Tesco schemes move to deficit following £2.4bn fall in accounting funding position

Retailer says discount rate and gilt yields movements drive the swing

Holly Roach
clock • 1 min read
Tesco schemes move to deficit following £2.4bn fall in accounting funding position

Movements in discount rates and gilt yields have reduced the funding position of Tesco’s pension schemes by over £2.4bn on an accounting basis, preliminary results reveal.

The grocer's results for the year to 25 February 2023 - published today (13 April) - revealed a net defined benefit deficit of £294m as at 25 February 2023 on an accounting basis. This compared to ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Women in Pensions Awards 2026: Nominations close today!

Women in Pensions Awards 2026: Nominations close today!

Professional Pensions celebrates nine years of recognising leading female talent

Professional Pensions
clock 17 April 2026 • 2 min read
Professional Pensions: Stories of the week

Professional Pensions: Stories of the week

Standard Life buys Aegon UK, Pension Schemes Bill, Barnett Waddingham bulk annuity market research

Professional Pensions
clock 17 April 2026 • 1 min read
What do we want? More MNTs; When do we want them? Now!

What do we want? More MNTs; When do we want them? Now!

John Flynn launches a ‘manifesto’ on behalf of member-nominated trustees

John Flynn
clock 17 April 2026 • 5 min read
Trustpilot