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Tesco to invest £250m in pension scheme

Troubled supermarket Tesco is to invest £250m every year into its pension scheme in an attempt to plug a deficit approaching £5bn.

Tesco will reveal the plans in its annual results on Wednesday (April 22) according to The Telegraph.

The retailer will report pre-tax losses of between £4bn and £5bn- its worst ever performance in nearly 100 years.

Chief executive Dave Lewis has already outlined his plans to get the supermarket back on track which included cutting £250m of costs a year, closing Tesco’s head office in Cheshunt, Hertfordshire, getting rid of the final salary pension scheme, closing 43 stores, scrapping plans to build 49 new ones, and cancelling the final dividend.

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