Your 2019 pension statement
You should have received your pension statement in the post during September.
In your statement, you’ll find lots of helpful links pointing you towards further information online. You can use this webpage and the links on it to access this information. To access your personal information, you’ll need to log in or register using your username and password. You can find your username on page 9 of your statement.
We’ve made some additions to the website that we think you’ll find useful. There’s an overview below and you can find out more on page 2 of your statement:
Log in to Your account to access your personal information and figures whenever and wherever you want.
You’ll be able to view your current Fund choices and the pension savings you’ve built up so far. You can also access the modeller and request changes to some of your choices online.
View both your 2018 and 2019 pension statements on Your account.
You can now log in to Your account and request changes using the following forms:
DC Core Option Form
Use this form to switch to DC Core or change your DC Core contributions and the way they’re invested. DB members can also use this form to make changes to their overcap contributions if they earn over the pensionable earnings cap.
Investment Choices Form
Use this form to change the way your DC Core contributions are invested.
Additional Voluntary Contributions Form
Use this form to start making AVCs, stop making AVCs or to change the amount of AVCs you pay. You can also use this form to make one-off AVCs from your pay or your bonus.
Target Retirement Age Form
Use this form to change your target retirement age.
DC Chair’s statement
Every year, the Chair of the Trustees must confirm how the DC sections of the Fund meet certain governance standards.
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 between 1 January 2018 and 31 December 2018.
Read the DC Chair’s statement.
How to use your statement
Follow these steps to see if you’re on track for the income you’ll need in retirement and to find out how you can build up more.
1Look at your figures
A breakdown of your DB figures
If you built up DB pension before 1 August 2017, you can now see a breakdown of your DB pension by logging in and visiting Your account.
Find out more about how DB works.
The value of your DC account
Your statement tells you the value of your DC account as at 31 March 2019. Log into Your account to see an up-to-date account balance whenever you like.
Find out more about how DC works.
Your Statutory Money Purchase illustration (SMPI)
We’ve used a certain set of assumptions to calculate the figures we’ve provided in your statement. By law we’re also required to give you another set of figures called a Statutory Money Purchase Illustration (SMPI) – these are calculated using a different set of assumptions.
View your 2018 statement
Your 2018 statement is also available to view in Your account. You can compare this to your 2019 statement to see how your figures have changed over the year.
Keep your target retirement age up to date
We’ve calculated the figures in your pension statement using the age you’ve told us you want to retire. This is known as your target retirement age (TRA). You will only have chosen a TRA if you have chosen to invest in the Lifetime Pathway in DC Core. If you haven’t chosen a TRA, we’ve used your normal pension age (NPA).
Your options at retirement
In your statement we show you what you could do with your pension savings when you retire. This includes the option to take 25% of the value of your pension savings as tax-free cash and a reduced pension. Log into Your account and use the modeller to see how taking different amounts of tax-free cash could impact your pension.
Find out more about your retirement options.
Notes about your figures
The figures in your statement are based on certain assumptions about you and the future. For example, in order to reflect how much you might earn in the future, we assume that you will receive pay rises and your pensionable earnings will increase as a result. We then use this figure to calculate how much you might contribute and what your savings could be worth when you come to retire. To find out more about the assumptions we make, read the detailed Notes and assumptions.
2Set your target
How to set a target
Once you’ve viewed the figures in your statement, consider setting a retirement target to work towards to help make sure you’re saving enough for the retirement you want.
There are tools you can use to help you set your target - like Fidelity’s retirement calculator.
When you’ve set your target, compare it with the figures in your statement to see if you’re on track.
3Review your options
In this part of your statement you can see what choices you have, and how to change them. Remember, you can now log into Your account to request changes. Alternatively, you can download the forms you need from the Forms and documents page and return them to Nestlé Pensions.
Before making any changes, you should read about the different tax allowances and limits that could apply to you. See Pensions and tax to find out more.
4Use the modeller
Log into Your account to access the modeller and use it to help you make your decisions. The modeller can show you the effect that making small changes now can have on your future. For example, see how your estimated pension could change if you paid more in additional voluntary contributions, or changed your retirement age.
Your DC account investments
If you’re a DC Start member, you will automatically be invested in the Lifetime Pathway fund and your target retirement age (TRA) is your normal pension age (NPA).
You don’t have to make any investment choices but, if you’d like to change your investment funds or your TRA, you must first switch to DC Core. In DC Core, you can choose a contribution rate of between 5% and 8% and Nestlé will pay 1.5 times what you pay into your account.
Read more about the Lifetime Pathway fund on the Your choices page.
If you’re a DC Core member, you can choose how your contributions are invested. You can put all your contributions into:
- the Lifetime Pathway fund; or
- any combination of nine other individual 'self-select' funds.
You can also change your TRA to any age between 55 and 75.
To find out more about investing, go to Your investments.
When choosing how your savings are invested, it’s important to remember that there are some costs and charges involved.
Find out more at Your choices.
How to change your investments
Protection for your loved ones
It’s never easy thinking about a time when you’re no longer here, but you can take steps now to look after your loved ones. Find out more about the Fund’s death benefits in the Life events section.
Is your Nomination Form up to date?
Help the Trustees protect your loved ones after you’ve gone by filling out a Nomination Form. It’s important that you keep this form up to date as the Trustees will take it into account when considering who receives any cash sum that might be paid when you die.
If are a DB member of the Fund, your spouse or civil partner could also receive a pension when you die. If you do not have either, or have been separated for more than two years, you can fill in a Dependant’s Pension Application Form to nominate someone else you’d like to receive this benefit. The Trustees will then take this form into consideration when you die.
Download a Nomination Form to nominate someone to receive any cash sum that might be paid when you die.
Download a Dependant’s Pension Application Form to nominate someone to receive any pension that may be paid when you die.
The information on the about you page of your statement is what we’ve used to calculate your figures so it’s important that this information is correct and up to date.
If anything is incorrect, contact Nestlé Pensions.
About your statement
While every care has been taken to provide up to date and accurate information in your statement, we cannot guarantee that inaccuracies will not occur. Nestlé UK Limited and the Trustees will not be held responsible for any loss, damage or inconvenience caused as a result of any inaccuracy, error or omission. If there is any conflict between the information in this statement and the Trust Deed and Rules of the Nestlé UK Pension Fund (the Fund), the Trust Deed and Rules (as amended from time to time) take precedence.
Although every effort is made to ensure information is up to date at the time of writing, subsequent changes to the Fund’s documentation and/or applicable legislation may affect its accuracy or completeness.
Your statement is not intended to provide a definitive description of any benefits payable from the Fund or a comprehensive statement of the law on any issue. Nothing in this document confers any legal entitlement to benefits.
Nothing in your statement constitutes financial advice and you should not rely on information in this document when making any decisions about your benefits or Fund membership. We recommend that you consider taking independent financial advice before making any such decisions.
This document contains references to the Trustees. These are the Directors of the Nestlé UK Pension Trust Ltd.