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Changing how your pension builds up

Here’s how and when you can make changes to how your pension builds up.

DC Start

As a DC Start member, you can move to DC Core once a quarter. By joining DC Core, you would pay more into your pension, but you would also benefit from higher contributions from Nestlé and a wider choice of investment options. See Overview of sections for more information about how your pension builds up in DC Core and see Your investments for more information about the DC Core investment choices.

To move to DC Core, complete a DC Core Option Form and return it to Nestlé Pensions.

DC Core

As a DC Core member, you can make changes to your DC Core contributions once a month. You can pay between 5% and 8% of your pensionable earnings, and additional voluntary contributions (AVCs) above that. Nestlé does not pay anything towards your AVCs. Visit Topping up your pension for more information.

To change your DC Core contribution rate, complete a DC Core Option Form and return it to Nestlé Pensions.

DB Core

If you are a DB Core member, and you have been a member of the Fund since before 1 August 2010, you can move between DB Core and DB CorePlus in April each year. DB CorePlus has a higher contribution rate, and your pension builds up at a faster rate. See Overview of sections for more information about how your pension builds up in the different sections.

To switch DB sections, complete a DB Switch Form and return it to Nestlé Pensions.

You can also move into DC Core and you have the opportunity to do this once a quarter. If you were a member of Lane 2 or Lane 3 at 31 July 2017 and you choose to move to DC Core, you will benefit from higher Nestlé contributions to DC Core until July 2022. It’s important to be aware that by moving into DC Core you’d be building up defined contribution benefits. See Overview of sections for more information about what that would mean for your pension.

If you choose to move into DC Core, you will not be able to move back into one of the DB sections at a later date.

To move to DC Core, complete a DC Core Option Form and return it to Nestlé Pensions.

If you earn more than the pensionable earnings cap (£46,818 in 2018/19), the contributions you pay on your pensionable earnings above this amount are used to build up savings in DC Core. You can change the level of contributions you pay on your pensionable earnings above the cap (known as overcap contributions) once a month. If you want to do this, please contact Nestlé Pensions.

For more information about the pensionable earnings cap, visit Overview of sections

DB CorePlus

As a DB CorePlus member, you can change between DB Core and DB CorePlus in April each year. See Overview of sections for more information about contribution rates and how your pension builds up in the different sections.

To switch DB sections, complete a DB Switch Form and return it to Nestlé Pensions.

You can also move into DC Core and you have the opportunity to do this once a quarter. If you were a member of Lane 2 or Lane 3 at 31 July 2017 and you choose to move to DC Core, you will benefit from higher Nestlé contributions to DC Core until July 2022. It’s important to be aware that by moving into DC Core you’d be building up defined contribution benefits. See Overview of sections for more information about what that would mean for your pension.

If you choose to move into DC Core, you will not be able to move back into one of the DB sections at a later date.

To move to DC Core, complete a DC Core Option Form and return it to Nestlé Pensions.

If you earn more than the pensionable earnings cap (£46,818 in 2018/19), the contributions you pay on your pensionable earnings above this amount are used to build up savings in DC Core. You can change the level of contributions you pay on your earnings above the cap (known as overcap contributions) once a month. If you want to do this, please contact Nestlé Pensions.

For more information about the pensionable earnings cap, visit Overview of sections

Additional voluntary contributions (AVCs)

As a DC Start member, you can’t pay additional voluntary contributions. To contribute above 4%, you would have to move to DC Core. For more information about DC Core, visit the Overview of sections

As a DB Core, DB CorePlus or DC Core member, you can stop, start or change your level of additional voluntary contributions (AVCs) once a month. You can also change your investment choices or target retirement age for your DC Core account, which is where your AVCs are paid into, once a month by completing an Active Member Investment Choices Form and returning it to Nestlé Pensions. See Topping up your pension for more information about making AVCs.