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Retail competition sees off Tesco's pension scheme

Closure leaves only three companies in the FTSE 100 offering guaranteed pensions to new staff

Tesco's generous defined benefit pension scheme, one of the last remaining in the FTSE 100, is to be closed as part of wider cost-cutting plans, as the UK retailer grapples with increasingly tough competition in the country's grocery market.

In a statement to the stock exchange, Tesco said one of the steps in its cost reduction plan would be the "initiation of consultation to close the company defined benefit pension scheme to all colleagues".

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