Unilever UK Pension Fund

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Final salary plan - in brief

The Final salary plan provides a benefit of 1/60 of final pensionable salary (less 1/80 of the Government's lower earnings limit) for each year of pensionable service (up to a maximum of 40 years).

The contribution rate is 7% of pensionable salary above the lower earnings limit.

Members can choose to pay contributions of 8.5% of pensionable salary (above the lower earnings limit) instead of 7%. Pensions earned with contributions of 8.5% instead of 7% from 1 January 2008 will increase in payment by inflation up to 5% a year. Pensions earned with contributions of 7% from 1 January 2008 will increase in payment by inflation up to 3% per year.

Any pension earned in the Fund before 1 January 2008 is entirely unaffected by the changes.