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 benefits were based on your pensionable earnings between two levels while you were an active member. The higher level is reviewed each April.
Career average plan lower level
Your benefits were based on your pensionable earnings between two levels, while you were an active member. The lower level is reviewed each April.
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.
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 was normally your basic pay, but may have included other earnings from time to time. (Your employer will have told you if other earnings are included.) Your pension amount each 'plan year' was 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 were both working at Unilever and building up benefits in the Unilever UK Pension Fund, you were in 'pensionable service'. You can have a maximum of 40 years' 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. If you took part in the Unilever Contribution Arrangement, instead of you paying contributions from your salary, Unilever paid an amount equal to what your contributions would have been straight into the plan. You agreed that your pay was reduced by the same amount. In this way, you and Unilever made savings on the National Insurance that would have been payable if you had made the contributions yourself.