Tesco appoints Hewitt as investment adviser

Related images

  • Tesco appoints Hewitt as investment adviser

UK - Tesco Pension scheme has appointed Hewitt Associates to replace Watson Wyatt as its investment adviser.

Hewitt will take over responsibility for advice on investments for Tesco PLC Pension Scheme, however Watson Wyatt will be retained by the scheme in its other role on the actuarial side.

A spokesman for the scheme said: "As part of a review, we are continuing to work with Watson Wyatt on the actuarial and benefits side but have decided to change advisors on the investment side and have appointed Hewitt."

Latest figures form Tesco's annual report for 2007/08 showed on an IAS19 accounting basis the group had a pension deficit of £603m (€761m), on a post-tax basis, although total assets for all the company's DB schemes - primarily the UK and Ireland - amounted to £4.1bn.

As a result, the report claimed the Tesco plc pension scheme was "estimated to be broadly fully-funded" on an actuarial valuation basis, to the end of December 2007.

Details of the last triennial valuation on March 31, 2005 showed the UK DB scheme had assets of £2.6bn and a deficit of £153m, providing it with a funding level of 95%.

If you have any comments you would like to add to this or any other story, contact Nyree Stewart on + 44 (0)20 7261 4618 or email

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2503

    Asset class: Equities.
    Asset region: Emerging Markets.
    Size: EUR 30m.
    Closing date: 2019-01-31.

  • QN-2505

    Asset class: Real Estate Core/Core-Plus Multi-sector strategy.
    Asset region: Asia-Pacific.
    Size: $ 50m.
    Closing date: 2019-01-28.

  • QN-2506

    Asset class: Currency Overlay.
    Asset region: Global.
    Size: USD 4 bn..
    Closing date: 2019-02-11.

Begin Your Search Here