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Pre August 2010 benefits

This section of the website gives you a reminder of what happened to your pre-August 2010 benefits if you were a member at that time.

Your benefits built up before 1 August 2010 were treated differently depending on whether you were a member of:

  • the Nestlé UK Pension Fund (NUKPF);
  • the Purina UK Pension Plan; or
  • the Nestlé Waters UK Ltd Retirement Benefit Scheme.

NUKPF benefits

Before 1 August 2010, benefits built up in the Fund on a Final Salary basis.

If you were a member of the Fund before 1 August 2010, when you take your pension, your benefits built up before 1 August 2010 will be paid in addition to the benefits you have been building up in the lanes from 1 August 2010. These include benefits from:

  • Age Option Added Years,
  • Added Years AVCs,
  • Salesman Added Years,
  • Nestlé Rowntree Closed Scheme AVCs or
  • Bridging Pensions

The pension that you built up in the Fund before 1 August 2010 was calculated at 31 July 2010, based on your Final Pensionable Pay and your Pensionable Service at that date. These benefits are increased each year until you retire to keep up with inflation (in line with the Retail Prices Index (RPI) up to a maximum of 5% a year as long as you remain an active member). In times of high inflation, Nestlé has the discretion to increase your benefits above 5%.

Once your pension is in payment, it receives increases each year to help it keep pace with inflation. the Fund increases pension built up before 6 April 2006 in line with the rise in RPI up to a maximum of 5% a year, and pension built up from 6 April 2006 in line with the rise in RPI up to a maximum of 2.5% a year.

For further information about the 2010 changes, see the newsletter that you were sent in March 2010.

Purina benefits

In the Purina UK Pension Plan (the Plan) benefits either built up on a Final Salary basis (if you were a member of the Final Salary or Senior Executive section) or on a Defined Contribution (DC) basis (if you were a member of the Pension Savings Plan).

Nestlé Waters benefits

In the Nestlé Waters UK Ltd Retirement Benefit Scheme (the Scheme), benefits built up on a Defined Contribution (DC) basis.

If you were a member of the Scheme before 31 July 2010, the value of your account in the Scheme transferred into Lane 1 of the Fund and was invested in line with your investment instructions. If you didn't make an investment choice, the value of your account was invested in the Moderate Pathway.

From 1 August 2017, your Lane 1 account was transferred into DC Core and its value continues to go up and down depending on the performance of your investments. If you didn't make an investment choice, the value of your account was invested in the Lifetime Pathway with a Target Retirement Age of your State Pension Age at 1 August 2017. See DC benefits for a reminder of how DC Core works.

When you retire, depending on what other benefits you have built up in the Fund, you may need to use the value of your DC Core account to buy a pension, although you may be able to use it towards your tax free cash or to transfer it to another recognised pension provider. In which case, the timing of the payment of your pension and whether it will be increased each year will depend on the terms agreed when you buy your pension. For more information see Buying a pension.

For further information about the 2010 changes, see the newsletter that you were sent in March 2010.