How the Fund is run
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.
More details about the Fund are set out in the Trust Deed and Rules, the legal document governing the Fund. This document, along with other Fund documents such as the full Trustee Report and Accounts, Valuation Report, Schedule of Contributions, Statement of Funding Principles and Statement of Investment Principles can be requested from Nestlé Pensions.
The Trust Deed and Rules will always overrule this website or any scheme booklets that we may have issued in the past in the event of any inconsistencies.
Your trustee board
The Fund is managed by a Trustee Company, Nestlé UK Pension Trust Ltd. There are currently eight Trustee Directors – four appointed by Nestlé UK and four nominated by the active and pensioner members (and are known as member-nominated Trustee Directors). The Directors are responsible for running the Fund in your best interests. Nestlé Pensions manages the day-to-day running of the Fund on behalf of the Trustee.
Member-Nominated Trustee Directors
Nestlé UK-appointed Trustee Directors
Every three years, members currently working for Nestlé (active members) can vote to elect one or more Member Representatives from active members at their site. There is roughly one Member Representative for every 100 active members or one for each site, if a site has less than 100 active members. Member Representatives act as a link between active members, Nestlé Pensions and the Fund Trustees. They meet with representatives from Nestlé Pensions twice a year, when they are told about current issues surrounding the Fund and pensions in general. They can also raise any specific questions that members may have or report any pensions-related concerns affecting the general membership. You can find details of the Member Representatives for your site in the pensions section of the Nest or by contacting Nestlé Pensions.
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
You will get a pension statement every year showing your individual Fund benefits. You will also receive the annual Fund newsletter, Pensions News. If you would prefer to get an online newsletter sent to you by email, along with other non-personalised communications, please complete the paperless opt-in form (if you haven’t already done so). The Trust Deed and Rules, the full Trustee Report and Accounts, the Statement of Investment Principles, the latest actuarial valuation report and the Schedule of Contributions can be requested from Nestlé Pensions.