Tesco Pension Wise meetings receive 'overwhelmingly' positive feedback

Tesco's initiative to integrate Pension Wise into the retirement journey has received "overwhelmingly positive" feedback, with around 7,000 Tesco employees having attended Pension Wise meetings between 2018 and spring 2020.

In response to the Work and Pension Committee's call for evidence around the use of Pension Wise, Tesco revealed that its initiative had delivered "high" take up since its launch in 2018, with around 7,000 staff attending face-to-face meetings.

As part of the initiative, the supermarket offered colleagues aged 50 or over, who were approaching or starting to think about retirement, the opportunity to have a face-to-face meeting with Pension Wise in their place of work.

Tesco explained that it put in place a “simple and bespoke” online booking process and delivered “targeted communications” around the initiative to colleagues and managers around the country.

These communications aimed to ensure that colleagues were aware of what Pension Wise could and couldn’t help with, as well as explain how to book one of the pre-allocated meeting slots.

Tesco chair of retirement savings plan, Ruston Smith, commented: “The feedback consistently confirmed that the meetings helped colleagues gain a better understanding of what pensions they have and the choices and options available to them as they approach retirement Tesco reported.

"Being able to have a conversation that’s personal to them and in a convenient location in work time has been highly valued and colleagues have appreciated this support from Tesco as their employer.”

Tesco said that the initiative has become “a central part of our retirement journey for colleagues” and that they believe that easy access to Pension Wise is a “valuable tool” for those looking to support their employees as they start to consider their retirement choices.

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