10-17, 02:18PM
im not 100% sure, but ill give them a call thank you
Title: Re: Tesco pension - Leaver
Post by: blutopia on 12-10-17, 06:01PM
The phone number for the old Tesco pension scheme is 0345 070 1113.  When I last dealt with them, they asked for my employee number - if that's why they said they couldn't help, maybe you still have an old payslip with the number on it.  The pension scheme have trustees who cannot just move your fund to another scheme (such as L&G) just because you have left.  Don't worry, though, your money isn't lost - it's in there somewhere!
Title: Re: Tesco pension - Leaver
Post by: lucgeo on 12-10-17, 06:15PM
Karrigan1

The previous pension was not transferred, it would be locked in when you left  the old pension scheme.

Do you still have any share certificates,payslips or pension leaflets from tesco? If so they should have your employee number on it, you can then email or phone the tesco pensions helpline, quoting your N.I. number, employee number and your leaving date. If your 55 or over, you can request taking it out in a lump sum.

Having said that, I was told by tesco pensions that I needed to provide all the above, before they could deal with my query, I found them all, had them at the ready, phoned them and the guy just asked me my N.I. number, I offered the other details, but he said he didn't need them ???

Title: Re: Tesco pension - Leaver
Post by: stockrotateman on 12-10-17, 06:42PM
Lucgeo, you can only take 25 per cent tax free and monthly pension for life on the old pension. You can transfer it to a private pension then take it as a lump sum but would lose a lot money doing it.
Title: Re: Tesco pension - Leaver
Post by: lucgeo on 12-10-17, 10:41PM
stockrotateman

Beg to differ....I was offered and took lump sum from my old pension, full amount, paid tax on 75% but hope to claw a lot of that back in March due to my annual wage under the 11.5k tax free allowance.

My pension pot was below 30k and I am 55+ and an alcoholic ;D ;D sorry couldn't help myself  :D :D :D ;D ;D delete last bit  :-[
Title: Re: Tesco pension - Leaver
Post by: blutopia on 13-10-17, 12:13AM
Lucgeo, you can only take 25 per cent tax free and monthly pension for life on the old pension. You can transfer it to a private pension then take it as a lump sum but would lose a lot money doing it.

We've touched on the issue of the tax free element before.  The old Tesco scheme does NOT offer as much as 25 per cent.  I have a recent retirement quote that states a transfer value of £60,000 but a tax free amount of just £8,000.  An earlier quote was £50,000 transfer value and £7,500 tax free.  I don't know how they calculate the tax free amount, because the exact percentages aren't identical (although similar) but nowhere near 25 per cent.