Saving at work a risky 商売／仕事

By ANDREW OXLADE
Updated: 00:00 BST, 1 February 2002

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THOUSANDS of Tesco 労働者s have received staggering payouts from the company's save-as-you-earn 計画／陰謀 (SAYE). The impressive 業績／成果 of the Tesco 株 price has 確実にするd an 年次の return of 27% - turning a 最大限 £15,000 into £49,000 - for those who joined the 計画／陰謀 five years ago.

'This year's exceptional windfall is an excellent 裏書，是認 of SAYE's remarkable success. We encourage all our 従業員s to join the 計画／陰謀 and 得る the rewards of their 出資／貢献 to our 優れた success,' says 長，指導者 (n)役員／(a)執行力のある Sir Terry Leahy.

財政上の 助言者s, however, 勧める 警告を与える toward the UK's 1,000 SAYE 計画（する）s. They 示唆する that ploughing your 貯金 into the 株 of one company, 特に your 雇用者, is a high 危険 戦略.

'You could argue that Tesco 株 are safer than many others and they will always be 貿易（する）ing higher over five years,' says Patrick Connolly of Chartwell 投資 管理／経営. 'But people would have said the same of Marconi and Enron five years ago.'

More than 37,000 Tesco 従業員s have been saving between £5 and £250 a month for either three years or five years. That has now given them the 権利 to buy Tesco 株 based on the 株 price when they started 支払う／賃金ing in. 加える Tesco knocked the price 負かす／撃墜する a その上の 20% to make the 計画／陰謀 more attractive. Therefore savers can buy Tesco 株, now 価値（がある） 240p, at either 83p (five-year savers) or 136p (three-year savers).

An 従業員 支払う／賃金ing in a hefty £250 a month in the three-year 計画／陰謀 collected £16,739 while a 労働者 in the five-year 計画／陰謀 received £48,835. A more typical £20 a month over five years produced £3,906.

The 年次の return of 27% over five years looks impressive when compared to a typical 4% return on a building society account or a wider basket of 株. If the whole 量 had been 投資するd in the UK 株式市場 in 1997, it would now be 価値（がある） £17,700.

Members of the Tesco 計画／陰謀 may not realise the 危険 they are taking by putting all their eggs in one basket. However, the 計画／陰謀 has a safety net whereby if the 株 price is lower than the 選択 price members can get 支援する their money.

The danger arises from savers keeping their entire windfall tied up in their 雇用者, 特に if it makes up a large 割合 of their 貯金. 経済的な 争い for the 雇用者 in the 未来 may couple a slide in the value of 従業員s' 株 with the prospect of redundancies.

For example, Marconi was called GEC five years ago and considered one of the UK's most solid 産業の 商売／仕事s. An unwise 試みる／企てる to re-invent the company as a telecoms 巨大（な） has driven the 株 price from a 頂点（に達する） of 1250p in 2000 to just 26p today and the company has shed a ４半期/4分の1 of its 40,000-strong 全労働人口.

Railtrack 従業員s look likely to lose most - or all - of any 株 that they bought through SAYE 計画／陰謀s after the company went into 行政.

Chartwell's Connolly says that 割引s on 株 prices often makes the 計画／陰謀s worthwhile but he 警告するs people not to tie-up more than 20% of their 貯金.