At a glance
There are two main parts to your pension and you must take both parts of your pension together when you retire:
- Your Final salary plan pension, based on your final pensionable salary and your Final salary plan pensionable service that ended on 30 June 2012;
- Your Career average plan pension, based on your pensionable earnings between two levels for each year from 1 July 2012 that you are in the Career average plan.
In addition, you can add to your benefits with extra voluntary contributions to the Investing plan.
Here are the main features of the Career average plan:
- Your pension is normally paid at age 65 or if later, your date of leaving – but you may have the option of retiring early before age 65.
- 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.
- Your contribution to the Career average plan is 5% of your pensionable earnings between the two levels towards these benefits.
- Unilever meets the cost of your Fund benefits not covered by your contributions to the Career average plan.
Here are the main features of the Final salary plan.
- The Final salary plan closed on 30 June 2012, and members in pensionable service at that date started Career average plan pensionable service on 1 July.
- Your Final salary plan pension is based on your Final salary plan pensionable service at 30 June 2012 and your Final pensionable salary when you leave Career average plan pensionable service – whether that is because of retirement, leaving Unilever’s employment, opting out of the Fund or more unfortunate circumstances like death.
- In addition, your Final salary plan pension at the date your Career average plan pensionable service ends (or age 65 if earlier) will be checked against your Final salary plan pension at 30 June 2012 and may be increased as a result. The check is done in line with the Fund’s trust deed and rules.
Here are the main features of the Investing plan:
- Your extra voluntary contributions are credited to an account in the Investing plan in your name. Unilever will match these contributions up to a certain level.
- If your earnings are above the Career average plan higher level, you may receive a contribution from Unilever to your Investing plan account.
- You decide how you want the Trustees to invest your account from a range of investment fund choices. Your personal situation – and how you feel about the risks involved with investing – will have an influence on which funds you choose.
- You can change your fund choices as your needs and priorities change over time. You can also choose to have your account ‘switched’ into different funds automatically as you approach retirement.
- When you retire, you can choose how your account is used to provide extra benefits on top of those from the Career average plan (and Final salary plan, if it applies to you). The level of benefits will depend, among other things, on how much is paid into your account and how well your chosen funds perform.
- The Investing plan is currently administered by Fidelity Investments Life Insurance Limited (‘Fidelity’) on behalf of the Trustee of the Unilever UK Pension Fund.
- view an up to date balance of your Investing plan account;
- find more details about the funds available to you, in the fund fact sheets;
- see how your Investing plan account is invested;
- make changes to your fund choices if you want to; and
- check transactions on your Investing plan account.
You can find PlanViewer at www.planviewer.co.uk.
If you have any questions about accessing PlanViewer, or need a reminder of your login details, please call Fidelity’s Pension Service Centre on 0800 3 68 68 68.
For more information on the plans, please download the Career average and Investing plan guides from the downloadable documents area.