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.)
Career average plan higher level
Your contributions and benefits in the Career average plan are based on your pensionable earnings between two levels.
This level is linked to 110% of the work level 2B salary band and any change will take effect on 1 April each year as that salary band changes. The higher level is adjusted downwards according to your hours worked if you work part time.
Career average plan lower level
Your contributions and benefits in the Career average plan are based on your pensionable earnings between two levels. The lower level is reviewed each year and any change will take effect from 1 April. It is expected to increase in line with increases to the Basic State Pension. The lower level is adjusted downwards according to your hours worked if you work part time.
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.
Extra voluntary contributions
These are additional payments you can make on top of your normal contributions to add to your benefits. You can make them regularly, or as occasional 'one-off' payments, subject to the terms of the Investing plan.
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.
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.
This is normally your basic pay, but may include other earnings from time to time. (Your employer will tell you if other earnings are included.) Your pension amount each 'plan year' is worked out using your pensionable earnings between two levels. The plan year runs from 1 April to 31 March, unless Unilever decides that another period is to be the plan year.
When you are both working at Unilever and building up benefits in the Unilever UK Pension Fund, you are in 'pensionable service'.
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.