About the Fund

How does the Fund work?

The Fund is what is usually referred to as a Defined Benefit (DB) pension scheme. You may also hear it being referred to as a final salary pension scheme.

With a DB scheme like the Fund, the amount you are paid in retirement is based on the amount of time you've been an active member of the Fund, your Final Pensionable Salary and the build-up rate (which is shown in the notes page of your pension statement). The benefits you are currently receiving are not based on how much you put into an individual account or how investments perform (like a Defined Contribution or money purchase pension scheme).

Abbott pays however much is calculated to be required for there to be enough money available to pay members' benefits into the Fund. The Trustee of the Fund is responsible for the investment of the Fund.

A DB pension is a valuable benefit as it provides you with a definite income for the rest of your life.

You can find out more about how DB pension schemes work from MoneyHelper. For more specific information about the Fund, you can visit our documents page or read our members' guides.

Do you have pension savings in another scheme?

You may have pension savings in another scheme (with a past employer, for example). If you do, it's important to remember that other pension schemes may work differently to the Fund.

If you've lost track of an old pension, you can finding it using the Government's pension tracing tool or by using the Pension Tracing Service.

My circumstances have changed

I've changed my address

It's important that your personal details are kept up to date so we can stay in contact with you. If you've recently changed address, please send an email to ukpayroll@abbott.com or you can call 0333 1230175. Alternatively, you can write to Payroll Department, Abbott Laboratories Ltd, Sovereign House, 1-2 Bingham Road, Sittingbourne, Kent, ME10 3SU.

My marital status has changed

If you've recently been married or divorced and your name has changed, you can update your name by sending an email to ukpayroll@abbott.com or you can call 0333 1230175. Alternatively, you can write to Payroll Department, Abbott Laboratories Ltd, Sovereign House, 1-2 Bingham Road, Sittingbourne, Kent, ME10 3SU. You may need evidence of your name change to complete the process.

Make sure to keep your Expression of Wishes form updated so that the Trustees know who you'd like to receive any cash lump sum if you die.

It's especially important to review and update this form if your circumstances change.