At a glance
Here are the main features of the Final salary plan:
- Your pension is based on your final pensionable salary and your pensionable service at the time you retire.
- Your pension is normally paid at age 65 – but you may have the option of retiring early or late.
- The plan offers valuable protection benefits during your pensionable service in the plan – you may receive a serious ill-health pension if you have to stop work (provided you are aged at least 23 and you have been in the plan for at least five years), and your family may receive a cash sum and pension benefits if you die while in pensionable service.
- You pay 7% of your pensionable salary (less the government's lower earnings limit) towards these benefits. You also currently have the option of paying 8.5% for potentially higher increases to your pension once in payment. (This option will be reviewed in 2010 and may change or end from 1 January 2011.) You can also add to your benefits by paying extra contributions into the Investing plan.
- Unilever meets the costs of your Final salary plan benefits not covered by your chosen level of contributions.