Who runs the Fund?
The Trustees
The Unilever UK Pension Fund is set up as a trust, with separate finances from Unilever. It is managed by Unilever UK Pension Fund Trustees Limited, a trustee company which is legally responsible for administering and making decisions about the Fund.
The trustee company has an overall duty to run the Fund in line with its trust deed and rules and current trust and pensions law. In carrying out this duty, it must also act in the best interests of the Fund members. It acts through its board of directors, who are generally called 'Trustees'. (Please note: this does not mean each director has the same legal duties individually as the trustee company – it is simply a useful shorthand term.) The Trustees take advice on certain matters, such as investment, from a number of different advisers.
There are normally 13 Trustees on the board. Unilever appoints six of them, one is independent (jointly appointed by Unilever and the Trustees), pensioners elect two, and the remaining four are chosen from, and by, the Fund delegates. The delegates meet regularly and act as your local contacts for pension information. Elections for delegates are held once every four years.
Fund administration
Unilever UK Pensions manages the plans on the Trustees' behalf. It is responsible for paying members' benefits, making any necessary changes to the Fund and working with the Trustees' advisers.
The Unilever Pensions Team at Hewitt Associates undertakes the day-to-day administration of the Career average plan. This includes handling contributions, and working out members' benefits.