Ill-health
If you have to stop work because of serious ill health, you may be eligible to receive a pension provided you are aged at least 23 and have five or more years’ pensionable service in the plan.
The serious ill-health pension is made up of:
- the total pension you have built up at the date you stop work; and
-
extra years' worth of pension, worked out using:
- your pensionable earnings (plus any fluctuating pay that Unilever decides to include, averaged over the last three years) between the two levels at the date you stop work; and
- the number of years you could have worked after that to age 65.
The years of pension you have built up, plus the extra years, is limited to a maximum of 40 years overall.
If your pensionable earnings are above the higher level when you stop work, Unilever will arrange for an extra credit to your Investing plan account to provide additional benefits. The credit is up to 25% of your pensionable earnings above the higher level for each year of pensionable service you could have built up from when you stop work to age 65. (Again, the overall maximum of 40 years applies.)
Please note that ‘serious ill health’ is defined in the plan rules – Unilever has the final say (consulting a company doctor if appropriate) about whether your condition is severe enough for you to receive a serious ill-health pension. If your health improves, Unilever has the right to stop or suspend any serious ill-health pension you are receiving.