Your choices at Annual Renewal

You have a number of choices in the Unilever UK Pension Fund about the way in which you build up benefits, which are set out below. You can review and revise your choices each year.

Find out more about the choices you have in a "Money Talks - about your pension choices" live meeting. To find out more about these sessions and how to book, click here.

2020 Annual Pensions Renewal - Video recordings

Extra Voluntary Contributions

You can choose to pay Extra Voluntary Contributions to the Investing plan to build up additional pension benefits for your retirement.

You can pay Extra Voluntary Contributions regularly or you can make stand alone contributions from time to time.

Additional Inflation Protection

The standard Career average plan contribution rate is 5% of your pensionable earnings between the two levels. Any pension you build up from 1 July 2012 whilst contributing at this rate will increase in payment in line with inflation up to 3% a year.

You have the option to choose a contribution rate of 10.3% instead. Any pension you build up while contributing at this rate will increase in payment in line with inflation up to 5% a year.

Extra Life Cover

The standard level of life cover payable from the Career average plan if you die in pensionable service is a cash sum of 4 times your pensionable earnings at the date you die.

You currently have the option to pay more for extra life cover of up to a total of 8 times your pensionable earnings. (Remember that life cover is based on your total pensionable earnings, ignoring the two levels.)

Life Cover Calculator

Use our Life Cover Calculator to help you think about the right level of life cover for you.

Unilever 12.5% Contribution

If your pensionable earnings at 1 April 2021 were above the higher level (£63,800) Unilever provides an additional contribution of 12.5% of your pensionable earnings above this level because this part of your pensionable earnings is not covered by the Career Average Plan.

Annual renewal process

The Annual renewal is your opportunity to make changes to some of the choices you have made about your pension in the Unilever UK Pension Fund