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How the Fund is run

The Fund is set up under a Trust and is governed by a legal document called the ‘Trust Deed and Rules’. The Fund’s assets (including members’ DC Start and DC Core accounts) are held in a different place to Nestlé’s assets and can only be used to benefit members and their beneficiaries. All the benefits described on this website are provided directly from the Fund unless we have said otherwise. The Fund is a registered pension scheme under the Finance Act 2004, which means that you get some tax advantages, such as tax relief on what you pay into the Fund.

More details about the Fund are set out in the Trust Deed and Rules, the legal document governing the Fund. This document, along with other Fund documents such as the full Trustee Report and Accounts, Valuation Report, Schedule of Contributions and Statement of Funding Principles can be requested from Nestlé Pensions.

The Trust Deed and Rules will always overrule this website or any scheme booklets that we may have issued in the past in the event of any inconsistencies.

Your Trustee Board

The Fund is managed by a Trustee Company called Nestlé UK Pension Trust Ltd, which has an overall duty to run the Fund in line with its Trust Deed and Rules and current trust and pensions law. This Trustee Company acts through its board of directors, who are generally called ‘the Trustees’. Each individual director, or Trustee, might not have the same legal duties as the Trustee Company as a whole – it’s just a quick and useful way to refer to the Trustees.

The Trustee Board is currently made up of nine directors – four appointed by Nestlé UK, known as Company Appointed Trustees, and five appointed from active and pensioner members, known as Member Nominated Trustees.

How the Trustee Board works

There are four Trustee committees which manage various matters for the Trustee Board. These committees are:

The Governance and Compliance Committee (GCC)

The GCC has oversight of:

  • the Fund’s audits
  • production of the Trustee Company Report and Accounts
  • the management accounts
  • the Fund’s risk register and
  • The Fund’s business plan.

The GCC also has a governance oversight role in respect of the administration of the Fund. This includes reviewing the performance of the Fund’s administrators (Nestlé Pensions), monitoring the contributions paid to the Fund, and reviewing any complaints received from members. The GCC is chaired by Malcolm Burridge.

The Defined Benefit Investment Committee (DBIC)

The DBIC will look after any investment strategies and implementation (in other words, how any investment strategy is put into action) within the Fund’s DB section. The DBIC is chaired by John Chilman.

The Defined Benefit Funding Committee (DBFC)

The DBFC will focus on funding, which also includes any valuation issues, and covenant matters – in other words, Nestlé’s legal obligation and financial ability to support our DB scheme both now and in the future. The DBFC is also chaired by John Chilman.

The Defined Contribution Committee (DCC)

The DCC looks at governance matters for the DC sections of the Fund, as well as monitoring the suitability and performance of the DC investment options.

Among other things, the DCC:

  • monitors the performance of the Fund’s DC investments
  • proposes changes to the investment options for the Trustees to consider
  • monitors the administration of the DC sections, and
  • monitors the DC sections’ platform provider.

The DCC is chaired by Steve Delo.

When do the Trustees meet?

We normally hold quarterly Board meetings to conduct the business of the Fund, as well as quarterly meetings of each of the Committees.

Who are the Trustees?

Member Nominated Trustees

Marcus Barry
Pensioner member
Marcus is a Nestlé pensioner who retired from the business in May 2020 after nearly 30 years’ service. He has now embarked on a second career, still working within the food and drink industry, and combines this with taking an active role as a Trustee of the Fund. Marcus first joined the Trustee Board as a Member Nominated Trustee in 2015 and was reappointed in 2021.
David Baxter
Pensioner member
David worked for Nestlé for over 30 years and was a Pension Members Representative at Gatwick and Croydon for over five years. A certified engineer, he was the Nestlé representative to European Coffee Associations, and Global Head of Green Coffee Quality. David was reappointed in November 2023.
Belinda Eddington
Active member
Belinda is a Finance project manager for Nestlé, responsible for process improvement implementation. She is based in Gatwick and has worked in various line-management and project roles across Finance since 2004. Before she joined Nestlé, Belinda worked for Marks & Spencer Plc.
Tom Nixon
Active member
Tom is Photography and Videography Lead in the Nestlé UK and Ireland Content Studio, where he develops content for Nestlé brands to use in communications and campaigns. He hopes to apply his background in content delivery to help members engage with the benefits of saving for their retirement. Tom was appointed in November 2023.
Richard Rowden
Active member
Richard is a Third Party Contract Manager for Nestlé. He started work with Purina Petcare in 2004 as a temporary member of staff for the GLOBE go-live. Since then, he’s worked in a variety of supply chain roles across nearly all of the categories in Nestlé.

Company Appointed Trustees

Malcolm Burridge
Active member
Malcolm is the Head of Finance for Nestlé Professional UK & Ireland based in Gatwick. He has worked for Nestlé in a variety of Finance roles since the year 2000. He joined the Trustee Board as a Company Appointed Trustee in February 2016 and enjoys working on the big challenges workplace pensions face in the UK. Malcolm chairs the Governance and Compliance Committee.
John Chilman
Independent Trustee
John is an experienced pensions and rewards professional who joined the Trustee Board in 2016. He is currently the Chief Executive of Railpen, which is the executive arm of the £35bn Railways Pension Scheme. John has experience as a Trustee in the UK and North America, is a Trustee of the Pensions Policy Institute (PPI), is also Chair of the Pension Policy Board of the Pensions and Lifetime Savings Association (PLSA). In his capacity as a Trustee of the Fund, John chairs the Defined Benefit Investment Committee and the Defined Benefit Funding Committee.
Steve Delo
Independent Trustee
Steve is Chief Executive of PAN Trustees UK, and former President of the Pensions Management Institute. The PAN Group provides trusteeship and governance services to all types of approved pension schemes. Before joining PAN, Steve held senior roles in pension consulting and asset management. He joined the Fund Trustee Board in May 2015 and was appointed Chair in February 2016. He is also chair of the Valuation Committee, which sits within the Defined Benefit Funding Committee.
Luke Doubt
Active member
As the Beverages Controller for Nestlé Professional Europe, Luke is the financial support to the Swiss team who look after Nestlé’s Out Of Home Coffee business across Europe. He works mainly with the Nescafé and Starbucks brands and has been in post since 2021. Luke has always worked in the food and beverages sector. He first joined Nestlé in 2012, starting in Purina supporting Supply Chain, before becoming UK Business Controller. He also helped bring the Starbucks brand into Nestlé Professional, both here in the UK and across Europe. Luke hopes to bring the skills he’s built up in Finance to his role as a Trustee to ensure the right decisions are made to protect the Fund and serve its members well. He was appointed by the Company in August 2024.

Fund administration

Nestlé Pensions manages the day to day running of the Fund on behalf of the Trustees.

You can find the contact details for Nestlé Pensions on the Contact us page.

Fund documents

Pensions law states that the Trustees must produce a number of documents each year. These include:

  • The Fund’s annual statement regarding governance of the DC sections of the Fund (the 'DC Chair’s Statement'),
  • The Fund’s Statements of Investment Principles (SIPs),
  • Investment Implementation Document (IID) for the DC section,
  • The SIP Implementation Statements, and
  • The Fund’s Task Force on Climate-related Financial Disclosures (TCFD) report.

You can read about these documents and download them in the section below.

The Fund’s annual statement regarding governance of the DC sections of the Fund (the 'DC Chair’s Statement')

The statement describes how the Trustee has met the statutory governance standards in relation to:

  • The default investment arrangements in the DC Start and DC Core sections,
  • Requirements for processing DC financial transactions,
  • Assessment of charges and transaction costs that apply to the investment funds in the DC sections, and
  • The requirement for trustee knowledge and understanding for the Fund year in question.

The DC Chair’s Statement includes the Statement of Investment Principles (SIP), and the Investment Implementation Document (IID). These documents all relate to the Fund year of the DC Chair’s Statement. The SIP and IID may be updated at different times. You can download the latest versions of these documents in the section below.

DC Chair's statement for the Fund year ending 31 December 2023

The Fund’s Statements of Investment Principles (SIPs)

These documents set out the principles governing the investment decisions for the Fund. There are two SIPs for the Fund – one for the defined benefit (DB) section, and one for the defined contribution (DC) section.

In addition, the Trustees have produced an Investment Implementation Document (IID) for the DC section. This sets out the detail of the specific investments held in the DC section, and the various policies and procedures that have been put in place by the Trustees in relation to DC investments.

DC section Statement of Investment Principles - dated July 2024.

DC Investment Implementation Document (IID) - dated July 2024.

DB section Statement of Investment Principles - dated April 2023.

The SIP Implementation Statements

Each year, as part of the Fund’s report and accounts, the Trustees need to show how the investment policies set out in each of the SIPs have been implemented during the previous year to 31 December. These are known as the `Implementation Statements’.

There are two Implementation Statements – one relating to the DB SIP, the second relating to the DC SIP. Each Statement must:

  • Describe any review of the SIP during the period covered by the Statement including an explanation of any changes to the SIP,
  • Set out how, and the extent to which, in the opinion of the Trustees, the SIP has been followed during the year, and
  • Describe the voting behaviour by, or on behalf of, the Trustees during the year as well as stating any use of the services of a proxy voter during that year.

DB section SIP Implementation statement for the Fund year ending 31 December 2023.

DC section SIP Implementation statement for the Fund year ending 31 December 2023.

The Fund’s Task Force on Climate-related Financial Disclosures (TCFD) report

Regulations came into force in October 2021, which require pension schemes with assets valued at £5 billion or above to report on how they are managing climate-related risks and opportunities. The regulations followed the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Each year, the Trustees need to produce a report for the previous year to 31 December. The report sets out the Trustees’ approach for the assessment, ongoing management and mitigation of climate-related risks and opportunities.

The report provides an update on how the Fund is currently aligning with each of the four elements set out in the regulations, which link to the recommendations set out by the TCFD. These elements are:

  • Governance: Of climate-related risks and opportunities.
  • Strategy: The actual and potential impacts of climate-related risks and opportunities on the Fund’s investments and funding strategy.
  • Risk Management: The processes used to manage climate-related risks.
  • Metrics and Targets: The metrics and targets used to assess and manage relevant climate-related risks and opportunities.

The Fund’s Task Force on Climate-related Financial Disclosures (TCFD) report for the year ending 31 December 2023

Other documents

The Trustees also produce other documents that relate to how the Fund is run:

  • An annual report and accounts for the Fund
  • Funding reports, and
  • The Trust Deed and Rules of the Nestlé UK Pension Fund.

Contact Nestlé Pensions if you would like copies of these documents.

General information

Changing or closing the Fund

Nestlé has the power to close the Fund at any time by giving the Trustee one month’s written notice of its intention to stop making contributions to the Fund. Nestlé may also make changes to the Fund, but it has to have the consent of the Trustee and must consult with members.

Ownership of benefits

Your Fund benefits are strictly personal. They can’t be transferred to any other person. And they can’t be used as security for a loan. If you try to do this, you might lose some or all of your benefits.

Keeping you informed

Each year, we send Fund members a newsletter, Pensions News, giving updates from the Trustees of the Fund, as well as information about the Fund membership and funding.

Active members of the Fund receive a pension statement every year showing their individual Fund benefits – built up in the defined benefit and/or defined contribution sections.

Deferred members receive a statement showing how much they have built up in their defined contribution (DC) account, and what this could provide at retirement.

In this section
Your Trustee Board Fund administration Fund documents General information