Annual allowance

This is the yearly amount of tax efficient pension savings you can build up in registered pension schemes – either inside or outside the Unilever UK Pension Fund – before a tax charge arises (the 'annual allowance charge'). (A 'registered pension scheme' is one which is registered with HM Revenue and Customs under the Finance Act 2004.)

Dependant

This can mean anyone who (in the Trustees' opinion) wholly or partly depends on you either for financial reasons, or because of a permanent disability.

Inflation

This is the general rise in prices, normally measured by the 'Retail Prices Index' – a figure taken from measuring how costs increase across a range of goods and services.

Lifetime allowance

This is the total amount of tax-approved benefits you can build up over your working life before a tax charge arises (the 'lifetime allowance charge')

Normal retirement age

This is age 65 for men and women.

Pensionable service

When you are both working at Unilever and building up benefits in the Unilever UK Pension Fund, you are in 'pensionable service'.

Unilever

Unilever is the Unilever Group company that employs you and has agreed to take part in the Unilever UK Pension Fund. But, in some places in this website it means Unilever PLC.

Unilever Contribution Arrangement

This is the normal way of making contributions to the plan. Instead of you paying contributions from your salary, Unilever pays an amount equal to what your contributions would have been straight into the plan. You agree that your pay is reduced by the same amount. In this way, you and Unilever make savings on the National Insurance that would be payable if you made the contributions yourself.