Who can join the Retirement Savings Plan
You can join the Plan if you:
- are a permanent or fixed-term contract employee, and
- are aged 16 or over, and
- meet any other conditions set by Unilever.
If you have enhanced or fixed protection for the Lifetime Allowance and you join the Plan, you'll lose this protection. If you have either of these protections, get in touch with Unilever's Expert Admin Team.
How you join the Retirement Savings Plan
If you're eligible to join, you'll be enrolled into the Plan on your first day of work at Unilever.
The choices you make when you join
When you join, you decide how much you'd like to save into the Plan from your Benefits Envelope. If you'd like to save more, you can choose to make extra voluntary contributions, which are taken from your pay.
You can also choose to buy extra life cover and ill health cover.
To see the effect of making different choices, use our modeller.
And if you'd like to, you can choose where your money is invested. If not, we'll decide for you.
How your money is invested.
What happens if you don't make a choice
You can either:
- Opt out of the Plan. If you decide to opt out within your first 2 weeks of joining Unilever, or during the 'annual renewal' window in July/August, then you will need to use My Reward and submit an opt-out form to complete the opt-out process.
- If you decide to opt out of the Plan at any other time, you can do so by completing an opt-out form.
- If you opt out of the Plan, we'll still need to re-enrol you every 3 years.
- Choose a lower contribution rate. The default is an amount worth 15% of your pensionable earnings from your Benefits Envelope, and the lowest you can choose is 11%.
- If you want to choose a contribution rate between 11% and 14%, you will need to make this choice on My Reward, either within your first 2 weeks of joining Unilever, or during the 'annual renewal' window in July/August.