Save As You Earn is back.
Opens - 9am 22 November
Closes - 5pm 5 December
The discounted option price is:
£2.79
Save As You Earn is our share saving scheme. Watch this short video to see how it works.
Introduction to Save As You Earn
Save As You Earn (SAYE) is now open until 5pm on 5 December 2024. The Tesco Ireland SAYE Scheme is a non tax-advantaged scheme.
SAYE is a great opportunity for eligible colleagues to buy shares in Tesco at a discounted Option Price and share in future successes. You can choose to save between €12 and €500 from your pay every four weeks, over three or five years. When your saving period ends, you’ll have the opportunity to use your savings to buy Tesco shares at the discounted Option Price shown above, or you can take your money back.
All colleagues with at least three months’ continuous service on the 15 November 2024 can take part.
How it works
Your savings are taken from your pay after tax, PRSI & USC has been deducted (your net pay), every four weeks (or every week if you are weekly paid) and put into an SAYE account (held by Equiniti Share Plan Trustees Limited) in your name. Your savings will start being taken from your pay at the end of January 2025.
You can save between €12 and €500 every four weeks, or up to €125 for weekly paid colleagues, over a three or five year savings period. If you are saving for three years, you will need to make 36 four-weekly payments. If you are saving for 5 years, you will need to make 60 four-weekly payments. The maximum amount that can be saved every four weeks across all SAYE Schemes is €500.
* If you already participate in SAYE and want help to decide how much you can afford to contribute, details of your current SAYE Schemes are available online through the Shares Portal - click here. Although the maximum amount that can be saved every four weeks across all SAYE Schemes is €500, if you’re saving into the 2019 5-year SAYE or the 2021 3-year SAYE and haven’t missed any payments, the amounts you’re saving into these Schemes won’t count towards the €500 limit.
At the end of your savings period, you’ll have the opportunity to use your SAYE savings to buy shares at a discounted Option Price. This is set on the invitation date.
Your money is safe and if your circumstances change at any point during the three or five year savings period, you can get all your money back.
If you leave Tesco at any time during your savings period due to redundancy or retirement, you have the option to use your savings to buy a reduced number of Tesco shares at the discounted Option Price within six months of leaving or get all your money back.
If you leave Tesco for any other reason before the end of your savings period then you’ll get all your money back. However, you won’t be able to buy shares at the discounted Option Price if you leave within three years of the option grant date.
You can miss up to 6 payments, but each one missed will mean your savings period is extended by a month, so your SAYE Scheme will mature later. If you go on maternity leave, or are absent for a prolonged period of time, you can make payments by a direct cheque to the Tesco Ireland Payroll Team.
If you choose not to purchase shares and have your SAYE Scheme savings returned to you, no Income Tax, PRSI or USC will be due.
There will be no tax-free bonus paid on the three or five year schemes.
If you choose to buy shares at the discounted Option Price, the gain will be subject to Income Tax at 40% in addition to PRSI at 4.1% and USC at 8%*. The gain occurs when the market value of the shares purchased exceeds the discounted Option Price.
The Income Tax, PRSI & USC (known as Relevant taxes) which are due on the purchase of shares can’t be deducted through payroll as the Revenue Commissioners require each individual to settle their own taxes.
Instead the Relevant taxes must be paid to the Irish Revenue Commissioners by you within 30 days of the purchase date. A form RTSO1 will also need to be submitted to the Revenue Commissioners within the 30-day time period.
You will also be required to disclose details of the share purchase from the SAYE Scheme in an annual self-assessment income tax return. Further information is available on www.revenue.ie.
*PRSI and USC will be due on the gain from any pre-2022 SAYE schemes you are already participating in. For these schemes, it will be deducted through payroll.
Three steps to join SAYE
1 Decide how much to save
You can choose to save between €12 and €500 every four weeks. The amount you choose will be taken directly from your pay.
2 Decide how long to save for
Once you’ve chosen how much you’re going to save, you need to choose whether to save for three or five years. You can use the calculator to see how much you'll have saved at the end.
3 Apply
There are three ways to apply for this years SAYE Scheme. Decide which one is best for you by reading the Ways to apply section.
You will require your employee number to apply. This needs to be entered as 8 digits, if your employee number is less than 8 digits, please add leading zeros for example 00123456.
Ways to apply
App
Online
PhoneThe EQ Share Plans App allows you to view, monitor and transact on the go. Giving you greater access and flexibility to manage financial goals. To download the app, scan the QR codes or search for 'EQ Share Plans' in the 'App Store' or 'Play Store'.
App store
Play store
If you’ve previously registered for the online ESP Portal, you can use the same login details to access the app.
When accessing the app please select Tesco INTL under the company dropdown.
Apply online at shareview.co.uk/tesco and follow the on screen instructions.
If you haven’t registered for the Equiniti Employee Shares Portal, you’ll need your activation code, which is printed on your Invitation Postcard. For more information on how to register, watch a short video about registering for the ESP Portal.
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 by email. For more assistance on applying please watch our short video on how to apply.
Call 1800 813730* 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 in March.
* Please note that standard rates apply
Key dates
22 Nov 2024
Invitation date and discounted option price set
5 Dec 2024
5pm closing date for applications
Jan 2025
First savings amount taken from your pay after tax
Mar 2025
Savings contract start date
Mar 2028
Three year savings period ends - shares available to buy at the discounted option price
Mar 2030
Five year savings period ends - shares available to buy at the discounted option price
Useful documents
Do you have more questions regarding our Sharesave scheme?
FAQsPlease select your Scheme:
You’ve finished saving into your 2022 (A) Three Year Save As You Earn Scheme – congratulations!
You joined this Scheme in January 2022 with the discounted Option Price of £2.60.
The Scheme matures on 1 April 2025
What do I need to do now?
- You have between now and 30 September 2025 to decide what to do with your savings.
- You have four choices listed in this online guide. Make sure you fully consider all your choices as once you've submitted your choice it can't be changed.
- If you haven't made a choice by 30 September 2025, your savings will be returned to you and you’ll miss out on being able to buy shares at the discounted Option Price of £2.60 and your Option will automatically lapse. Your savings be repaid to Payroll Team, who will then arrange to pass you the funds via salary.
Key dates
24 March 2025
Tell us by 6pm (UK Time) what you'd like to do with your savings
1 April 2025
Scheme end date – the earliest date you can buy shares
30 Sep 2025
The final date to tell us what you’d like to do with your savings
Any request received before 6pm on a Friday after 24 March 2025 will be processed the Thursday* of the following week. Please note that the sell choice is only available for the first six months from the normal maturity date.
* For the weeks with a UK public holiday on the Monday, the Thursday process date will be pushed out to the Friday. These are Friday 25 April, 9 May, 30 May and 29 August.
Your four choices
IMPORTANT: Before making your choice, please make sure you have read and understood the Paying Tax section as if you buy shares to keep or sell, the exercise gain will be subject to Income Tax, USC and PRSI which will be deducted via payroll
Buy shares at the Option Price of £2.60 per share and hold them electronically in the Tesco Global Share Account, which is provided by Equiniti Financial Services Limited. You can then choose to sell these later. If the share price is higher than the Option Price when you sell them, you’ll make a profit.
By keeping your shares in the Tesco Share Account (TGSA):
- You benefit from buying shares at the Option Price of £2.60
- You become a Tesco Shareholder, or increase the number of Tesco shares you have
- Receive any dividends Tesco pays to its shareholders in the future
- You can view and sell your shares online, and have the proceeds sent direct to your bank account
- If you buy shares to keep in the Tesco Global Share Account, the exercise gain will be subject to Income Tax, USC and PRSI which will be deducted via payroll
The Tesco Global Share Account allows you to hold and manage your shares electronically with no risk of losing share certificates. It also offers access to preferential Equiniti Financial Services Limited share dealing rates.
Buy shares at the Option Price of £2.60 per share and hold them as a share certificate.
Please note that it is becoming increasingly difficult to use share certificates to deal in Ireland and neither Tesco Ireland or Equiniti Group can take responsibility for any difficulties you may face.
If you buy shares to keep and receive a share certificate, the exercise gain will be subject to Income Tax, USC and PRSI which will be deducted via payroll.
Buy shares at the Option Price of £2.60 per share and sell all of them through the Equiniti Financial Services Limited Share Sale Service. If the share price is higher than the Option Price when you sell them, you may make a profit.
By selling your shares:
- You might make a profit, if the Tesco share price is higher than the Option Price when you sell your shares
- If you buy shares to sell, the exercise gain will be subject to Income Tax, USC and PRSI. Payroll Team will deduct this from your sale proceeds. The remaining proceeds will be paid to you in the next available salary (subject to payroll cut-off dates)
- You’ll receive the cash from the sale, minus any charges via your Payroll Team and this will be paid to you via salary in the next available pay date. Please note that depending on payroll cut off dates it can take up to 8 weeks to receive your sale proceeds
Your shares will normally be sold on the dates shown in the following table. You won’t have any control over the sale price, which will be dependent on the Tesco Share Price on the day they’re sold.
| Instruction by (6pm UK Time) | Sale Date |
|---|---|
| 24 March 2025 | 1 April 2025 |
| 28 March 2025 | 3 April |
| 4 April 2025 | 10 April |
| Instructions will continue to have a weekly deadline, 6pm every Friday | Sales will continue to be processed weekly, every Thursday* |
*Unless the Thursday is a public holiday in England and Wales in which case shares will be sold the next UK working day
You won’t have any control over the share price: the sale price will be the price achievable when the trade is placed in the market.
Remember, share prices can go down as well as up
You may make money if the Tesco share price is higher than the discounted Option Price of £2.60 when the shares are sold, subject to dealing charges.
Charges will apply when you sell your shares and are applied automatically when your shares are sold. Equiniti Financial Services Limited (‘EFSL’) will charge 1.0% commission, minimum £30, plus a 0.5% fee for the conversion of the sale proceeds.
When the sale completes (normally two working days after the Share Sale date) your sale proceeds, minus the EFSL dealing fee, will be paid in Euros directly to your Payroll Team who will then make the necessary deductions for Income Tax, USC and PRSI. Payroll Team will then pass on the remaining proceeds in the next available salary (subject to payroll cut-off dates).
The sell choice is only available for the first six months from the normal maturity date and your scheme must be exercised by 9 October 2025. The last date you can submit an instruction to sell is 30 September 2025.
If you submit your sale instruction before 30 September 2025, and your Scheme End Date is 1 November 2025 or later, your sale instruction will not be actioned and will be amended to Buy Shares to Keep, with shares added to the Tesco Share Account.
IMPORTANT: Before selecting the sell choice, please make sure you have read and understood the Paying tax section as you may be liable to paying Capital Gains Tax (CGT) if you exceed the CGT annual allowance.
If you choose this option you will not be buying Tesco shares. Your savings and bonus will be repaid to your Payroll Team. Payroll Team will then pass on the savings in the next available salary (subject to payroll cut-off dates).
Please note:
The Scheme End Date is 1 April 2025 if you’ve not missed any payments. Or, if you’ve missed one or more payments, you have until six months after your Scheme End Date to buy shares to keep. The maturity instruction placed is irrevocable which cannot be cancelled nor amended under any circumstance.
How to make your choice
The online service opens at 9am on 10 March 2025
You’ll need your Employee Number (shown on your payslip) and your Date of Birth
Log in and click on the 'I want to section' and follow the instructions. Once you have submitted your choice you will see a confirmation page. Please review and print or save this page. You will also receive an email notification confirming your choice.
Please note: If you haven’t already registered for the Shares Portal, you’ll need your Activation Code which you can find on the letter or email you received about your SAYE scheme maturing.
Things to remember
- If you choose to buy shares at the discounted Option Price and sell all of them at the same time, Equiniti Financial Services Limited (EFSL) will charge 1.0% commission, minimum £30, plus a 0.5% fee for the conversion of the sale proceeds.
- If the Share Price falls after you’ve made your choice, you may end up with less money after charges are applied, than if you’d asked for your money back
- There are no fees payable for holding shares in the Tesco Global Share Account (TGSA). However, fees will be payable if you wish to transfer shares out of the TGSA, transfer any funds from dividend payments or send share sale proceeds to a non-UK bank account. More information about the TGSA is available in the TGSA Colleague Guide and TGSA Terms and Conditions.
- If you choose to keep your shares in a Tesco Global Share Account and sell them online at a later point, EFSL currently charge 1% (minimum £15) to sell those shares. For any sale of shares that exceeds £50,000, the charge is 1% on first £50,000, plus 0.25% on the remainder (minimum £15). Payments to a non-UK bank account is £25, and there is also a 1.5% Sterling to Euro foreign currency conversion fee.
- Your savings aren’t subject to Income Tax, Universal Social Charge (“USC”) or Pay Related Social Insurance (“PRSI”).
- If you buy shares within the six month timeframe, the exercise gain will be subject to Income Tax, USC and PRSI which will be deducted via payroll.
- If you choose to buy shares to hold, and you decide to sell them shares at a later date, Capital Gains Tax (“CGT”) may apply (currently at 33%). CGT is a tax you pay on any capital gain (profit) made when you dispose of an asset. The gain/loss is calculated on the difference between the market value of the shares when you exercised your share Options and the market value of the shares when disposed. If the gain/loss on disposal, when added to any other capital gains/losses incurred by you during the relevant tax year, is more than €1,270, CGT may be payable. You must report this disposal to Revenue, even if no tax is due. Tesco will not deduct any tax or report the disposal for you.
See below example of a colleague exercising an Option to buy 1,000 shares at the Option Price of €2.95 and the market value / sale price on exercise is €3.50. The following would apply:
Exercise and Sell
- Income Tax, USC or PRSI would be payable on the gain between exercise cost and market value €3,500 - €2,950 = €550
- No CGT is payable as the market value on exercise is €3,500 and the sale value is €3,500
Exercise and Keep (Sell later date at €3.90)
- Income Tax, USC or PRSI would be payable on the gain between exercise cost and market value €3,500 - €2,950 = €550
- CGT would be payable on the gain between the market value on exercise €3,500 and the sale value €3,900 = €400 (although as this is under the limit they may not have to pay)
- In the time between making your choice and when it’s processed, the value of Tesco shares may go up or down
- This can be affected by political and world events and sometimes can be significant
- This means that the amount you receive can be less than you expected
- If the Share Price falls below the discounted Option Price at the time your choice is processed, it won’t be processed and your choice will be carried forward to the following week. If the Share Price stays below the discounted Option Price, Equiniti will contact you
- You can’t set a specific Tesco Share Price to sell at
- The Share Price will be the price achieved when the sale is placed in the market
- Your shares will only be sold if the Share Price is more than the Option Price
- Your sale proceeds will be sent directly to your Payroll Team who will then make the necessary deductions for Income Tax, USC and PRSI. Payroll Team will then pass on the remaining proceeds in the next available salary (subject to payroll cut-off dates)
- Dealing restrictions may apply if you’re a colleague subject to the Tesco Share Dealing Code. You’ll have been informed if you’re restricted from dealing, however, if you need any further information, please visit the Tesco Insider Portal
Useful documents
2022A 3yr ROI Sale Terms and Conditions (PDF, 122kb)
Tesco Global Share Account Employee Guide (PDF, 441kb)
Tesco Global Share Account Terms and Conditions (PDF, 476kb)
You’ve finished saving into your 2019 Five Year Save As You Earn Scheme – congratulations!
You joined this Scheme in November 2019 with the discounted Option Price of £2.19.
The Scheme matures on 1 March 2025
What do I need to do now?
- You have between now and 31 August 2025 to decide what to do with your savings.
- You have four choices listed in this online guide. Make sure you fully consider all your choices as once you've submitted your choice it can't be changed.
- If you haven't made a choice by 31 August 2025, your savings will be returned to you and you’ll miss out on being able to buy shares at the discounted Option Price of £2.19 and your Option will automatically lapse. Your savings will continue to be held with Barclays Bank UK PLC for an additional two years. At the end of the two year period you will receive your savings and five year bonus in full and an additional bonus of 0.75 times the amount you saved in one pay period.
Key dates
19 Feb 2025
Tell us by 6pm (UK Time) what you'd like to do with your savings
1 Mar 2025
Scheme end date – the earliest date you can buy shares
31 Aug 2025
The final date to tell us what you’d like to do with your savings
Any request received before 6pm on a Wednesday after 19 Feb 2025 will be processed the Thursday* of the following week. Please note that the sell choice is only available for the first six months from the normal maturity date.
* For the weeks with a UK public holiday on the Monday, the Thursday process date will be pushed out to the Friday. These are Friday 25 April, 9 May, 30 May and 29 August.
Your four choices
IMPORTANT: Before making your choice, please make sure you have read and understood the Paying Tax section as if you buy shares to keep or sell, the exercise gain will be subject to Income Tax, USC and PRSI which will be deducted via payroll
Buy shares at the Option Price of £2.19 per share and hold them electronically in the Tesco Global Share Account, which is provided by Equiniti Financial Services Limited. You can then choose to sell these later. If the share price is higher than the Option Price when you sell them, you’ll make a profit.
By keeping your shares in the Tesco Share Account (TGSA):
- You benefit from buying shares at the Option Price of £2.19
- You become a Tesco Shareholder, or increase the number of Tesco shares you have
- Receive any dividends Tesco pays to its shareholders in the future
- You can view and sell your shares online, and have the proceeds sent direct to your bank account
The Tesco Global Share Account allows you to hold and manage your shares electronically with no risk of losing share certificates. It also offers access to preferential Equiniti Financial Services Limited share dealing rates.
Buy shares at the Option Price of £2.19 per share and hold them as a share certificate.
Please note that it is becoming increasingly difficult to use share certificates to deal in Ireland and neither Tesco Ireland or Equiniti Group can take responsibility for any difficulties you may face.
Buy shares at the Option Price of £2.19 per share and sell all of them through the Equiniti Financial Services Limited Share Sale Service. If the share price is higher than the Option Price when you sell them, you may make a profit.
By selling your shares:
- You might make a profit, if the Tesco share price is higher than the Option Price when you sell your shares
- You’ll receive the cash from the sale, minus any charges and applicable taxes in the next available pay after the sale
Your shares will normally be sold on the dates shown in the following table. You won’t have any control over the sale price, which will be dependent on the Tesco Share Price on the day they’re sold.
| Instruction by (6pm UK Time) | Sale Date |
|---|---|
| 19 February 2025 | 3 March 2025 |
| 26 February 2025 | 6 March 2025 |
| 5 March 2025 | 13 March 2025 |
| Instructions will continue to have a weekly deadline, 6pm every Friday | Sales will continue to be processed weekly, every Thursday* |
*Unless the Thursday is a public holiday in England and Wales in which case shares will be sold the next UK working day
You won’t have any control over the share price: the sale price will be the price achievable when the trade is placed in the market.
Remember, share prices can go down as well as up
You may make money if the Tesco share price is higher than the discounted Option Price of £2.19 when the shares are sold, subject to dealing charges.
Charges will apply when you sell your shares and are applied automatically when your shares are sold. Equiniti Financial Services Limited (‘EFSL’) will charge 1.0% commission, minimum £30, plus a 0.5% fee for the conversion of the sale proceeds.
When the sale completes (normally two working days after the Share Sale date) your sale proceeds, minus the EFSL dealing fee, will be paid in Euros directly to the bank account where you receive your pay. Once the trade has completed it may take up to 5 working days for the money to reach your bank account.
The sell choice is only available for the first six months from the normal maturity date and your scheme must be exercised by 11 September 2025. The last date you can submit an instruction to sell is 31 August 2025.
If you submit your sale instruction before 31 August 2025, and your Scheme End Date is 1 October 2025 or later, your sale instruction will not be actioned and will be amended to Buy Shares to Keep, with shares added to the Tesco Share Account.
IMPORTANT: Before selecting the sell choice, please make sure you have read and understood the Paying tax section as you may be liable to paying Capital Gains Tax (CGT) if you exceed the CGT annual allowance.
If you choose this option you will not be buying Tesco shares. Your savings and bonus will be repaid to you by cheque in Euros to your registered address.
Please note:
The Scheme End Date is 1 March 2025 if you’ve not missed any payments. Or, if you’ve missed one or more payments, you have until six months after your Scheme End Date to buy shares to keep. The maturity instruction placed is irrevocable which cannot be cancelled nor amended under any circumstance.
How to make your choice
The online service opens at 9am on 7 February 2025
You’ll need your Employee Number (shown on your payslip) and your Date of Birth
Log in and click on the 'I want to section' and follow the instructions. Once you have submitted your choice you will see a confirmation page. Please review and print or save this page. You will also receive an email notification confirming your choice.
Please note: If you haven’t already registered for the Shares Portal, you’ll need your Activation Code which you can find on the letter or email you received about your SAYE scheme maturing.
Things to remember
- If you choose to buy shares at the discounted Option Price and sell all of them at the same time, Equiniti Financial Services Limited (EFSL) will charge 1.0% commission, minimum £30, plus a 0.5% fee for the conversion of the sale proceeds.
- If the Share Price falls after you’ve made your choice, you may end up with less money after charges are applied, than if you’d asked for your money back
- There are no fees payable for holding shares in the Tesco Global Share Account (TGSA). However, fees will be payable if you wish to transfer shares out of the TGSA, transfer any funds from dividend payments or send share sale proceeds to a non-UK bank account. More information about the TGSA is available in the TGSA Colleague Guide and TGSA Terms and Conditions.
- If you choose to keep your shares in a Tesco Global Share Account and sell them online at a later point, EFSL currently charge 1% (minimum £15) to sell those shares. For any sale of shares that exceeds £50,000, the charge is 1% on first £50,000, plus 0.25% on the remainder (minimum £15). Payments to a non-UK bank account is £25, and there is also a 1.5% Sterling to Euro foreign currency conversion fee.
- Your savings and bonus aren’t subject to Income Tax, Universal Social Charge (“USC”) or Pay Related Social Insurance (“PRSI”).
- If you buy shares within the six month timeframe, the exercise gain will be subject to USC and PRSI which will be deducted via payroll. Income Tax will not apply.
- If you choose to sell your shares, Capital Gains Tax (“CGT”) may apply (currently at 33%). The gain/loss is calculated on the difference between the market value of the shares when you exercised your share Options and the market value of the shares when disposed. If the gain/loss on disposal, when added to any other capital gains/losses incurred by you during the relevant tax year, is more than €1,270, CGT may be payable.
- In the time between making your choice and when it’s processed, the value of Tesco shares may go up or down
- This can be affected by political and world events and sometimes can be significant
- This means that the amount you receive can be less than you expected
- If the Share Price falls below the discounted Option Price at the time your choice is processed, it won’t be processed and your choice will be carried forward to the following week. If the Share Price stays below the discounted Option Price, Equiniti will contact you
- You can’t set a specific Tesco Share Price to sell at
- The Share Price will be the price achieved when the sale is placed in the market
- Your shares will only be sold if the Share Price is more than the Option Price
- Dealing restrictions may apply if you’re a colleague subject to the Tesco Share Dealing Code. You’ll have been informed if you’re restricted from dealing, however, if you need any further information, please visit the Tesco Insider Portal
Useful documents
2019 5yr ROI Sale Terms and Conditions (PDF, 122kb)
Tesco Global Share Account Employee Guide (PDF, 441kb)
Tesco Global Share Account Terms and Conditions (PDF, 476kb)