Pensions: Tesco to increase retirement age to 67

Tesco has said it wants to make major changes to its pension scheme, which could see employees retiring later with smaller pension incomes. Tesco, the UK’s largest private sector employer, has started a consultation with staff on changes it would like to introduce to its staff pension; it is likely other UK employers will be monitoring the outcome closely before making decisions about their own scheme. Pension changes The consultation focuses on two main areas, moving the retirement age from 65 to 67 and increasing pension payments in line with CPI (Consumer Prices Index) and not RPI (Retail Prices Index) in retirement. Income from ...