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

News Digest: Capita's performance on CSPS 'remains unacceptable', minister says

News Digest: Capita's performance on CSPS 'remains unacceptable', minister says

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 14 September 2026 • 1 min read
Western Pension Solutions becomes part of Collective Pensions

Western Pension Solutions becomes part of Collective Pensions

Collective Pensions is a joint venture between Vestey Holdings and Timpson Group

Jonathan Stapleton
clock 11 September 2026 • 1 min read
Good News Corner: Icelandic edition of Rob Gardner's 'Save Your Acorns' launches

Good News Corner: Icelandic edition of Rob Gardner's 'Save Your Acorns' launches

Iceland continues to boost pensions literacy despite OECD-leading contribution rates

Jonathan Stapleton
clock 11 September 2026 • 2 min read
Trustpilot