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Savings

Our range of solutions are designed to help meet the varying needs of employers and their employees. They are supported by straight-forward communications and tools to help members set goals for their retirement.
  • Group Personal

    Pension Plan/Group

    Self Invested Personal

    Pension Plan
  • Trust
  • Master Trust
  • Group AVC Plan
  • Group Transfer Plan
  • Cash ISA
  • Stocks and Shares ISA
  • Investment Account
  • Corporate Investment Plan
  • Retirement Solutions
Zurich Retirement Saver (Group Personal Pension Plan/Group Self Invested Personal Pension Plan)


The plan is a workplace savings solution aimed at medium to large UK based companies.

It enables employees to build up a pot of money for retirement in a tax-efficient way, accepting both employer and employee payments. The proposition supports employers with their automatic enrolment duties whilst complementing the role of the EBC in advising on and tailoring benefits solutions.

We can support consolidation of retirement savings through asset transition or direct offer transfers, subject to meeting our suitability requirements.

Investment flexibility


We offer a range of flexible solutions, either 'off the shelf' or tailor made to cater for clients who want a completely Zurich-Managed solution and those who prefer a hands-on approach.

Our investment solutions include a range of insured funds, plus the ability to white label and blend multiple funds to support sophisticated investment strategies. We also offer a SIPP facility giving members access to a wide range of mutual funds, shares and gilts.

The value of the plan depends on investment performance.

Find out more

Member experience


The plan is an online proposition. It offers employees access to financial planning tools, easy to read guidance, useful information on retirement options and a variety of investment options so they can manage their plan online.

We can work with employers to tailor a communications plan that's right for their employees; we understand the importance of engaging with employees and providing clear and simple communications to help them with their retirement planning.

For example:

  • Awareness: our highly experienced presenters can clearly explain retirement savings and the company plan. This can be delivered in the workplace face-to-face or via a webinar
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos
  • Self-service: our dedicated employee platform lets members manage their own savings with daily plan values and the ability to make payment changes, switches and update personal information, 24/7.
Dedicated administration platform


Our dedicated employer platform makes plan set up and administration easy. This has comprehensive online functionality for the scheme administrator ranging from, for example, bulk facilities (such as member joining files and payroll processing, etc) through to individual member enquiry and servicing capability.

Where employers want to amalgamate retirement benefits with their own flex system we will send data to populate the flex system.

In addition, we can help employers with their automatic enrolment duties. Through our automatic enrolment portal, we can assess employees and produce the appropriate communications.

Governance


We provide a regular scheme governance report to employers which includes information on service level performance, fund governance and fund performance.

Zurich Occupational Money Purchase Plan


The plan is an occupational pension scheme offering a workplace savings solution aimed at medium to large companies offering retirement benefits written under trust.

It enables members to build up a pot of money for retirement in a tax-efficient way, accepting employer, employee and additional voluntary contributions (AVCs).

Our proposition design and services can help:

  • employers to fulfil their automatic enrolment duties, and
  • trustees to consolidate retirement savings through asset transition.
Investment flexibility


We offer a range of flexible solutions, either 'off the shelf' or tailor made to cater for trustees who want a completely Zurich-Managed solution and those who prefer a hands-on approach. Our investment solutions include a range of insured funds, plus the ability to white label and blend multiple funds to support sophisticated investment strategies.

The value of the plan depends on investment performace.

Find out more

Member experience


The plan is an online proposition, offering employees access to financial planning tools, easy to read guidance, useful information on retirement options and a variety of investment options. Members can manage their plan online, subject to trustee agreement.

This allows trustees the flexibility in how much control they have over the scheme day to day administration and how much they allow scheme members.

The trustees are responsible for member communications but may agree for Zurich to provide them on their behalf. If this is the case, we can work with the trustees to tailor a communications plan that's right for their scheme members.

For example:

  • Awareness: our highly experienced presenters can clearly explain retirement savings and the company plan. This can be delivered in the workplace face-to-face or via a webinar.
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos.
  • Self-service: our dedicated employee platform lets members manage their own savings, view daily plan values and make fund switches, 24/7.
Dedicated administration platform


Our dedicated employer platform makes plan set up and administration easy. This has comprehensive online functionality for the scheme administrator, for example, bulk facilities (such as member joining files, and payroll processing) through to individual member enquiry and servicing capability.

Where employers want to amalgamate retirement benefits with their own flex system we can provide data to populate the flex system.

In addition, we can help employers with their automatic enrolment duties. Through our automatic enrolment portal, we can assess employees and produce the appropriate communications.

Governance


Zurich provides quarterly governance reports for trustees, covering various matters relating to the running of the scheme comprising payments made, funds being monitored as part of Zurich's governance procedures, support centre statistics, membership movements, fund values and investment performance, and fund commentaries.

Find out more (link to new guide - to follow)

Zurich Master Trust


The Zurich Master Trust is an occupational scheme, written under trust, but rather than being a trust for a single company's pension scheme, it's a multi-employer scheme that any company can join.

The Zurich Master Trust is governed by independent professional trustees and designed for medium to large employers. It is a flexible solution with each participating employer in the scheme having its own section, investments, default funds and contribution levels.

The Zurich Master Trust offers companies all of the flexibility and benefits of a trust based scheme without any of the cost, legal and regulatory responsibility and hassle of establishing and running their own Trustee body. Each section of the scheme is individually priced based on a number of employer specific factors.

Investment flexibility


We offer a range of flexible solutions, either 'off the shelf' or tailor made to cater for clients who want a completely Zurich-Managed solution and those who prefer a hands-on approach. Our investment solutions include a range of insured funds, plus the ability to white label and blend multiple funds to support sophisticated investment strategies.

The value of the plan depends on investment performace.

Find out more

Member experience


The plan is an online proposition, offering employees access to financial planning tools, easy to read guidance, useful information about retirement options and a variety of investment options so they can manage their plan online.

We can work with employers to tailor a communications plan that's right for their employees; we understand the importance of engaging with employees and providing clear and simple communications to help them with their retirement planning.

For example:

  • Awareness: our highly experienced presenters can clearly explain retirement savings and the company plan. This can be delivered in the workplace face-to-face or via a webinar
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos
  • Self-service: our dedicated employee platform lets members manage their own savings, view daily plan values and make fund switches, 24/7.
Dedicated administration platform


Our dedicated employer platform makes plan set up and administration easy. This has comprehensive online functionality for the scheme administrator, for example, bulk facilities (such as member joining files, and payroll processing) through to individual member enquiry and servicing capability.

Where employers want to amalgamate retirement benefits with their own flex system we can provide data to populate the flex system.

In addition, we can help employers with their automatic enrolment duties. Through our automatic enrolment portal, we can assess employees and produce the appropriate communications.

Governance


Recognising the imperative that leading employers want to achieve true independence and control, our master trust is governed by three independent, professional corporate trustees; PTL, BESTrustees and Capital Cranfield.

PTL, in recent years, have become a market leading professional trustee firm for defined contribution pension schemes. PTL were established in 1994 and act for a number of DC master trusts, independent governance committees (IGCs) which sit alongside a significant number of single-employer trusts and employer-level IGCs.

Capital Cranfield have offered high standards of truly independent trusteeship since 1992 and each of their client directors has a strong track record in trusteeship and holds relevant investment, legal, actuarial, accounting or general business skills enabling the best possible fit with differing client needs.

BESTrustees is an unquoted Public Limited Company, founded in 1992 and wholly owned by its Directors and Trustee Executives. Their sole business is governance. They are members of the Pensions Regulator’s register of independent trustees and a founder member of the Association of Professional Pension Trustees (APPT).

As well as the high governance from independent professional trustees, schemes will also receive scheme governance reports which include information on service level performance, fund governance and fund performance.

Zurich Group Additional Voluntary Contribution Plan


The plan enables employers running occupational pension schemes to offer members the facility to pay additional voluntary contributions to top up their savings.

 

The Plan can accept regular, single and transfer payments. There are no employer payments although regular payments are made via the employer by payroll deduction.

Investment flexibility


We offer a range of flexible solutions, either 'off the shelf' or tailor made to cater for trustees who want a completely Zurich-Managed solution and those who prefer a hands-on approach. Our investment solutions include a range of insured funds, plus the ability to white label and blend multiple funds to support sophisticated investment strategies.

The value of the plan depends on investment performace.

Find out more

Member experience


The plan is an online proposition, offering employees access to financial planning tools, easy to read guidance, useful information about retirement options and a variety of investment options so they can manage their plan online, subject to the trustees' agreement.

This allows trustees the flexibility in how much control they have over the scheme day to day administration and how much control they allow scheme members.

The trustees are responsible for member communications but may agree for Zurich to provide them on their behalf. If this is the case, we can work with the trustees to tailor a communications plan that's right for their employees; we understand the importance of engaging with employees and providing clear and simple communications to help them with their retirement planning.

For example:

  • Awareness: our highly experienced presenters can clearly explain retirement savings and the company plan. This can be delivered in the workplace face-to-face or via a webinar.
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos
  • Self-service: our dedicated employee platform lets members manage their own savings, view daily plan values and make fund switches, 24/7. The trustees can choose to limit access to certain functions such as changing payments. This allows trustees the flexibility in how much control they have over the scheme day to day administration and how much control they allow scheme members.
Dedicated administration platform


Our dedicated employer platform makes plan set up and administration easy. This has comprehensive online functionality for the scheme administrator, for example, bulk facilities (such as member joining files, and payroll processing) through to individual member enquiry and servicing capability.

Governance


We provide quarterly governance reports for trustees, covering various matters relating to the running of the scheme comprising payments made, funds being monitored as part of Zurich's governance procedures, support centre statistics, membership movements, fund values and investment performance, and fund commentaries.

Zurich Group Transfer Plan


The plan provides trustees with the means to buy out their liabilities under their occupational money purchase pension scheme by transferring the value of those liabilities into the Zurich Group Transfer Plan where individual policies are bought for scheme members. Once set up, the trustees are discharged from any further liability to provide the members with retirement benefits under the scheme.

Initially we deal with the trustees during the period of the buyout when monies are being transferred from the transferring scheme(s) but thereafter we deal directly with members to whom individual contracts are issued.

There are no on-going payments under the plan from employers or members.

Investment flexibility


The trustees, usually with the advice of the EBC, will decide which funds should be made available to members of the Plan at the installation stage and will make the initial investment choice, including lifestyle funds, on behalf of members - the default. Members can then make their own investment choice or they will remain invested in the default.

We offer a range of flexible solutions, either 'off the shelf' or tailor made to cater for trustees who want a completely Zurich-Managed solution and those who prefer a hands-on approach. Our investment solutions include a range of insured funds, plus the ability to white label and blend multiple funds to support sophisticated investment strategies.

The value of the plan depends on investment performace.

Find out more (link to Investment page)

Member experience


Our scheme-specific website provides education and funds information through the use of engaging tools and videos. Our dedicated employee platform lets members manage their plan with daily plan values and the ability to make fund switches, 24/7.

Cash ISA


Employers can offer their employees access to the Zurich Cash ISA. This product is only available online and employees must apply individually through the website.

The Cash ISA is a tax-efficient way for your employees to save money as any interest paid is tax free. In addition, employees have immediate access to their savings.

Employees can make regular payments direct from their salary or by direct debit and one-off payments by cheque. We also accept transfers from ISAs held with other providers. It cannot be used to receive employer payments.

Member experience


We provide simple and engaging communications to help employees with saving.

For example:

  • Awareness: our highly experienced presenters can clearly explain our savings products. This can be delivered in the workplace face-to-face or via a webinar
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos
  • Self-service: our dedicated employee platform lets employees manage their own savings, 24/7.
Stocks and Shares ISA


Employers can offer their employees access to the Zurich Stocks and Shares ISA. This product is only available online and employees must apply individually through the website. The Stocks and Shares ISA is a tax-efficient way for your employees to save money with the potential to increase the value of the money they save and immediate access to their savings.

Employees can make regular payments direct from their salary or by direct debit and one-off payments by cheque. We also accept transfers from ISAs held with other providers. It cannot be used to receive employer payments.

Investment flexibility


Employees can choose from a wide range of funds or from individual investments through our share-dealing service to match their investment objectives and attitude to investment risk. Employees can also hold cash in their account.

The value of the plan depends on investment performace.

Member experience


We provide simple and engaging communications to help employees with saving.

For example:

  • Awareness: our highly experienced presenters can clearly explain our savings products. This can be delivered in the workplace face-to-face or via a webinar
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos
  • Self-service: our dedicated employee platform lets employees manage their own savings, view daily plan values and make fund switches, 24/7.
Investment Account


Employers can offer their employees access to the Zurich Investment Account. This product is only available online and employees must apply individually through the website. The Investment Account is aimed at employees who have used their ISA allowance and don't wish to tie up their savings long term in a retirement savings plan. There are no limits on the amount of money that can be invested each year and there is the potential to increase the value of the money they save.

The Account can accept both employee and employer payments. Employees can make regular payments direct from their salary or by direct debit and one-off payments by cheque. Employers can make regular or one-off payments through payroll.

Investment flexibility


Employees can choose from a wide range of funds or from individual investments through our share-dealing service to match their investment objectives and attitude to investment risk.

The value of the plan depends on investment performace.

Member experience


We provide simple and engaging communications to help employees with saving.

For example:

  • Awareness: our highly experienced presenters can clearly explain our savings products. This can be delivered in the workplace face-to-face or via a webinar
  • Information: our scheme-specific websites provide education and guidance through the use of engaging tools and videos
  • Self-service: our dedicated employee platform lets employees manage their own savings, view daily plan values and make fund switches, 24/7.
Zurich Corporate Investment Plan


The plan is aimed at trustees who wish to invest large pension funds in a tax-efficient way in order to spread their investments and/or take advantage of investment funds not available under their existing scheme(s).

Investment flexibility


Our investment solutions include a range of insured funds, plus the ability to white label and blend multiple funds to support sophisticated investment strategies. The trustees, usually with the advice of the EBC and/or investment advisers, will decide which funds should be made available to members of the Plan.

The value of the plan depends on investment performace.

Administration


Administration services are not included in the product and are solely the responsibility of the trustees and scheme administrator. The trustees will appoint a third party administrator to carry out scheme administration. Zurich does not earmark payments for scheme members or create individual member accounts.

Retirement Solutions


We offer solutions to support members with their choices at retirement.

 

Secure lifelong income (annuity)


To help members shop around and achieve the best value when purchasing an annuity we offer access to a whole of market independent annuity broking service.

 

Features:

  • A range of annuities including increasing, enhanced, guaranteed and joint life.
  • Multiple purchases are allowed.
  • Payments into the plan can continue while the member remains in service.
  • Up to 25% of the members retirement savings can be taken as tax-free cash.
  • Minimum purchase terms set by the annuity broking service.


 

Flexible income (drawdown)


We provide an integrated drawdown solution under our GSIPP wrapper on our CSP platform with the ability for members to continue saving into the plan. We take members through the full sales process and cancellation rights for the 1st designation (not subsequently). Where an integrated drawdown solution is not available for certain schemes, members can transfer their retirement savings into a stand alone drawdown plan with Zurich.

 

Features:

  • Can hold ‘pre-retirement’ and drawdown pots.
  • Members can designate some or the entire fund into drawdown.
  • Consistent investment choice available for pre-retirement and drawdown pots with the ability to manage the investment choice separately. (Where a transfer into a stand alone drawdown plan is involved, the investment choice may not be the same).
  • Initial choice of funds which recognise the changing nature of retirement, and the different ways in which members will want to manage their money. Some people will want to look for further growth, and may be prepared to risk some degree of loss. Others will have definite intentions to buy an annuity in the future, and will want to prepare for that time. And some members may wish to take regular or one-off payments from their drawdown account. Once drawdown has been set up, members can choose from a wider range of funds.
  • Members can choose from which funds they take any cash payments and flexible income.
  • When the value of funds designated for drawdown is low, members will be warned action is needed.
  • There are no drawdown set up or transaction charges.
  • A separate fund based charge will apply for the flexible income pot.
  • Large fund rebate may apply for flexible income pot of £250,000+.
  • Frequencies of flexible income payments: Monthly, Quarterly, Half-yearly, Yearly.
  • Members can choose payment dates of 1st of month to 28th.
  • Payments into the plan can continue while the member remains in service (personal payments can continue after the member has left service).
  • Up to 25% of the members retirement savings can be taken as tax-free cash without taking an income.

     

    Conditions:

    • Available to members with funds of £30,000.
    • Minimum designation to drawdown will be £10,000 unless it is the whole remaining fund.

       

        Cash lump sums


        Members can access their savings either through multiple or one-off cash lump sums.

         

        Features:

        • Currently no charge for taking cash lump sums.
        • Allows full and partial lump sum payments. (Two withdrawals can be taken each tax year.)
        • Payments into the plan can continue.
        • 25% is tax-free.

        Conditions:

        • Minimum withdrawal of £1,000 with a minimum residual value of at least £5,000.
        Member experience – Support and guidance every step of the way


        Retirement countdown - we will contact members as they approach retirement giving them information about their retirement options and things they may wish to consider.

         

        Retirement guidance - members can visit our ‘My Retirement’ website which includes information, guidance and a range of simple tools to help them select the most suitable retirement option for them. It’s important members seek guidance or financial advice before making a decision on how to take their retirement benefits. We signpost members to PensionWise, the Government’s free and impartial pensions guidance service. They can find an adviser near them at unbiased.co.uk or vouchedfor.co.uk. They may have to pay for any advice they receive.

         

        Taking benefits - when a member contacts us to make a claim, whether by phone or post, we will ask specific questions relating to the option selected. We will then issue a claim pack which could include:

         

        • MAS guide
        • Pension Wise flyer
        • Claim form
        • Generic illustration on the effect of taking benefits
        • Information about the impact of taking cash lump sums/ income (tax implications, etc)
        • Plan summary (SRA, current value, etc)
        • Covering letter with signposting to ‘My Retirement’ website
        • Member specific risk warnings
        • Guide to taking a lump sum/ flexible income

        Online support - our scheme-specific websites provide education and guidance through engaging and informative tools and videos. Our dedicated employee platform lets members manage their savings, view daily plan values and make fund switches, 24/7.

        Regular communications - we provide members with benefit statements to help them understand more about what they might get back and plan for their future.

         

        Member outcome – our support and guidance throughout a member’s time with us aims to help them with their retirement planning.

         

        Find out more


        Employee Guide