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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 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.
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