Tesco has appointed Legal & General (L&G) to run its defined contribution (DC) scheme.
L&G Investment Management will run the master trust scheme for the supermarket. The scheme was launched in November 2015.
Tesco has already enrolled 200,000 employees onto the scheme, which is open to all employees.
Emma Douglas, Legal & General Investment Management head of defined contribution, said the deal meant L&G would administer the largest private pension scheme in the UK.
‘[Tesco] looked for a “partner” who had the capability and capacity to efficiently on-board and administer what is probably the largest private sector retirement savings plan in the UK, but also had the ability to innovate and deliver a leading edge lifestyle investment strategy to and through retirement,’ she said.
She added that Tesco needed access to a diversified range of assets, such as infrastructure, private equity and emerging market debt in order to optimise net-risk adjusted outcomes for members.
Source: New Model Adviser