Leave your money invested
Leave your pension where it is until the time is right
Why would I choose this option?
If you don't want, or need, to take any of your pension savings now, you can leave them where they are.
There are various reasons why this option might be right for you including not enough in your pension fund for the retirement income you need or, simply not yet being ready to call it quits at work.
How does it work?
Your pension plan will continue as before, with your money staying invested. You might still be able to pay in to it, which also means any contributions from your employer can continue too.
It's a good idea to regularly review your fund choices to make sure they're still the best option for you.
When the time is right, your pension savings will be waiting for you to draw upon.
You should bear in mind that, as with any investment, the value of your pension pot could go down as well as up, and you may get back less than you originally invested.
What other things do I need to think about?
Leaving your money where it is for the time being is absolutely fine, but you will need to consider a few things.
If you decide not to take your pension plan right now and leave your money invested, you should check that your fund choices are still right for you - generally funds with the greatest risk have the potential for greater returns but also the potential for greater loss. The money in your pension plan could continue to grow but it could also go down in value, as with any investment. If you want to change the funds you're invested in, please go to the 'Manage your pension' page and select Fund details.
When you start a pension plan, you’ll have estimated a date for your retirement. If your plans have changed, you’ll need to let your pension provider know so they can make sure they contact you at the right time with information to support your decision making. This is especially important if you are invested in a Lifestyle strategy which automatically de-risks your pension savings as you approach your selected retirement date. If you don't inform your pension provider this may mean your pension savings are invested in funds that have a lower level or risk and less opportunity for growth earlier than would otherwise normally be the case.
Many pension plans will effectively close when you reach the age of 75. This means you won’t be able to make payments and it’s likely you’ll be required to take all your retirement savings out. It’s certainly worth bearing this in mind.
Some pension plans have a maximum age written into the contract giving you a deadline to make your decision about how to use your pension savings. For Zurich pension plans, this is usually age 75.
Pension Wise
Access a free, impartial government service to help you make sense of your options with Pension Wise.
Zurich is not responsible for the content of external websites.