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Tesco faces £3bn hole in pension fund

Troubled grocerTesco could be forced to pay an extra £300m a year to make up shortfall in its pension scheme, further denting its efforts to restore profitability

Trustees of the retirement fund, which has 350,000 members, 200,000 of which are current employees, will have to negotiate with the retailer on plans for plugging the funding gap.

The value of Tesco’s pension fund and its projected liabilities are being assessed, with the result due by next June at the latest, according to The Sunday Times.

The company’s last annual report suggested that it had a deficit of almost £3.2bn as its assets were valued at £8.1bn while liabilities were put at £11.3bn.

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