Payments and increases

Payment information

Your pension is paid every month. It will always be paid on the same day each month - either on the 7th or the 21st.

If that day falls on a weekend or bank holiday, you’re paid on the previous working day.

Find payslips online

You can find payslips and p60s in your online account.

Learn more about how to manage your pension online or go straight to the online portal.

How to manage my pension online Go to the online member portal

Did you also save into the DC Investing Plan?

This page is about income that the Fund pays you for life.

If you also saved into the DC Investing Plan, you may have converted your pot into extra DB Career Average Plan pension.

This part of your pension will be increased every year. The increases we apply will have been explained to you when you retired.

Annual increases

Your pension generally increases every year on 1 April. Increases follow inflation up to a cap (limit). Increases on any pension you built up until 30 September 2021 are measured by the Retail Prices Index (RPI). Any pension you built up from 1 October 2021 are measured by the Consumer Prices Index (CPI). We tell you what increases have been added to your pension every year in your pension increase letter. You receive this in either March or April.

The information on this page shows the maximum increases that will be applied to different parts of your pension (known as the ‘cap’). Your pension increases may be less than the cap, depending on when you built up pension and how high inflation is when we work out the increases.

Pension you built up:

  • Before 1 January 2008 is capped at 5% – except for any Guaranteed Minimum Pension (GMP) element
  • From 1 January 2008 to 30 June 2012 on the 7% contribution rate is capped at 3%
  • From 1 January 2008 to 30 June 2012 on the 8.5% contribution rate is capped at 5%

Your first increase may be smaller if there was less than a year between your retirement date and the next 1 April.

Year 2024 2023 2022 2021 2020
Final Salary Pension built up before 1 January 2008 4.9% 5%
 5%
 1.4%
  2.7%
Final Salary Pension built up from 1 January 2008* 3% 3%
 3%
 1.4%
  2.7%

* If you paid for higher increases at any time after 1 Jan 2008, your pension will have had the increases from the ‘Final Salary pension built up before 1 January 2008’ table.

Pension you built up:

  • Before 1 July 2012 is capped at 2.5%
  • Between 1 July 2012 and 30 September 2021 on the 5% member contribution rate is capped at 3%
  • Between 1 July 2012 and 30 September 2021 on the higher member contribution is capped at 5%
  • From 1 October 2021 is capped at 3% (CPI, not RPI)
Year 2024 2023 2022 2021 2020
DB Career Average Plan built up before 1 July 2012 2.5% 2.5%
 2.5%
 1.4%
  2.5%
DB Career Average Plan built up between 1 July and 30 September 2021 on the higher member contribution 4.9% 5%
 5%
 1.4%
 2.7%
DB Career Average Plan built up between 1 July and 30 September 2021 for members who did not pay the higher contribution 3% 3% 3% 1.4% 2.7%
DB Career Average Plan built up from 1 October 2021 3% 3% 3% - -

Increases to your GMP

Once you reach your 'GMP age' (65 for men and 60 for women), your GMP increases at a different rate to the rest of your Unilever pension.

If you are receiving a spouse’s or civil partner’s pension with GMP, this different increase applies whatever your age.

GMP built up from 6 April 1988 increases every year in line with inflation, capped at 3%.

The measure of inflation used for GMP is the Consumer Price Index (CPI). This is set by the government and used for things like calculating the State Pension, and benefits like Universal Credit. For other increases, the Fund uses the Retail Prices Index (RPI).

If you reached your State Pension Age before 6 April 2016

The government will top up your State Pension so that increases to GMP that you built up:

  • Before 6 April 1988 match CPI inflation
  • From 6 April 1988 match CPI inflation when it’s more than 3%

If you reached your State Pension Age on or after 6 April 2016

The government will not pay these extra increases. This is because of changes to the State Pension, not the Fund’s rules.

Have your circumstances changed?

Contact us if you:

  • Are receiving a Unilever pension and your bank details change
  • Receive a serious ill-health pension and your health improves
  • Have been appointed power of attorney for a member
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