The Fund is set up under a Trust and is governed by a legal document called the ‘Trust Deed and Rules’. The Fund’s assets (including members’ DC Start and DC Core accounts) are held in a different place to Nestlé’s assets and can only be used to benefit members and their beneficiaries. All the benefits described on this website are provided directly from the Fund unless we have said otherwise. The Fund is a registered pension scheme under the Finance Act 2004, which means that you get some tax advantages, such as tax relief on what you pay into the Fund.

Your trustee board

The Fund is managed by a Trustee Company, Nestlé UK Pension Trust Ltd. The trustee company has an overall duty to run the Fund in line with its trust deed and rules and current trust and pensions law. It acts through its board of directors, who are generally called ‘Trustees’. Please note: this does not mean each director has the same legal duties individually as the trustee company – it is simply a useful shorthand term.

There are currently eight Directors on the Board of the Trustee Company – four appointed by Nestlé UK and four nominated by the active and pensioner members (known as member-nominated Trustee Directors).

The Board has set up three Trustee Committees to manage various matters delegated to them by the Trustee Board. The Committees are:

We normally hold quarterly Board meetings to conduct the business of the Fund, as well as quarterly meetings of each of the Committees.

Member-Nominated Trustee Directors

Nestlé UK-appointed Trustee Directors

Fund administration

Nestlé Pensions manages the day to day running of the Fund on behalf of the Trustees.

You can find the contact details for Nestlé Pensions on the Contact us page.

Fund documents

Pensions law states that the Trustees must produce a number of documents each year. These include:

• The Fund’s annual statement regarding governance of the DC sections of the Fund (the 'DC Chair’s Statement'),
• The Fund’s Statements of Investment Principles (SIPs),
• Investment Implementation Document (IID) for the DC section, and
• The SIP Implementation Statements.

You can read about these documents and download them in the section below.

The Fund’s annual statement regarding governance of the DC sections of the Fund (the 'DC Chair’s Statement')

The statement describes how the Trustee has met the statutory governance standards in relation to:

• The default investment arrangements in the DC Start and DC Core sections,
• Requirements for processing DC financial transactions,
• Assessment of charges and transaction costs that apply to the investment funds in the DC sections, and
• The requirement for trustee knowledge and understanding for the Fund year in question.

The DC Chair’s Statement includes the Statement of Investment Principles (SIP), and the Investment Implementation Document (IID). These documents all relate to the Fund year of the DC Chair’s Statement. The SIP and IID may be updated at different times. You can download the latest versions of these documents in the section below.

The Fund’s Statements of Investment Principles (SIPs)

These documents set out the principles governing the investment decisions for the Fund. There are two SIPs for the Fund – one for the defined benefit (DB) section, and one for the defined contribution (DC) section.

In addition, the Trustees have produced an Investment Implementation Document (IID) for the DC section. This sets out the detail of the specific investments held in the DC section, and the various policies and procedures that have been put in place by the Trustees in relation to DC investments.

The SIP Implementation Statements

Each year, as part of the Fund’s report and accounts, the Trustees need to show how the investment policies set out in each of the SIPs have been implemented during the previous year to 31 December. These are known as the `Implementation Statements’.

There are two Implementation Statements – one relating to the DB SIP, the second relating to the DC SIP. Each Statement must:

• Describe any review of the SIP during the period covered by the Statement including an explanation of any changes to the SIP,
• Set out how, and the extent to which, in the opinion of the Trustees, the SIP has been followed during the year, and
• Describe the voting behaviour by, or on behalf of, the Trustees during the year as well as stating any use of the services of a proxy voter during that year.

Other documents

The Trustees also produce other documents that relate to how the Fund is run:

• An annual report and accounts for the Fund
• Funding reports, and
• The Trust Deed and Rules of the Nestlé UK Pension Fund.

Contact Nestlé Pensions if you would like copies of these documents.

General information

Changing or closing the Fund

Nestlé has the power to close the Fund at any time by giving the Trustee one month’s written notice of its intention to stop making contributions to the Fund. Nestlé may also make changes to the Fund, but it has to have the consent of the Trustee and must consult with members.

Ownership of benefits

Your Fund benefits are strictly personal. They can’t be transferred to any other person. And they can’t be used as security for a loan. If you try to do this, you might lose some or all of your benefits.

Keeping you informed

Each year, we send Fund members a newsletter, Pensions News, giving updates from the Trustees of the Fund, as well as information about the Fund membership and funding.

Active members of the Fund receive a pension statement every year showing their individual Fund benefits – built up in the defined benefit and/or defined contribution sections.

Deferred members receive a statement showing how much they have built up in their defined contribution (DC) account, and what this could provide at retirement.