How your pension increases

Pension increase

Every year, your Nestlé UK Pension Fund pension is compared with inflation at the end of January and increased from 1 April. The amount that it increases by depends on when you were a member of the Fund. Each year before your pension increases we write to you to let you know how much your pension will increase by in the next scheme year (from 1 April that year until 31 March the following year). If you need any further information about this, please contact Nestlé Pensions.

Guaranteed minimum pension (GMP)

If you were in the Nestlé Pension 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 will receive benefits from Nestlé UK Pension Fund instead of the state for that period of service. This is known as a guaranteed minimum pension.

If you were contracted out, the increases that you receive to your GMP are set out in legislation. Every year when we write to you about your pension increases, we also include information on your GMP.

Pension payment dates

Your Nestlé pension will be paid to your bank account on the following dates:

You will receive a pension payment list along with your pension increase letter in April.

Please note that if you are planning on changing either your home address or your bank details, we require this in writing with your signature and either your date of birth or National Insurance number. We are unable to accept changes over the telephone or by e-mail.

Please note – the Nestlé pensions team will process changes to bank accounts in the first week of the month, to make sure they are set up ready for the next monthly payroll. If we receive notification of your change in bank details after that time, the change will be processed ready for the following month’s payroll.

* These dates are provisional only and will be re-confirmed

Information about tax

HMRC tell us the tax code to apply to your pension. If you have any questions about your tax code or the income tax you pay on your pension, please ring the tax office (HMRC) on 0300 200 3300 (or +44 135 535 9022 from outside the UK) quoting reference 585/NY1082. You should have your National Insurance number to hand when phoning the tax office.

Or you can write to HMRC at the following address:

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

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