Where will Save As You Earn take you?

How does it work Join Save As You Earn

The Option Price is:


Save As You Earn is open!
Watch a short video to see how it works.

How does it work?

It's easy to save

Your savings are taken from your pay after tax, every four weeks and put into an SAYE account (held by Lloyds Bank plc) in your name. Your savings will start being taken from your pay in February 2020.

You choose how much to save and for how long

You can save between £5 and £500, every four weeks, for a three or five year savings period.*

*If you already participate in SAYE, to help you decide how much you can afford to contribute, details of your current SAYE schemes are available online through the ESP Portal – shareview.co.uk/tesco. Please note the maximum amount that can be saved every four weeks across all schemes is £500. However, if you’re saving into the 2014 five year scheme or the 2016 three year scheme and you haven’t missed any payments, the amounts you’re saving into these schemes will not count towards the £500 limit.

Discounted Shares - Option Price

At the end of your saving period, you’ll have the opportunity to buy shares at discounted price, known as the Option Price. This is set on the invitation date.

You’re not locked in

Your savings are your own and you can choose to get all of your money back at any time during your savings period.

What happens if I leave?

If you leave Tesco at any time during your saving period because you’re made redundant, or retire, you may be able to buy a reduced number of Tesco shares within six months of leaving. If you leave Tesco, or take a career break, before the end of your saving period then you’ll get all your money back, or you can choose to carry on saving privately into your Save As You Earn account. However you won’t be able to buy shares at the Option Price if you leave within three years of the option grant date.

What if I need to miss a payment?

You can miss up to 12 payments, but each one missed will mean your savings period is extended by a month, so your scheme will mature later. If you go on maternity, adoption or additional paternity leave you can make arrangements to continue contributing by calling the Tesco Shares Helpline on 0371 384 2976.

Three steps to Join SAYE.

Step 1 How much would you like to save?

Save As You Earn is a great way to share in Tesco’s success. You can save between £5 and £500 every four weeks and this is taken directly from your pay.

Step 2 How long do you want to save for?

You can choose to save for a three or five year saving period.

When you know how much you’d like to save and for how long, please use the calculator to see where your savings could lead you!

Are there any risks?

Shares can go down in value as well as up, but in Save As You Earn your savings are protected. You’ll always get back what you’ve put in if you choose not to buy shares. There’s no charge to have your savings refunded in full.

Are my savings safe?

Yes. As your savings are held with Lloyds Bank plc, they will be covered by the Financial Services Compensation Scheme (“FSCS”). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For further information about the scheme refer to the FSCS website fscs.org.uk or call the FSCS on telephone number 020 7741 4100 or 0800 678 1100. Alternatively, log onto lloydsbank.com for further information about the compensation scheme. A copy of the Financial Services Compensation Scheme (“FSCS”) fact sheet is available at shareview.co.uk/clients/Tesco/SAYE

Got a question?

Call the Equiniti Helpline on 0371 384 2976 (or if calling from outside the UK +44 121 415 7119) between 8.30am-5.30pm, Monday to Friday, excluding public holidays in England and Wales.

You can also go to ourtesco.com/our-benefits/shares-in-tesco/

Step 3 How to apply

Now you have made the decision to join, you can do this using one of three ways shown below.


Apply online at shareview.co.uk/tesco and follow the on-screen instructions.

If you haven’t registered for the Equiniti Employee Share Plans (ESP) Portal, you’ll need your activation code printed on your Invitation Postcard.

When you’ve submitted your application you’ll need to review your confirmation page and print or save it until you get your Option Certificate, which will be emailed to you in December.


Call 0371 384 2976* (or +44 121 415 7119 from outside the UK) and follow the instructions.

At the end of the call please make a note of the confirmation number until you get your Option Certificate in the post.


84247 (or +44 7624808299 if sending from outside the UK)**.

The text message needs to be laid out in a specific way and include the details below with a space between each piece of information:

  • Which scheme – SAYE3 for the three year or SAYE5 for the five year
  • Your 8 digit employee number
  • Date of Birth (DDMMYYYY)
  • Your four weekly savings amount (in whole pounds only)
  • You also need to confirm you have read the FSCS information sheet*** and accepted the terms and conditions by adding a ‘Y’ and ‘Y’ at the end of the text message (with a space in between each).

You’ll receive a text message back confirming the amount you’ve chosen to save. Save this message until you get your Option Certificate in the post. For example: If your employee number is 12345678 and you were born on 1 December 1975 and you wanted to save £60 in a three year scheme, the text would look like this:
SAYE3 12345678 01121975 60 Y Y

*Calls to 03 numbers cost no more than a national rate call to 01 or 02 numbers.

**Texts will be charged at your standard network rate.

***A copy of the Financial Services Compensation Scheme (“FSCS”) fact sheet is available at shareview.co.uk/clients/Tesco/SAYE

The Option Price is: £0.00

Key Dates.


18 Oct
6 Nov

Invitation date and discounted Option Price set.

5pm closing date for applications.

Savings start


First money taken from your pay after tax.

Savings contract start date.



Three year saving scheme ends - shares available to buy at the Option Price.

Five year saving scheme ends shares available to buy at the Option Price.

More questions?

Read our FAQs

Shares Calculator


Step 1.

You can save between £5-£500 every four weekly pay period.

If you save in other SAYE schemes, the maximum you can save in total is £500 every four weekly pay period.

Step 2.

Step 3.

Once you've finished saving, at maturity

1. Your total savings - at the end of your saving period


2. Number of Option Price shares you could buy with your savings


3. The potential value of these shares calculated at the Tesco share price you hope to see at maturity*


4. If you could choose to sell your shares immediately, you could make this amount of profit*


*based on the share price you have entered in step 3 above