Your guide to your pension statement
Welcome
Throughout your statement, you’ll see that we mention ‘the Fund’ and ‘the Company’. When we mention the Fund, we’re referring to the Nestlé UK Pension Fund and when we mention the Company we’re referring to Nestlé UK.
The best way to use your pension statement is in the following order:
1Look at your figures
Look at your figures to see
- how much you've built up so far, and
- how much income you're on track to get from the Fund when you retire.
2Set your target
If you're not sure how much income you'll need when you retire, turn to the 'Set your savings target' page in your statement to find out how you can set your retirement income target.
If you need help setting a target, take a look at our Set your savings target page. While you’re there you can:
- read about the Retirement Living Standards,
- read how they can help you picture your life in retirement, and
- use our Retirement savings tracker to see whether you’re on track for the standard of living that you’d like in retirement.
3Review your options
If you don't think you'll have enough for the standard of living that you’d like in retirement, go to the 'Review your options' page to read about your options.
You could consider saving more into your pension savings account, or updating your target retirement age so that you have a few more years to build up what you’ll need.
4The modeller and your online account
To see how you can make a difference to your income in retirement by making the changes available to you, read section 4 of your statement. Here you can find out how to log in to your online account and how you can use the modeller. You can also see how much making the changes available to you will cost you after tax and national insurance savings.
You can find out more about how your pension builds up under Your pension.
Got a specific question?
If you have a particular question, have a look at our question and answer section.
Want more detail about how we calculated the figures in your statement?
If you love to know the smaller details, have a look at our assumptions. Here we explain how we calculated parts of your statement and what assumptions we used for things like inflation, annuity rates and investment returns.
Online tools
To access the online forms and your personal information, you'll need to log in to Your account using your member number and password. You can find your member number in section 4 of your statement.
Haven't got an online account yet?
No problem, you'll need to sign up, but it doesn't take long.
To sign up you'll need your member number (which you can find in section 4).
If you've got an online account but have forgotten your password, you can reset your password online.
Your account and online forms
Log in to Your account to access your personal information and figures.
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 make changes to some of your choices online using our online forms.
And you can view your recent pension statements on Your account.
Online forms
You can log in to Your account and make 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. If you're a DB member – you can use this form to make changes to the savings that you make to DC Core once you've reached the pensionable earnings cap.
Additional Voluntary Contributions (AVCs) 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.
Investment Choices Form
Use this form to change the way your DC Core savings are invested - this includes your main savings to DC Core, including the savings that you might make once you reach the pensionable earnings cap and how your additional voluntary contributions are invested If you want to, you can choose to invest each differently.
Target Retirement Age Change Form
Use this form to change your target retirement age.
Don’t let a pension scammer ruin your retirement
Learn how to protect yourself from scammers on our dedicated scams page where you’ll also find:
- information on how to stay protected against scams,
- a link to, and information about, ScamSmart – the Financial Conduct Authority’s (FCA’s) dedicated scams website,
- details on The Pensions Regulator (TPR) and a link to their scams guide,
- a link to guidance from the FCA’s website, that tells you what you need to consider if you are thinking about transferring your defined benefit (DB) pension, and
- a letter from the FCA, TPR and Money and Pensions Service that tells you what you need to consider before transferring your pension.
Read more about how to protect yourself from scammers on our dedicated scams page.
How the Fund is run
Each year, you can find out more information about how the Fund is run from several documents that the Trustees produce. These documents include:
Statement of Investment Principles (SIP)
The SIP sets out the main principles that are used when the Trustees make investment decisions for the Fund. There are two SIPs – a SIP for the DB sections and a SIP for the DC sections.
Implementation statement
As part of the Fund’s report and accounts, the Trustees also need to show how the investment policies set out in the DB and DC Statement of Investment Principles have been implemented. These are known as ‘Implementation statements’. As with the SIPs, there are two Implementation statements – a DB Implementation statement and a DC Implementation statement.
DC Chair’s statement
The Chair of the Trustees must also confirm how the DC sections of the Fund meet certain governance standards in the DC Chair’s Statement. The aim of the DC Chair’s statement is to provide you with information about how the DC Start and DC Core sections of the Fund are managed, and the costs and charges that apply to your investments.
Task force for climate-related financial disclosures report (TCFD)
In October 2021, regulations came into force which require pension schemes with assets valued at £5 billion or above to report on how they are managing climate-related risks and opportunities.
The Trustees of the Fund have produced their first ‘TCFD report’ for 2021. This report sets out their approach for the assessment, ongoing management and mitigation of climate-related risks and opportunities.
You can find the Chair’s Statement, Implementation Statement and the Statements of Investment Principles in our How the Fund is run section or under Fund documents.