Paying extra
You have the option to make extra contributions to add to your benefits. These extra contributions go into an account for you in the Investing plan. You decide how you want to invest the account from the range of funds available, and you choose how to use the value of your Investing plan account to provide additional benefits when you retire.
Please note that any extra contributions you make count alongside your main Career average benefits towards the annual allowance – if you go over this allowance, you would pay a special pensions tax charge on the excess. However, the annual allowance is set at a high level and should only affect very few people. See ‘How does tax apply to pensions’ for further information.
Note for high earners
In the 2009 UK Budget, delivered on 22 April, the Chancellor announced some changes to the tax relief on pension savings. While the regulations detailing these changes are still in draft, you may be affected if:
- your total income from all sources (not just your Unilever earnings) is £150,000 or more; and
- you are considering increasing your level of extra contributions or AVCs, or starting to pay new extra contributions or AVCs.
We have produced a leaflet giving further information about the changes. If you think you may be affected, you can download the leaflet 2009 Budget announcement - New tax on pensions for high earners.