Defined Contributions

In the DC Section, you pay contributions and so does the Company. These are paid into a personal account in your name and invested in the way you choose. When you take your benefits, your personal account is used to provide an income in your retirement in a way that suits you. 

The amount of your benefits depends on:

• how much you and the Company have paid in contributions
• the investment returns achieved on those contributions
• the cost of securing an income when you take your benefits.

The more you pay in and the better your investments perform, the higher your benefits will be.

Univar Solutions moved the management of the DC scheme into a Master Trust in 2023,  your DC contributions are managed by Aegon.  Aegon Master Trust is a full-service defined-contribution pension, offering simplicity and convenience. It combines independent governance with a flexible investment capability, robust administration, and tailored communications to help members achieve financial security. And it’s fully authorised – meeting a set of regulatory criteria set by The Pensions Regulator.

Viewing your personal account

Periodically you will receive a statement showing the value of your personal account, the contributions that have been paid in and the investment returns achieved. You do not have to wait for that statement however, you can access your personal account any time by visiting the Aegon pension portal, Target Plan here - https://lwp.aegon.co.uk/targetplanUI/login 

Target plan has many advantages, you can view how much you have in your DC pension pot, view and amend your investment options, manage your contact details as well as make the most of a personalised pension modelling tool called myTarget. The information on myTarget is specific to you. The modelling tool uses assumptions, so the values quoted in the tool are for illustrative purposes only and aren't guaranteed.

When you come to take your benefits, the DC Section gives you the flexibility to choose an option that’s best for you. You can access the money in your personal account at any time from the age of 55. 

Under current pension rules, up to 25% of your personal account can be taken as a tax-free cash lump sum. You can then use the rest to provide a taxable income in the way that suits you. 

You can:

• buy an annuity, which is a secure income for life from an insurance company
• use income drawdown, where you keep your pension savings invested and take cash sums as and when you need to
• take cash, either as a single lump sum or as a series of lump sums

Other benefits

As well as Company contributions, Univar pays the cost of providing any lump sum death-in-service benefits while you’re an active employee. 

…You leave

If you leave the Company before taking your benefits, no more contributions will be paid into your personal account. It will remain invested in the Scheme until either:

• you transfer it to another pension arrangement
• you retire and take your benefits
• you die

Transferring your benefits

If you leave active membership, instead of leaving your personal account in the Scheme, you may be able to transfer it to your new employer’s scheme, a personal pension scheme or an individual insurance policy. To find out more about transfers, please contact us.

…You become ill

Most absences from work are for a relatively short time and don’t affect your membership of the Scheme. 

If you’re absent due to illness or injury, your Scheme membership continues, provided the Company agrees and continues to pay you. You’re covered for the lump sum death-in-service benefit for up to two and a half years. 

If you’re away from work for any other reason, the Company will decide whether your membership should continue and for how long. 

If you don’t return to work, you’re normally treated as having left employment. 

…You die

In addition to the death-in-service life cover that is provided by the Company to all current employees, your spouse, civil partner or dependants will receive the total value of your personal account as a lump sum. 

If you leave active employment with the Company but keep your personal account in the Scheme, you are no longer covered for the death-in-service benefit, but the value of your personal account will be payable to your beneficiaries. 

Expression of wish

Please make sure you have completed an expression of wish form so that in the event of your death, the Trustees know who you would like to receive any benefits that are payable. You can make changes to your expression of wish at any time and you should update it if your circumstances change. You can complete your expression of wish form here; https://lwp.aegon.co.uk/targetplanUI/login