How your pension increases

Pension increase

Every year, at the end of January, we compare your Fund pension with inflation. If inflation’s gone up, we’ll apply an increase to your pension from 1 April that year. The amount your pension increases by will depend on when you were an active member of the Fund.

Before we apply any increase, we’ll write to you to let you know how much your Fund pension will increase by. Increases are applied each scheme year, which run from 1 April until 31 March the following year.

If you need any more information about how your pension increases, contact Nestlé Pensions.

Guaranteed minimum pension (GMP)

If you were an active member of the 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’ll receive benefits from the Fund instead of the state for that period of service. This is known as a GMP.

Any increases to GMP are set out in legislation. If you were contracted out, we’ll also include information about any increase to your GMP at the same time as we write to you about any increase your main Nestlé pension.

Pension payment dates

We’ll pay your Nestlé pension into your bank account on the following dates:

* These dates are provisional for now, but we'll confirm them nearer the time.

We’ll send you a list of these pension payment dates along with your pension increase letter in April.

Moving house or changing bank?

If you’re changing either your home address or your bank details, we’ll need this information from you in writing, along with your signature and either your date of birth or National Insurance number. To help keep your pension safe, we can’t accept these changes over the phone or by e-mail.

Nestlé Pensions process any changes to bank accounts in the first week of the month to make sure they’re ready for the next monthly payroll. If you let us know about a change in bank details after that, we’ll process the change in time for the following month’s payroll.

Tax and your pension

HM Revenue & Customs (HMRC) tells us which tax code to apply to your pension. So, if you have any questions about your tax code or the amount of income tax you pay on your pension, you’ll need to get in touch with them. When you do, you’ll need your National Insurance number and to quote reference 585/NY1082.

Call HMRC:

0300 200 3300, or +44 135 535 9022 if you’re calling from outside the UK.

Write to HMRC:

Pay As You Earn and Self Assessment
HM Revenue and Customs
BX9 1AS
United Kingdom

If you have any more questions about income tax, please contact HMRC.