Annuity Transfer 2017 | Support | Zurich Insurance

Transfer of part of our annuity business to Rothesay Life Plc has now taken place

Updates

06 June 2017 – Transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc has now taken place

All annuities included in the proposed transfer of annuities from Zurich Assurance Ltd have now transferred to Rothesay Life Plc

06 June 2017 – Addition of stamped Court Order for the Guernsey transfer

Please note that the stamped Court Order for the Guernsey transfer has been added to the Transfer document library.

02 June 2017 – Addition of stamped Court Order for the Jersey transfer

Please note that the stamped Court Order for the Jersey transfer has been added to the Transfer document library.

30 May 2017 – Approval granted for Jersey transfer

Jersey Court has granted approval for the transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc to commence. Further updates once transfer to Rothesay completed on 06 June 2017.

30 May 2017 – Addition of stamped Court Order for the Isle of Man transfer

Please note that the stamped Court Order for the Isle of Man transfer has been added to the Transfer document library.

26 May 2017 – Approval granted for Guernsey and Isle of Man transfers.

Guernsey and Isle of Man Courts have granted approval for the transfer of annuities fromZurich Assurance Ltd to Rothesay Life Plc to commence. Further updates once transfer to Rothesay completed on 06 June 2017

25 May 2017 – Addition of stamped Court Order for the UK transfer

Please note that the stamped Court Order for the UK transfer has been added to the Transfer document library 

24 May 2017 – Approval granted for UK transfer

UK Courts granted approval for the transfer of annuities from Zurich Assurance Ltd to Rothesay Life Plc to commence. Further updates once transfer to Rothesay Life is completed on 06 June 2017. 

23 May 2017 – Updated details for the UK court hearing 

The Court hearing for the UK transfer will take place at 2.00pm on 24 May 2017 in Court number 6 at The Rolls Building, Fetter Lane, London, EC4A 1NL.

18 May 2017 – Addition of updated Scheme Documents for UK, Jersey, Guernsey and Isle of Man to Transfer document library.

Please note that updated versions of the Scheme Documents for UK, Jersey, Guernsey and Isle of Man have been added to the Transfer document library.

17 May 2017 – Addition of Supplemental Reports to Transfer document library.

Please note that Supplemental Reports by the Independent Expert, Zurich Chief Actuary, Zurich With-Profits Actuary and Rothesay Chief Actuary have been added to the Transfer document library.

We are proposing to transfer part of our annuity business (The Transfer) to Rothesay Life Plc (Rothesay). Rothesay Life is a UK insurance company specialising in annuities.

The Transfer has to be submitted and approved by the High Court of Justice of England and Wales (The Court). The Court hearing is currently scheduled for 24 May 2017, and if Court approval is granted, annuity policies will transfer to Rothesay on 06 June 2017. For offshore policies, the Transfer will also need to be approved by the relevant offshore courts – see ‘Timeline for the Transfer’ for more details.

The aim of this website is to provide information and help answer any questions about the impact of the Transfer and the Transfer process. You can find documents relating to the Transfer in the Transfer document library.

We will update this web page as soon as possible when any changes occur in relation to the Transfer to keep you up to date with developments, so please check this web page regularly.

If you are aware of anyone else who has an interest in, or is entitled to benefits under your annuity policy, please ensure they are also given the opportunity to review the documents on this website.

Timeline for the Transfer

The court hearing to approve the Transfer in:

  • UK, is scheduled to take place in London at 2.00pm in Court number 6 at The Rolls Building, Fetter Lane, London, EC4A 1NL on 24 May 2017.
  • Jersey, is scheduled to take place at 9.30am at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey on 30 May 2017.
  • Guernsey, is scheduled to take place at the Royal Court House, St Peter Port, Guernsey GY1 2NZ on 26 May 2017.
  • Isle of Man, is scheduled to take place at 2.00pm at the High Court of Justice of the Isle of Man on 26 May 2017.

 

If court approval is granted, annuity policies will transfer to Rothesay on 06 June 2017.

How will the Transfer affect transferring annuity policyholders?

The Transfer will have no impact on the terms of annuity policies except that the policy provider will change to Rothesay. Policyholder terms and conditions will not change, and policyholders will continue to receive the same benefits.

How are the interests of affected parties protected?

Your interests are protected by a rigorous review process which includes:

  • the appointment of and Independent Expert to produce a report for the court on the likely impact of the Transfer on policyholders
  •  close consultation with the UK's Prudential Regulation Authority (the PRA) and Financial Conduct Authority (the FCA) (and the relevant financial regulator for the Jersey, Guernsey and Isle of Man court processes);
  • the ability for affected parties to raise concerns or object to the Transfer; and
  • the requirement for approval of the Transfer by the relevant court.

The courts will only approve the Transfer if they consider it appropriate in all the circumstances.

What do I need to do?

If you have no concerns about the Transfer, you do not need to do anything.

However, if you are concerned the Transfer may adversely affect you, you have the right to object.

To do this, you can contact us either by telephone, email or by writing to us. Details of how to contact us are in the section opposite.

You also have the right to attend the Court hearings and voice your objections in person, or by a legal representative.

Contact us

0800 0853 982 Free of charge (or if resident outside the UK, on +44 345 266 1062)

Phone lines are open Monday to Friday 8.00am - 6.30pm and on a Saturday 9.30am - 12.30pm, excluding bank holidays.

We may record or monitor calls for training and quality purposes.

Or email us at: annuitytransfer@uk.zurich.com

Or you can write to us at:

Zurich Assurance Ltd
Annuity Transfer
The Grange
Bishops Cleeve
Cheltenham
GL52 8XX

  • Questions you may have as a Policyholder

    How do I know if I have been affected by these changes?

    You will have received a letter from us explaining the changes.

    How will changes affect my annuity policy?

    You will continue to receive the same benefit payments under your annuity policy and there will be no change to the terms and conditions (except that the policy provider will change to Rothesay).

    Will I receive updated terms and conditions?

    No, but if you would like to receive updated terms and conditions please contact Rothesay following the Transfer – www.rothesaylife.com

    Will any other benefits under my annuity policy change?

    No. Your benefits (and those of any dependent or minor dependent or other person entitled to any benefits) will remain the same following the Transfer.

    Will my annuity be paid in the same way?

    Rothesay normally makes annuity payments by direct bank transfer. If you currently receive your annuity payments by cheque, Rothesay may contact you after the Transfer to request a change of payment method to direct bank transfer. Otherwise, your payments will continue to be made in the same way.

    Will my annuity have the same tax status after the transfer?

    Yes. We have confirmed with HMRC and the Jersey, Guernsey and Isle of Man tax authorities that the tax status of your annuity will not change. However, if you currently receive your benefit payments on an annual, half-yearly, or quarterly basis (as opposed to a monthly basis), after the Transfer you may notice a very small reduction in the amount you receive. This is due to a difference in the way in which tax deductions will be applied, although your overall tax liability in relation to payments made to you will remain the same. This should have the benefit that you will not need to account for this difference in your annual tax return.

    Which of my policies are you transferring?

    If you are impacted, we will have sent you a letter showing the policy number of each of your annuity policies that are included in the Transfer. If you hold other annuities, policies or products with us and these are not mentioned in the letter(s), then these will remain with us.

    Which court process is transferring my annuity policy?

    If you are impacted, we will have sent you a letter clearly identifying whether the UK, Jersey, Guernsey or Isle of Man court process will be transferring your annuity policy.

    Do I need to do anything?

    If you have no concerns about the Transfer, you do not need to do anything.

    What can I do if I have any concerns?

    If you are concerned that the Transfer could adversely affect you in any way, you have the right to raise your concerns with the relevant court, either in person or through legal representation at the relevant court hearing.

    Whether or not you contact us first, you have the right:

    • to appear at the court hearing in person; or
    • to ask a legal representative to appear at the hearing on your behalf.

    If you wish to do either of the above, please let us know by:

    • calling us on 0800 085 3982 (or, if resident outside the UK, on +44 345 266 1062)
    • writing to us at Zurich Assurance Ltd, Annuity Transfer, The Grange, Bishops Cleeve, Cheltenham GL52 8XX
    • emailing us at annuitytransfer@uk.zurich.com or
    • if you do not wish to attend the court hearing in person or send a legal representative, you can simply contact us using any of the methods above and we will ensure your concerns are passed to the Prudential Regulation Authority, Financial Conduct Authority (or the regulator in Jersey, Guernsey or the Isle of Man as appropriate), Independent Expert and the relevant court.

    Can anyone else raise concerns or object?

    Yes. Any person who thinks they would be adversely affected by the Transfer in any way is entitled to be heard at the relevant court hearing.

    What can I do if I hold a power of attorney for a transferring policy?

    As potentially affected parties, both you, as attorney, and the policyholder are entitled to raise concerns about, or object to, the Transfer. The power of attorney will be recorded by Rothesay and will continue according to its terms.

    What should I do if I am bankrupt or declared bankrupt

    You should show the letter and pack we sent you to the trustee in bankruptcy, receiver or administrative receiver.
  • Questions you may have as a Trustee

    How can I find out which pension scheme members are affected?

    If your Scheme Members are impacted, we will have sent you an explanatory letter including details of which pension scheme members are affected by the Transfer.

    What will happen to the affected pension scheme members' annuities?

    Your affected pension scheme members do not hold an annuity directly with Zurich Assurance Ltd. The pension scheme members’ annuities will continue to be held by you. 

    The annuities which you hold to meet your annuity obligations to your affected pension scheme members will be included in the Transfer.

    Will Zurich Assurance Ltd write directly to pension scheme members?

    No. You will need to inform your affected pension scheme members of the changes. 

    We will have provided you with an example cover letter template with your explanatory letter which you could use to inform your affected pension scheme members about the Transfer. If you would like any assistance in contacting your pension scheme members, please get in touch with us.

    Can I or my pension scheme member raise concerns or object to the transfer?

    Yes. If you or your pension scheme members are concerned that the Transfer could adversely affect you in any way, you have the right to raise your concerns with the relevant court, either in person or through legal representation at the relevant court hearing.

    Whether or not you contact us first, you have the right:

    • to appear at the court hearing in person; or
    • to ask a legal representative to appear at the hearing on your behalf.

    If you wish to do either of the above, please let us know by:

    • calling us on 0800 085 3982 (or, if resident outside the UK, on +44 345 2661062)
    • writing to us at Zurich Assurance Ltd, Annuity Transfer, The Grange, Bishops Cleeve, Cheltenham GL52 8XX
    • emailing us at annuitytransfer@uk.zurich.com; or
    • if you do not wish to attend the court hearing in person or send a legal representative, you can simply contact us using any of the methods above and we will ensure your concerns are passed to the Prudential Regulation Authority, Financial Conduct Authority (or the regulator in Jersey, Guernsey or the Isle of Man as appropriate), Independent Expert (see section 4 below) and the relevant court.

Transfer document library

UK transfer documents

UK Court Order – Stamped court order from The High Court of Justice confirming approval for the UK transfer (243 KB/PDF)

UK Individual Policyholder Letter - Example letter sent to the UK individual policyholders (131 KB/PDF)

UK Trustee Policyholder Letter - Example letter sent to the UK trustee policyholders (195 KB/PDF)

UK Scheme Document - Document setting out the terms of the UK Scheme (127 KB/PDF)

UK Scheme Legal Notice - Notice of the proposed transfer published in the various newspapers (26 KB/PDF)

Questions and Answers - Your questions answered on the proposed transfer to Rothesay (94 KB/PDF)

Explanatory Statement - Booklet containing a summary of the terms of the scheme and a summary of the IE's report (193 KB/PDF)

Independent Expert's report - Report to the courts written by the Independent Expert (367 KB/PDF)

Independent Expert's supplemental report - Supplemental report written by the Independent Expert (462 KB/PDF)

Zurich Chief Actuary's Report - Report written by Zurich Chief Actuary (617 KB/PDF)

Zurich Chief Actuary's supplemental report - Supplemental report written by Zurich Chief Actuary (143 KB/PDF)

Zurich With-Profits Actuary's Report - Report written by Zurich With-Profits Actuary (3188 KB/PDF)

Zurich With-Profits Actuary's supplemental report - Supplemental report written by Zurich With-Profits Actuary (113 KB/PDF)

Rothesay Chief Actuary's Report - Report written by Rothesay Chief Actuary (229 KB/PDF)

Rothesay Chief Actuary's supplemental report - Supplemental report written by Rothesay Chief Actuary (302 KB/PDF)

Jersey transfer documents

 Jersey Court Order – Stamped court order from The Royal Court of the Jersey confirming approval for the Jersey transfer (232 KB/PDF)

Jersey Individual Policyholder Letter - Example letter sent to the Jersey individual policyholders (131 KB/PDF)

Jersey Scheme Document - Document setting out the terms of the Jersey Scheme (140 KB/PDF)

Jersey Scheme Legal Notice - Notice of the proposed Transfer published in Jersey

Guernsey transfer documents

 Guernsey Court Order – Stamped court order from The Royal Court of the Island of Guernsey confirming approval for the Guernsey transfer (184 KB/PDF)

Guernsey Individual Policyholder Letter - Example letter sent to the Guernsey individual policyholders (131 KB/PDF)

Guernsey Scheme Document - Document setting out the terms of the Guernsey Scheme (144 KB/PDF)

Guernsey Scheme Legal Notice - Notice of the proposed Transfer published in Guernsey

Isle of Man transfer documents

 Isle of Man Court Order – Stamped court order from The High Court of Justice of the Isle of Man confirming approval for the Isle of Man transfer (176 KB/PDF)

Isle of Man Individual Policyholder Letter - Example letter sent to the Isle of Man individual policyholders (131 KB/PDF)

Isle of Man Scheme Document - Document setting out the terms of the Isle of Man Scheme (201 KB/PDF)

Isle of Man Scheme Legal Notice - Notice of the proposed Transfer published in Isle of Man


You can print these documents or request paper copies from us (free of charge) using the contact details provided.