Member Article

Tesco set up in-house investment team

Tesco and the Pension Fund Trustees are establishing an in-house investment team to manage their pension scheme and increase net returns.

As one of the largest private sector pension schemes in the UK, Tesco deals with over 170,000 employees part of its defined benefit scheme and investment assets worth over £6bn.

The new in-house investment team will reduce dependence on external providers whilst governance will continue to be provided by the Trustees.

Lucy Neville-Rolfe, Executive Director CMG (Corporate & Legal Affairs) said “We are building a high-calibre in-house team to help manage our growing scheme and reduce dependence on external providers.

“I’m delighted that we have now received FSA approval and can start taking some of our investments in-house.”

A separate company, Tesco Pension Investment, has been set up and is now operational, having been granted FSA approval in March.

The Pension Trustees will remain responsible for the long-term investment strategy and management of the Scheme’s assets.

Steven Daniels, chief investment office, formally CIO at Liverpool Victoria for 14 years, will lead the team, that will be overseen by Group Pensions Director Ruston Smith.

This was posted in Bdaily's Members' News section by Tom Keighley .