If you leave Nestlé you will become a ‘deferred’ member and the following things will happen:
If you are a DB Core or DB Core Plus member
You’ll stop building up pension in the Fund (from contributions from your salary and from Nestlé).
We’ll send you a statement that tells the value of your pension at your normal retirement date.
We’ll increase the value of your pension each April to help it keep up with inflation (the rising costs of buying everyday things). How much it increases by will depend on when you built it up and what section you were a member of (such as Lane 1 or DB CorePlus). If you’d like an update on the current value of your pension, you can request a statement from Nestlé Pensions.
If you’re a DC Start and or DC Core member
This includes DB members who save additional voluntary contributions into DC Core.
You will stop building up pension savings in your DC account.
Nestlé will stop paying into your DC pension savings account.
The money in your DC pension savings account will stay invested in the way that you told us you’d like them to be invested.
If you’re a member of DC Start, your pension savings will stay invested in the Lifetime Pathway.
We’ll write to you each year to tell you how your DC pension savings are doing.
Transferring your pension
After you leave, you can choose to transfer your pension to another registered pension provider or leave it where it is and use it to provide a retirement income when you stop working.
As with all financial decisions, we’d recommend taking financial advice before transferring your pension to another provider.
You can search for an authorised independent financial adviser in the pensions and retirement section of the MoneyHelper website.
You can read more about transferring your pension in the deferred section of this website.
Before you leave Nestlé
Make sure your target retirement age is up to date
If your pension savings are invested in the Lifetime Pathway, it’s really important that your target retirement age is up to date.
Otherwise we might start moving your pension savings into lower-risk investments too early or too late.
Review your investment choices
It’s always worth checking that your investment choices are still in line with your plans. If you’re not sure where to start, read more about your investment choices.
Check we know who your loved ones are
Make sure your Nomination Form is up to date. If it’s been a while since you filled one in, or you have never filled in a Nomination Form, it’s worth doing so before you leave, so that the Trustees can use it to help them decide who might receive any cash sum that might be paid when you die.
Make sure your contact details are up to date
If you change your address or email address in the future please let Nestlé Pensions know so that they can contact you.
If you want advice about your investment choices, you should contact an independent financial adviser. MoneyHelper has a list of advisers who are authorised by the Financial Conduct Authority. You can find this list in the pensions and retirement section of the MoneyHelper website.