Unilever UK Pension Fund

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Career average plan - in brief

The Career average plan provides a benefit of 1/60 of pensionable earnings (between two levels) each year. The levels are set at £4,675 and £39,150 (from 1 April 2008), and will be reviewed each year.

Each year's worth of pension then goes up in line with inflation up to 5% a year, until retirement. (In this way, the pension reflects the member’s earnings over their whole career - which is where the term ‘career average’ comes from.) Once in payment, the pension increases in line with inflation up to 2.5% a year.

The contribution rate in the Career average plan is 5% of pensionable earnings between the two levels.