This video is to help you consider your choices for your Benefits Envelope.

This video is to help you consider your choices for your Benefits Envelope.

Download a summary handout of the webinar for you below:

Pre 1 October 2021 employees

Employees who joined Unilever on or after 1 October 2021

If you choose to make these contributions regularly you must then choose whether you would like these Extra Voluntary Contributions to be fixed term or variable.

Fixed term - Extra Voluntary Contributions are made through the Unilever Contribution Arrangement. This means you save on National Insurance contributions as well as tax. However you must commit to the same rate of fixed-term Extra Voluntary Contributions for at least 12 months, and you can only change or stop them on 1 October each year.

Variable - Extra Voluntary Contributions are made outside the Unilever Contribution Arrangement. As a result, tax relief still applies to them but there is no National Insurance contribution saving. However, they are more flexible – within limits you can more or less pay the amount you want, when you want.

Remember, you can start to make regular Extra Voluntary Contributions at any time. However, you can only reduce or stop fixed term Extra Voluntary Contributions each October.

If you want to change the amount of Extra Voluntary Contributions you are paying, or to start making Extra Voluntary Contributions please contact the Unilever Pensions Team. You can choose:

• Whether you want this your Extra Voluntary Contributions to be fixed-term or variable.

• Whether you want to make a stand alone contribution (either as well as or instead of regular Extra Voluntary Contributions).

• Whether you want to stop paying Extra Voluntary Contributions.

Address: Unilever Pensions Team, Capita, PO Box 420, Darlington. DL1 9WU

Phone: 0800 028 0051

If calling from overseas, please dial: +44 (0) 1473 633 307

E-mail: unileverpensionsteam@capita.co.uk

If you sign up for extra life cover, it must be for at least 12 months. As long as you have stayed at the same level for that length of time, you can then change your level of life cover once a year in October. If you are already paying towards a higher level of life cover than 4 times your pensionable earnings, you have the option to change down as well as up.

Before increasing your cover, you must confirm that you are in good health by answering some medical questions on the Extra Life Cover choices form. If you answer yes to any of the questions you cannot increase your cover this time round. You do not have to answer the questions if you want to decrease your level of cover.

The annual renewal form also lists the costs of levels of life cover above the standard level. The costs are shown as percentages of your pensionable earnings (ignoring the Upper Limit of £52,270) and vary according to your age at 1 October. so this means that if you stay on the same level of cover from year to year, the cost will actually go up. The costs are reviewed from time to time and may change in the future. The life cover modeller will be updated if these costs change.

The standard Core Life Cover payable if you die whilst employed by Unilever is a cash sum of 4 times your pensionable earnings at the date you die.

From 1st October 2021 all Unilever employees will be eligible for this Core Life Cover, regardless of whether or not you are a member of the Unilever UK Pension Fund. The cost of this Core Life Cover is met by Unilever.

You have the option buy Extra Life Cover of up to 4 times your pensionable earnings through Unilever. This means that you could potentially be covered for up to 8 times your pensionable earnings in total, via Unilever.

Remember that life cover is based on your total pensionable earnings, ignoring the Upper Limit (the Upper Limit is £52,270 for the year from 1 October 2023).

Example:

• If your pensionable earnings are £50,000 then you will be covered for Core Life Cover of £200,000.
• The cost of providing this Core Life Cover is met by Unilever.
• You would then have the option of purchasing a further 4 x pensionable earnings (i.e. £200,000) as Extra Life Cover.
• The cost of this Extra Life Cover is met by yourself, from your pay.
• So, for someone with pensionable earnings of £50,000, the maximum life cover available through Unilever is £400,000 (8 times pensionable earnings).
• You will have the option of amending your Extra Life Cover at each annual renewal date.

If you want to change the amount of Extra Life Cover you are paying for, you can make this selection on the My Reward system:

• Choose the level of Extra Life Cover (on top of the standard 4 times life cover) you would like (whole multiples of pensionable earnings only).
• Confirm if you wish to stop paying for your existing level of Extra Life Cover and revert to the standard level of 4 times total pensionable earnings.
• If you want to increase your level of cover, answer 3 simple questions about your health.

If you were a member of the Unilever UK Pension Fund and paying for additional life cover as at 30th September 2023 then this level of cover will continue automatically from 1st October 2023, unless you choose to amend your level of additional life cover. The cost of the additional life cover is met from your pay via salary sacrifice.

You can use our Life Cover modeller to help you think about the right level of life cover for you.

Please note that you do not need to login to the Life Cover modeller. Any data that you enter into the modeller will be deleted when you close your browser.

The privacy notice provides more information on how we use your data.

We have recorded a 10 minute demonstration video which explains how to use the life cover modeller and how to understand the results.

At each annual benefit choices election window you are able to choose to take out additional voluntary serious ill health cover. The cost of this cover will be deducted from your pay.

• If you are an active member of the DB Career Average plan then the UUKPF provides a serious ill-health pension which includes some allowance for the pension that you would have built up to age 65, had you remained in active service. As your benefit in the DB Career Average plan is based on your salary up to the Upper Limit (from 1 October 2023 this is £52,270) then you are able to buy additional cover for that part of your salary above the Upper Limit. You are able to buy a voluntary serious ill-health top-up which provides a lump sum paid into your DC Investing plan account if you have to retire early due to very serious ill health. This lump sum benefit is calculated as: 25% of your salary above the Upper Limit for the number of years from your serious ill-health retirement date to age 65.
  • If your salary is less than £52,270 (from 1 October 2023) you will not be eligible to take out the additional voluntary serious ill-health top up. This is because the DB Career Average plan already provides a benefit based on your full pensionable salary.
• If you are an active member of the DC Investing plan only then the value of your DC Investing Plan account is used to provide your benefits at retirement. You are able to buy a voluntary serious ill-health benefit which provides a lump sum paid into your DC Investing plan account if you have to retire early due to very serious ill health. This lump sum benefit is calculated as: 25% of your salary for the number of years from your serious ill-health retirement date to age 65.
• If you are an active member of the Retirement Savings Plan (this generally applies if you joined Unilever after 30 September 2021) then the value of your Retirement Savings Plan account is used to provide your benefits at retirement. You are able to buy a voluntary serious ill-health benefit which provides a lump sum paid into your Retirement Savings Plan account if you have to retire early due to very serious ill health. This lump sum benefit is calculated as: 25% of your salary for the number of years from your serious ill-health retirement date to age 65.

The voluntary serious ill-health cover is complicated to explain, but this 20 minute video explains the available options in a simple manner.