By Ben Simmons

Tesco has today announced it is keeping its defined benefit pension scheme and is making some essential changes to ensure it is sustainable for the future and remains one of the best pension schemes in the UK.

A Tesco spokesperson said: "We are retaining the defined benefit pension scheme when most companies have closed theirs. Only three other FTSE 100 companies still have one.

"Because people are living much longer pensions cost much more to provide. These changes make our defined benefit scheme sustainable.

"Our staff can still retire at 65; indeed they can still retire any time after 55. These changes don't require colleagues to work any longer, do not require colleagues to pay more and will not affect the pension that staff have already built up."


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