Tesco could scrap workers' DB scheme as it closes stores and suspends dividend

Tesco said it is also consulting of the closure of its defined benefit pension scheme for employees. The scheme is running at a deficit of £2.6bn, according to reports. The retailer wants to save £1bn in capital expenditure in 2015/16, and will not pay a final dividend for 2014/15. By restructuring its central overheads, simplifying store management structures and increasing working-hour flexibility, the group hopes to deliver savings of around £250m per year at a one-off cost of £300m. It will also close 43 unprofitable stores, and will sell its Tesco Broadband and its online v...