What happens to my shares when I leave?

[The Mrs]

Shares in Success, BAYE & Reinvested Dividends:

Shares held in trust -

If - Resignation, Mutual termination, Early retirement, Partial ill health retirement (<50), Career break, or Dismissal then:
Participants will forfeit any SIS award they have held for less than 12 months.
All remaining shares held in the trust are released. Equiniti will write to the individual within 4 weeks of leaving to ask if they want to take their shares in a certificate in their name or sell them straight away.
Tax treatment for shares released from the Trust will depend on how long the shares have been held in trust for:
Between 1 and 3 years: Income tax and national insurance will be payable, based on the market value of the shares on the release date
Between 3 and 5 years: Income tax and national insurance will be payable, either the market value on the release date or the market value on the award date, whichever is lower.
After 5 years of being allocated the shares: No income tax or national insurance will be payable

If - Redundancy, Retirement (50+) or Partial ill health (50+) then:
All shares are released from the Trust.
Equiniti will write to the individuals within 4-6 weeks of leaving to ask if they want to take their shares in a certificate in their name or sell them straight away
No income tax or national insurance is payable, regardless of how long the shares have been held in trust.

Save as You Earn (SAYE)

Schemes already in place -

If - Resignation, Mutual termination, Early retirement (<60) or Career break then:
If you have been saving for less than 1 year, you can get your savings back. You will not receive any interest and will not be able to buy shares at the option price.
If you have saved between 1 and 3 years and you have left before the third anniversary of the date of grant (normally in November), you can get your savings back plus interest. You will not be able to buy shares at the option price
If you have chosen a 3 year scheme and you leave after the third anniversary of the date of grant but before the maturity date, you can get your savings back plus interest or you can use your savings to date plus interest to buy shares at the option price. you must do so within 6 months of leaving or your option to buy shares at the option price will lapse.
If you have chosen a 5 year scheme and you leave after the third anniversary of the date of grant, having saved for 3 years or more, you can get your savings back plus interest or you can use your savings to date to buy shares at the option price. You must do so within 6 months of leaving or your option to buy shares at the option price will lapse.
However long you have saved, you can continue saving to get the tax free bonus. If you choose to continue saving for the bonus you will not be able to buy shares at the option price.
No income tax or national insurance is payable on exercise of options or repayment of savings.

If Redundancy, Retirement (60+) or Full ill health (50+) then:
You can use your savings plus interest (if applicable) to buy shares at the option price (you must do so within 6 months of leaving).
You can buy shares at the option price within 6 months of reaching 60 even if you don't retire and continue to work for Tesco. Alternatively, you can wait until the end of your savings contract.
However long you have saved, you can either choose to have your savings plus any interest (if applicable) back or continue to save to get the tax free bonus. If you choose to continue saving for the bonus you will not be able to buy shares at the option price.
No income tax or national insurance is payable on exercise of options.or repayment of savings.

If you are dismissed then:
However long you have saved for, you can either get your savings back (plus interest, if applicable), or you can continue saving for the tax free bonus. In either case, you will not be able to buy shares at the option price.
No income tax or national insurance is payable on repayment of savings.

Equiniti (phone)  0871 384 2976