Your Unilever pension is made up of different parts. These could include:
- Final Salary pension
- DB Career Average Plan pension
- DC Investing Plan savings
This change only affects the Final Salary part of your pension.
If you are affected by this change the Company wrote to you 2 years ago to tell you.
The age you can take your Final Salary pension unreduced is changing
In the past the Company allowed employees to retire from age 60 and take part of their Final Salary pension without reducing it. This is known as ‘early retirement discretion’.
If someone retired before age 60 the early retirement discretion was also applied, but the Final Salary part of their pension was reduced from age 60 rather than 65.
Over the last 2 years the Company has been phasing out early retirement discretion. So this is the last year that anyone will be able to take advantage of it.
In January 2025 early retirement discretion will end. This means if you retire before 65, the Final Salary part of your pension will be reduced, as it is for most members.
If you are planning to retire before the age of 65, you will need to consider this as part of your retirement planning.
How the Final Salary part of your pension will be reduced:
| Age you retire |
Before 2 January 2025 |
After 1 January 2025 |
| 65 |
No reduction |
No reduction |
| 64 |
5% for each year you take |
| 63 |
this part of your pension early |
| 62 |
5% for each year you take this part of your pension early |
| 61 |
Get help to understand your options
There is lots of support available to help you understand what this might mean for you. You can:
Use the modeller on unileverbenefitchoices.com to get a rough idea of what your pension might be worth when you retire.
Book an online one-to-one with the Money Matters team during Annual Renewal.
Read more about the retirement process
Read more about your retirement options
Contact the Unilever Pensions team