- Your Nestlé pension is paid to you monthly.
- We review the amount of pension you receive each year in April.
- The Fund may pay benefits to your dependants when you die.
You can read more about how your pension increases below. To find more specific information about your pension, please refer to any documents we have previously sent you or contact Nestlé Pensions.
How your pension increases
Every year, your Nestlé UK Pension Fund pension is compared with inflation at the end of January and increased from 1 April. The amount that it increases by depends on when you were a member of the Fund. Each year before your pension increases we write to you to let you know how much your pension will increase by in the next scheme year (from 1 April that year until 31 March the following year). If you need any further information about this, please contact Nestlé Pensions.
Guaranteed minimum pension (GMP)
If you were in the Nestlé Pension Fund between 6 April 1978 and 6 April 1997 your pension will normally include a GMP. Because the Fund was ‘contracted out’ of the State Earnings Related Pension Scheme (SERPS), you will receive benefits from Nestlé UK Pension Fund instead of the state for that period of service. This is known as a guaranteed minimum pension.
If you were contracted out, the increases that you receive to your GMP are set out in legislation. Every year when we write to you about your pension increases, we also include information on your GMP.
Pension payment dates
Your Nestlé pension will be paid to your bank account on the following dates:
*These dates are provisional
Information about tax
HMRC tell us the tax code to apply to your pension. If you have any questions about your tax code or the income tax you pay on your pension, please ring the tax office (HMRC) on 0300 200 3300 (or +44 135 535 9022 from outside the UK) quoting reference 585/NY1082. You should have your National Insurance number to hand when phoning the tax office.
Or you can write to HMRC at the following address:
Pay As You Earn and Self Assessment
HM Revenue and Customs
If you have any further questions about income tax, please contact HMRC.