- Vivian Hendriksz |
Struggling UK retailer Tesco may have to inject an extra 300 million pounds per year for the next ten years to fill a gap in its multibillion employee pension scheme, pushing the retailer further back in its ongoing efforts to fix profitability.
Tesco denied to comment on the extend of its pension deficit whilst the exact size of the gap is being assessed through a triennial actuarial valuation, which is thought to be concluded by the end of May, 2015.
The exact size of the hole, along with the company's plan to fill it will be published by June next year. Trustees of the pension fund, which currently has 350,000 members of which 200,000 are current employees at Tesco's, will have to work with the retailer on fine tuning the plans for fixing the funding gap.
The company's previous annual report suggested a deficit of close to 3.2 billion pounds, as its assets were expect to be 8.1 billion pounds whilst its liabilities were valued at 11.3 billion pounds.