Pen­sion pay­ments ramped up

Yorkshire Post - Business - - FRONT PAGE -

TESCO’S HALF-YEAR re­sults re­vealed it will ramp up pay­ments into its group pen­sion scheme by £15m a year to £285m from next April as it looks to tackle a hefty deficit.

The pen­sion deficit stood at £3bn at the end of March, up £250m since the last re­view three years ago.

An­a­lyst Ken Odel­uga at City In­dex said: “Sig­nif­i­cant pen­sion deficit progress ap­pears to have been widely un­der­ap­pre­ci­ated. The most im­me­di­ate risk for the group is that the CMA may ei­ther re­ject the Booker buy out­right or man­date unattrac­tive con­di­tions. Even then, we would still ex­pect the stock to close the year with gains, based on the view that Tesco could scarcely be han­dling the con­sumer out­look more adroitly.”

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