Pre August 2017 benefits
This section of the website gives you a reminder of what happened to your benefits built up between 1 August 2010 and 1 August 2017, if you were a member at that time.
When you take your benefits, you will receive your benefits built up before 1 August 2017 at the same time as your benefits built up in the Fund from 1 August 2017 (unless you take flexible retirement).
Your benefits built up between 1 August 2010 and 1 August 2017 are treated differently depending on whether you were a member of:
- The Starter Lane/Lane 1; or
- Lane 2/Lane 3
Lane 1 and Starter Lane benefits
Lane 1 and the Starter Lane were Defined Contribution (DC) pension arrangements, like DC Start and DC Core. If you had benefits in Lane 1 or the Starter Lane, these were transferred into DC Core or DC Start on 1 August 2017. For more information about how DC Core and DC Start work and the benefits you could receive, see Building up benefits.
AVCs that you built up in Lane 1 have been transferred into DC Core.
At retirement, you can use the value of your DC Core account towards your tax-free cash lump sum or to buy extra pension from an external provider.
Lane 2 and 3 benefits
Lane 2 and Lane 3 were Career Average Revalued Earnings (CARE) arrangements like DB Core and DB CorePlus. For more information about how a CARE arrangement works, see DB Benefits
Your pension built up each year based on your Career Average Revalued Pensionable Earnings and a formula:
In Lane 2, your pension built up as follows:
In Lane 3, your pension built up as follows:
If you changed lanes and you built up pension in both Lane 2 and Lane 3, your pension will be calculated for each period of service and then added together.Once in payment, the Fund increases pension built up in Lane 2 and Lane 3 in line with the rise in RPI, up to a maximum of 2.5% a year.
If you wish, you may retire early at any time from active service from age 55 with Nestlé’s consent. Your DB pension will be calculated in the same way as at your Normal Pension Date but based on the Pensionable Service you have actually completed in the Fund, reduced for each year that you retire early because it is likely to be paid for a longer period. For any Lane 2 and/or Lane 3 benefits, this pension will be reduced by 4% for each year that you retire before age 65 or your contractual retirement age if different.