Tax-free cash
With Unilever’s consent, you can normally exchange some of the pension you have built up for a cash sum, currently paid tax free – whatever age you retire.
There are some restrictions on how much cash you can take, so the Pensions Team will let you know the highest amount available to you, as you near retirement.
The amount of cash you can take for each £1 of pension you give up depends on your age, among other things.
We will provide information about your cash sum options as you near retirement.
Additional benefits
If you have paid extra contributions into the Investing plan, you will be able to provide additional benefits when you retire. Within limits, you can take your account as cash (currently tax free), use it to buy extra pension, or combine the two. For example, one way of using your Investing plan benefits might be to take all the cash you want from your account, so that you have to exchange as little of your Career average pension as possible to get the cash sum you want on retirement. Or, you may decide to use all of your account for extra pension.