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Did you transfer a Nestle UK defined benefit pension?

While Nestle’s DB Core and DB CorePlus pensions are now closed to new members, they were both Career Average pensions – a type of Defined Benefits pension scheme that means that those that retire on the scheme are promised a guaranteed income in retirement.

That’s a promise to pay scheme members NOT to come to work one day – sound good?

Pensions like these are pretty rare these days, especially in the private sector, as they are generally expensive for employers to run due to the high promises.

Even though scheme members don’t have to pay annual upkeep charges to keep the scheme going, they are protected up to 90% by the Pension Protection Fund too, making defined benefits schemes like the Nestle UK pension fund some the safest around.

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Transfers away from the Nestle UK pension fund

Despite the huge plus-points awarded to defined benefits schemes like these, some people still transfer away from Career Average pensions.

Some of them may have good reason to; in certain (thankfully rare) situations, it may be beneficial to transfer, such as long-term sickness, a shortened life expectancy, or not having a spouse or dependants to worry about.

But many people may have been persuaded to transfer away from Nestle’s pension scheme for the wrong reasons, or given unrealistic or inflated ideas about how much money they can generate by transferring.

Some of the advice people have received may have been negligent, not following the FCA’s rules and regulations in order to ensure the suitability of a pension transfer, ensuring it is truly in a person’s best interests.


If you transferred your UK Nestle defined benefits pension, then you may have been mis-sold.

Defined benefits pension transfers are rarely considered to be suitable, and it could be that you have exposed your pension to risks you weren’t expecting, and lost benefits you were not fully aware of.

To find out if you can make a claim for a mis-sold pension transfer, contact the team at Spencer Churchill Claims Advice for a free initial assessment.

Have a question about pension transfer?

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Think you’ve been mis-sold your pension transfer? Click below to take the first step to making a claim


What makes a pension transfer mis-sold?

Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations.
While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped: