DC PENSIONERS

How your Pension Fund works

At the point of retiring you would have chosen to purchase a monthly pension. Unilever SA Pension Fund has two Pensions, namely the With-Profit Annuity and the Living Annuity. Within the Unilever SA Pension Fund a minimum of R1,700 per month With-Profit Annuity is compulsory.

WITH-PROFIT PENSION

At the point of retiring the USAPF would have worked out your monthly pension (payable for the rest of your lifetime and reducing to 50% of this amount for your surviving spouse) assuming that the USAPF can only earn an interest rate of 3.5% p.a. on your money. You would have been allowed to choose more than 50%, (up to 100% for your surviving spouse, but your starting pension would have been reduced accordingly. The calculation of your pension would have allowed for the monthly administration for the payment of your pension.

LIVING ANNUITY

If you elected a living annuity from the USAPF, a Living Annuity Capital Account is maintained in your name. Your Living Annuity Capital Account is built up as follows:

graphic-3

How do you make changes to your living annuity

AMENDING WITHDRAWAL RATES

You may decrease your pension percentage drawing rate at any point of the year. You may, however, only increase your withdrawal rate once a year by providing at least a month’s notice to the Payroll section before your anniversary date. Please do not visit any Unilever factory sites or Alexander Forbes, as they will not be able to assist you.

WITHDRAWAL RATE LIMITS

The Income Tax Act currently requires that your monthly pension be fixed for 12 months and be between 2.5% and 17.5% of the balance in your Living Annuity Capital Account at your choice date. This limit refers to annual pension and not monthly pension.

CHANGING INVESTMENT PORTFOLIOS

You may invest your retirement capital in the same investment channels offered to in-service members of the defined contribution section. The same conditions and limitations will apply to these portfolios as for in-service members. Should you wish to make any changes to your asset mix, please complete the Own Choice form.

CONVERTING TO WITH-PROFIT PENSION

You may elect to convert your living annuity into a With-profit pension in the USAPF at any time. This is regarded as beneficial to you. Please contact the pensions team for more information.

When are pensions paid

Your pension is paid on the 21st of every month.
In December, you will be paid on the 15th.
If the pay day falls on a weekend, payment will be made on the Friday before payday.

Beneficiary Nomination Form for Living Annuitants

Your dependents and those persons who are not dependents, but who are nominated by you, are taken into account by the Trustees when they decide to whom lump sum benefits are to be paid on your death.

It is therefore imperative that your Beneficiary Nomination Form is kept up to date.

Certificate of Existence for With-Profit Pensioners

HOW DOES THE FUND VERIFY THAT PENSIONERS STILL EXIST?

The Fund checks whether pensioners have been reported as deceased with the Department of Home Affairs in April each year.

WHEN IS THE CERTIFICATE OF EXISTENCE (COE) FORM SENT OUT?

Pensioners who have not been reported as deceased to Home Affairs will receive the Certificate of Existence form for completion.

This includes pensioners living outside South Africa.

The completed document must be returned to the Fund before 31 July.

HOW MUST THE FORM BE COMPLETED?

The pensioner must complete all the required fields on the form, including a change in marital status, if applicable. All supporting documentation must be attached to the form, e.g. Marriage certificate.

The COE must be signed by the pensioner. If the pensioner is unable to write, a thumb print of the pensioner will be accepted.

The COE must be signed by and stamped by one of the Approved officials (see list below).

If any one of the above criteria is missing or incorrect, the COE will not be accepted by the Fund.

WHO IS AUTHORIZED TO CO-SIGN AS WITNESS AND STAMP YOUR COE?

Bank Manager
Postmaster
Doctor or Medical Practitioner
School Principal
Commissioner of Oaths
Justice of Peace
Local Magistrate
Religious Minister/ Clergyman
Police Officer

WHERE MUST YOU SEND YOUR COE AFTER COMPLETION?

The COE forms are posted together with an enclosed self-addressed envelope. The completed, signed and stamped COE together with any supporting documentation must be posted to Alexander Forbes using the enclosed self-addressed envelope.

Alternatively, please email the documentation to shehnaaz.mall@unilever.com.

WHAT DO YOU DO IF YOUR PENSION IS SUSPENDED?

In order for the Fund to reinstate your pension, you will need to return the completed form to Alexander Forbes. If you did not receive a COE, then you need to contact the Fund Call Centre on 0800 204 847 to request a COE be sent to you.

Tax Certificates

If you would like to request a copy of your tax certificate please contact the Fund.

Medical Aid Queries

From the point of retiring, you pay the full cost of subscriptions to whatever medical aid scheme you belong to. You can pay this from your pension if you would like to.

If you have questions relating to your medical aid please call Discovery Health on 0860 1060 80 or your medical aid broker on 0890 83 52 72.

Contact Details

If your banking details have changed please forward us a copy of your ID as well as your bank statement to update the payroll system.

Let the Fund know of your change of address.

Pension Payroll Officer:
Shehnaaz Mall
Toll free: 0800 204 847
Email: Shehnaaz.mall@unilever.com
Fax: 031 570 2717

DB PENSIONERS

How your Pensions Fund works

At the point of retiring you would have chosen either a full monthly pension or a lump sum commutation of up to a maximum one-third of your pension with a reduced monthly pension.  Your pension is payable for life.

When are pensions paid

Your Defined Benefit pension is paid on the 21st of every month.
In December, your monthly pension and the 13th cheque will be paid on the 15th.
If the pay day falls on a Weekend, payment will be made on the Friday before payday.

What happens when you die

Spouse pensions and/or child pensions become payable upon the death of a retiree.

Annual Increase

Increases are based on the average annual inflation for the 12 months to February of the year in which the increase is to be granted. Increases, subject to affordability on advice from the actuary, and with consent from the company, are declared on the 1st of May.

Certificate of Existence

HOW DOES THE FUND VERIFY THAT PENSIONERS STILL EXIST?

The Fund checks whether pensioners have been reported as deceased to the Department Home Affairs in April each year.

WHEN IS THE CERTIFICATE OF EXISTENCE (COE) FORM SENT OUT?

Pensioners who have not been reported as deceased to Home Affairs will receive the Certificate of Existence form for completion.
This includes pensioners living outside South Africa.
The completed document must be returned to the Fund before 31 July.

HOW MUST THE FORM BE COMPLETED?

The pensioner must complete all the required fields on the form, including a change in marital status, if applicable. All supporting documentation must be attached to the form, e.g. Marriage certificate.
The COE must be signed by the pensioner. If the pensioner is unable to write, a thumb print of the pensioner will be accepted.
The COE must be signed by and stamped by one of the Approved officials (see list below).
If any one of the above criteria is missing or incorrect, the COE will not be accepted by the Fund.

WHO IS AUTHORIZED TO CO-SIGN AS WITNESS AND STAMP YOUR COE?

Bank Manager
Postmaster
Doctor or Medical Practitioner
School Principal
Commissioner of Oaths
Justice of Peace
Local Magistrate
Religious Minister/ Clergyman
Police Officer

WHERE MUST YOU SEND YOUR COE AFTER COMPLETION?

The COE forms are posted together with an enclosed self-addressed envelope. The completed, signed and stamped COE together with any supporting documentation must be posted to Alexander Forbes using the enclosed self-addressed envelope.

Alternatively, please email the documentation to shehnaaz.mall@unilever.com.

WHAT DO YOU DO IF YOUR PENSION IS SUSPENDED?

In order for the Fund to reinstate your pension, you will need to return the completed form to Alexander Forbes. If you did not receive a COE, then you need to contact the Fund Call Centre on 0800 204 847 to request a COE be sent to you.

Proof of Study

CHILD DEPENDANTS

In terms of the rules of the Fund, the child pension is payable until age 18. The child pension may continue provided that the child is in full time study up to a maximum age of 25.

Trustees have the right to withhold the pension in the event that progress is not being made with studies.

HOW OFTEN AM I REQUIRED TO SUBMIT PROOF OF STUDY?

Proof of study is required twice a year, at the beginning of the year and at 30 June, failing which your pensions will be suspended.

WHAT IS REQUIRED?

The Proof of Study Form needs to be completed by you and signed and stamped by the institution at which you are a full-time student.

Tax Certificate

If you would like to request a copy of your tax certificate please contact the Fund.

Medical Aid Queries

If you have questions relating to your medical aid please call Discovery Health on 0860 1060 80 or your medical aid broker on 0890 83 52 72.

Contact Details

Pension Payroll Officer:

Shehnaaz Mall
Toll free: 0800 204 847
Email: Shehnaaz.mall@unilever.com
Fax: 031 570 2717