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What choices do you have?

As a new joiner at Nestlé, you have two basic choices when you join the Pension Fund:

  1. Deciding how much to save – keep reading to see your options.
  2. Deciding how to invest your money – go to investing your account to find out more.

Depending on how much you want to save, you can choose which defined contribution (DC) section you want to join – DC Start or DC Core.

What’s defined contribution?

With this type of pension, you build up savings in your pension savings account based on contributions from you and from your employer plus any investment returns. When you retire you can then use the savings in this account in a number of different ways. One way is to turn it into an income for life.

DC Start

If you haven’t saved into a pension savings account before, or want to start by saving a small amount, DC Start is a great place to begin. You can ask to join this ‘section’ whenever you want, or if you do nothing for 90 days, you’ll be contractually enrolled on the 91st day of your employment.

In DC Start, the contribution rates are as follows:

 
From April 2019
You
4%
Nestlé
5%
Total
9%

Importantly, you can’t increase your contributions in DC Start. To do this, you would have to move to DC Core, which you can do every three months by completing a DC Core Option Form.

As well as building up savings, as soon as you’re a member of DC Start, you’re also entitled to other benefits that may protect your loved ones. To find out more, see If you die while working.

DC Core

You can join DC Core at any time. It works in the same way as DC Start but you and Nestlé make higher contributions.

In DC Core, the contribution rates are as follows:

You
Nestlé
Between 5-8%
1.5 x your contribution

If you want to pay in more than 8%, you’ll have to top up your pension with additional voluntary contributions (AVCs). Although you don’t receive any matching from Nestlé if you make AVCs, you can still make tax and national insurance savings, meaning they’re a tax-efficient way to save.

Example:

5% contributions from you
+
7.5% from Nestlé
=
12.5%in total
8% contributions from you
+
12% from Nestlé
=
20% in total
10% contributions from you
+
12% from Nestlé
=
22% in total

See Topping up your pension to find out more about making AVCs.

As well as building up savings, as soon as you’re a member of DC Core, you’re also entitled to other benefits that may protect your loved ones. To find out more, see If you die while working.