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Zurich Annuity Changes - January 2018

During the second half of 2017 we have been reviewing the current Zurich annuity offering. Specifically we have looked at its position in the market and what it can offer to customers, in line with our aim to drive better retirement outcomes. Following this review we have decided to exit the standard annuities market in the UK and only offer a Zurich annuity to a subset of existing customers where our products continue to be competitive against other rates available on the open market. These are:

• Customers with a Guaranteed Annuity Rate (GAR)
• Customers with a Guaranteed Mortality rate (GMR)
• Customers with a mixed Defined Benefit/Defined Contribution Plan (DB/DC)
• Customers who are resident outside of the UK & EEA including channel islands

For customers who will no longer have access to a Zurich annuity, we will assist them by offering access to an annuity bureau service with HUB Financial Solutions (HUB). HUB will be able to complete a full assessment of the customer’s needs and provide access to the highest valued annuity quotations available on the open market. This is a proven service already in operation across a number of our books of business and we believe it will represent a good outcome for our customers.

These changes will take effect from 1st January 2018. This means that all applications received prior to the 18th December 2017 requesting a Zurich annuity will be processed, with the last new annuity quotations being produced on that date. All new and existing Zurich standard annuity applications will be concluded by 31st January 2018.