Tesco chooses Legal & General as pension provider for over 200,000 employees
Tesco Plc has appointed Legal & General as its defined contribution (DC) bundled provider. The Master Trust Defined Contribution scheme went live in November in 2015, to all Tesco employees.
Emma Douglas, Head of Defined Contribution, Legal & General Investment Management (photo, right) said: “We are delighted to have been appointed as defined contribution provider to Tesco - and have successfully enrolled over 200,000 of its colleagues into the Tesco Retirement Savings Plan.
“Tesco led by Ruston Smith, Group Pensions Director, looked for a 'partner' who had the capability and capacity to efficiently onboard and administer what is probably the largest private sector Retirement Savings Plan in the UK, but also had the ability to innovate and deliver a leading edge lifestyle investment strategy to and through retirement.
“Tesco, who have supplemented our Master Trust board with a highly capable DC Governance Committee, needed access to a very diversified range of highly competitively priced assets, including infrastructure, private equity and emerging market debt, to help to meet the objective for their default strategy of optimising net risk adjusted outcomes for members.
“We are proud to partner with Tesco to share passion and innovation in delivering the very best outcomes for their members.”
Legal & General Investment Management manages £43.3 billion in UK defined contribution assets, and has set a 50bps price cap on auto-enrolment into its default fund offering.1
1 Assets as at 30 September 2015.
For further information, please contact:
|Laura Doyle||Head of Investor Relations||
020 3124 2088
|Stephen Thomas||Investor Relations Manager||020 3124 2047|
|John Godfrey||Corporate Affairs Director||020 3124 2090|
|Richard King||Head of Group Corporate Communications||020 3124 2095|
Notes to editors:
Legal & General Group Plc
Established in 1836, Legal & General is a leading provider of insurance, savings and investment management products in the UK. The Group has a market capitalisation of £14.9bn (as at 31st December 2015) and is responsible for investing £728bn worldwide (as at 30th September 2015) on behalf of investors, policyholders and shareholders. Legal & General has over seven million customers in the UK for life assurance, pensions, investments and general insurance plans and over one million customers in the US who rely on us for life assurance. In 2014, Legal & General's operating profit (on the IFRS basis) was £1,275m and earnings per share were 16.70p for the period, an increase of 10% for both respectively.
For more information on Legal & General, please see http://www.legalandgeneralgroup.com/
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