Proposed transfer of Zurich's workplace pension and savings business to Scottish Widows

Latest updates

15 February 2019 – Zurich Assurance Ltd (Zurich) and Scottish Widows Limited (Scottish Widows) were authorised by the court to communicate with planholders and other affected parties about the transfer.


Introduction

To simplify our business, Zurich is in the process of transferring the majority of its workplace pensions and savings business to Scottish Widows. On 15 February 2019 Zurich and Scottish Widows were authorised by the court to communicate with planholders (including trustees of trust-based policies) and other affected parties about the transfer.

The transfer is subject to UK court approval, as required under the applicable financial services legislation. We explain the court process in more detail in both the planholder guide and frequently asked questions below. For local law reasons Zurich and Scottish Widows will also need to carry out separate court processes in Jersey and Guernsey.

If you have received a letter from us confirming your plan is to transfer then your plan is included in the proposed transfer. If you have received a letter from us confirming your plan will remain with us then your plan will not transfer to Scottish Widows. If the proposal is approved:

  • we will transfer in-scope plans to Scottish Widows on the effective date, which we expect to be 1 July 2019 (the effective date). Scottish Widows will then take over responsibility for administering such plans; and
  • there will be a period of limited service availability for transferring plans, before and after the effective date, in order to allow Zurich and Scottish Widows to make changes to the systems through which transferring plans are managed.

On this webpage you will find:

  • Copies of the letters and guides that we have mailed to customers (including trustees, where applicable) affected by the proposed transfer.
  • Common questions and answers in relation to the proposed transfer, both for those customers with transferring plans and Zurich’s other customers (whose plans will not transfer).
  • More detailed information including copies of the legal documentation and copies of certain reports about the proposed transfer.
  • Any updates and notifications about the proposed transfer including the outcome of the High Court hearing.

If you would like a copy of any of the documents provided on this website please contact us on the telephone number below.

If you have any concerns about the proposed transfer and how it could affect you, please see the section below titled ‘What should I do if I have any concerns or want to object?’

Alternatively, if you have any questions you can contact us by:

Email:

transfer@uk.zurich.com


Dedicated helpline:

0800 678 3515 (if calling from UK)

+44 1242 664016 (if calling from overseas)

Lines are open Monday to Friday 8am to 6.30pm (excluding bank holidays) and 9.30am to 12.30pm Saturday. We may record or monitor calls to improve our service.


Address:

Zurich Corporate Savings
PO Box 1308
Cheltenham
GL50 9BY
United Kingdom



Timeline of transfer

15 February 2019 – Zurich and Scottish Widows were authorised by the court to communicate with planholders and other affected parties about the transfer.

12 June 2019 – Any person intending to attend the court hearing give notice of such intention as soon as possible and preferably before 12 June 2019.

12 June 2019 – UK Court Hearing - The court hearing to approve the transfer is expected to take place at 10.30 a.m. at the Business and Property Courts of the High Court of Justice of England and Wales, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL on 12 June 2019.

20 June 2019 – Jersey Court Hearing - The court hearing to approve the Jersey Transfer is expected to take place at 9.00 a.m. at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey JE1 1JG on 20 June 2019; and

21 June 2019 – Guernsey Court Hearing - The court hearing to approve the Guernsey Transfer is expected to take place at 9.30 a.m. at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2NZ on 21 June 2019.

25 June 2019 – 3 July 2019 – Trading Suspension Period - The trading suspension period will begin on Tuesday 25 June 2019 and is expected to continue until 9.00 a.m. on Wednesday 3 July 2019, after the effective date (the trading suspension period).

1 July 2019 – Effective Date - If the proposal is approved, we will transfer your pension plan to Scottish Widows on the effective date, which we expect to be 1 July 2019 (the effective date). Scottish Widows will then take over responsibility for administering your plan.

3 July 2019 – Trading suspension period expected to end at 9.00 a.m. on Wednesday 3 July 2019.

How does this affect transferring pensions and investments?

From the effective date, the funds in which transferring plans are invested will be provided by Scottish Widows rather than Zurich. As a result of moving to Scottish Widows, there will be no change to the nature or investment objectives of the funds in which such plans are invested, the funds range that is available to customers or the charges paid. The value of investments will not change as a result of the transfer. However, the names of some funds will change from the effective date. For example:

  • ‘Zurich Property ZP’ to ‘SW Property’
  • ‘Zurich BlackRock UK Corporate Bond AP’ to ‘SW BlackRock UK Corporate Bond’.

Some of these funds will invest in funds managed by Zurich. Scottish Widows has made arrangements with Zurich to allow you to continue to access these Zurich-managed funds.

Will there be any changes to my terms and conditions?

Following the transfer, the provider of transferring plans will become Scottish Widows Limited, rather than Zurich, and the terms and conditions of transferring plans will be amended to reflect this. In addition, in order to simplify the terms and conditions and to reflect the way Scottish Widows Limited will administer transferring plans after the transfer, we are proposing to amend the majority of terms and conditions to remove the separate roles of “payment agent”, “platform operator” and “website provider”.

  • Removing the role of payment agent: at the moment, payments in relation to plans are made to a “payment agent”, who then passes the payments on to Zurich, rather than to Zurich directly. Since April 2018, this payment agent has been Scottish Widows Administration Services Limited. Following the transfer, payments will be made directly to Scottish Widows Limited. A separate payment agent will therefore no longer be required.
  • Removing the role of platform operator: at the moment, certain services in relation to plans (such as access to the online platform) are provided by Sterling ISA Managers Limited (another member of the Zurich Group). Following the transfer, Scottish Widows Limited will be directly responsible for providing all of these services.
  • Removing the role of website provider: at the moment, the website on which schemes operate is provided by Sterling ISA Managers Limited (another member of the Zurich Group). Following the transfer, Scottish Widows Limited will be directly responsible for making this website available.

In addition, if you are a trustee of a plan and hold a client service agreement with us, the terms of the transfer will also amend your client service agreement so that Scottish Widows is responsible for carrying out all obligations under that agreement, including those currently carried out by Sterling ISA Managers Limited as platform operator.

If you hold a transferring plan, the letter we sent you will specify the roles that are relevant to your plan, and you can obtain a table that sets out the amendments we are proposing to make to your terms and conditions by visiting the document library below.

Important note: limited service availability during the transfer

If the court approves the transfer we will need to make changes to the systems through which transferring plans are managed so that Scottish Widows can administer these plans following the transfer.

In order to ensure the implementation of the changes is carried out as smoothly as possible, Zurich and Scottish Widows need to temporarily suspend certain services relating to transferring plans. Our aim is to minimise disruption.

The trading suspension period will begin on Tuesday 25 June 2019 and is expected to continue until 9am on Wednesday 3 July 2019, after the effective date (the trading suspension period).

During the trading suspension period no transactions will be carried out in relation to transferring plans, such as investing contributions, switching funds or making a claim.

Any investment instructions or payments received during this time will not be processed by Scottish Widows until after the trading suspension period. This also applies to regular contributions (for example through employer's payroll processes or by Direct Debit) and the taking of fund related charges.

If you have a transferring plan and think you need to carry out any transactions during the trading suspension period, then these will be processed as soon as possible after the period ends. Please contact Zurich on your usual customer number (which you will find on previous letters we have sent to you) if you think you will need to carry out any transactions during the trading suspension period.

Please see frequently asked questions below for further information regarding the trading suspension period.

How are planholders interests protected?

The interests of all Zurich Assurance Ltd (ZAL) and Scottish Widows Limited (SWL) planholders are protected by a rigorous approval process that includes:

  • the appointment of an independent expert to produce a report on the likely impact of the transfer on planholders;
  • close consultation with our regulators in the UK, the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) and where applicable, the Jersey Financial Services Commission in Jersey and the Guernsey Financial Services Commission in Guernsey;
  • the ability for affected parties to raise concerns or object to the transfer; and
  • the requirement for approval of the transfer by the court.

The court will only approve the transfer if it considers it appropriate in all the circumstances.

What should I do next?

We recommend that you read the ‘planholder guide’. This includes questions and answers regarding the transfer, a summary of the terms of the scheme, a summary of the report written by the independent expert and other information regarding the relevant court hearings. If you are not sure about any of the terms or phrases in the materials we have provided, please see the ‘Glossary of terms’, in Appendix D of the ‘planholder guide’.

If you hold a transferring plan and there is any other person with an interest in, or entitlement to, the benefits under your plan, such as another beneficiary (person(s) potentially entitled to pension benefits under your plan), a trustee in bankruptcy, executor or personal representative, please make them aware of these proposals as soon as possible.

Unless you want to raise any concerns or have any objections you do not have to take any further action.


What should I do if I have any concerns or want to object?

If you believe you may be adversely affected by the transfer, you can raise your concerns or object to the court. You can do this in the following ways:

  • By calling our helpline or by writing to us by email or post at the addresses given below (please quote the name of your pension scheme and your plan number which is provided in the covering letter we sent).
  • By appearing in person (or by a legal representative) at the court hearing. If you wish to do this, please contact us using the details below. By informing us, we will be able to let you know more details of the court hearing once they are known or inform you if there are any changes to the date of the court hearing. We may also be able to address any concerns in advance of the court hearing. It would be helpful if any person intending to attend the court hearing give notice of such intention as soon as possible and preferably before 12 June 2019, setting out their reasons why they believe they may be adversely affected, to Zurich. This will enable Zurich to provide notification of any changes to the court hearing and, where possible, to address any concerns in advance of the court hearing.

If you contact us with an objection, we will reply to you and send your objection and our reply to the independent expert, the FCA, the PRA and the court in advance of the hearing, regardless of whether the person making the objection intends to attend the hearing.

Email:

transfer@uk.zurich.com


Dedicated helpline:

0800 678 3515 (if calling from UK)

+44 1242 664016 (if calling from overseas)

Lines are open Monday to Friday 8am to 6.30pm (excluding bank holidays) and 9.30am to 12.30pm Saturday. We may record or monitor calls to improve our service.


Address:

Zurich Corporate Savings
PO Box 1308
Cheltenham
GL50 9BY
United Kingdom

Who is the independent expert and what is his role?

The independent expert is John McKenzie, a Director at Hymans Robertson LLP. John is a Fellow of the Institute and Faculty of Actuaries and has over 40 years’ experience in the life and insurance industry. He is independent of both Zurich and Scottish Widows.

The independent expert has been approved by the PRA, following consultation with the FCA, and independence is one of the criteria that the regulators use to assess his suitability.

The independent expert's overriding duty of responsibility is to the court, not to Zurich or Scottish Widows. The application for the transfer made to the court must be accompanied by a report on the terms of the transfer by an independent expert, and is available to all affected parties.

The report contains his opinion on how the transfer will affect the various groups of planholders of Zurich and Scottish Widows. You can find a summary of his report in the planholder guide and a copy of the full report in the document library.


Frequently asked questions

  • Transferring

    What is happening?

    What are you proposing?

    Zurich Assurance Ltd and Scottish Widows Limited are planning to complete the transfer of the majority of Zurich's workplace pensions and savings business to Scottish Widows.

    What is a workplace pension?

    A workplace pension is a way of saving for your retirement via a scheme set up through an employer. It is now a legal requirement that all employers automatically enrol their eligible workers into a workplace pension. To find out more, please visit www.zurich.co.uk/workplace-pension.

    Who is Scottish Widows?

    Scottish Widows Limited is an insurance company and a wholly-owned subsidiary within Lloyds Banking Group. The Group provides services under a number of well recognised brands including Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows.

    Scottish Widows is one of the most recognised brands in the life pensions and investments market and have been helping people save for their financial futures for over 200 years. This proposed transfer of Zurich’s workplace pensions and savings business supports Scottish Widows’ plans to expand their award-winning offering, to meet customers’ long-term savings needs throughout their lives and to offer an enhanced customer experience.

    To find out more, please visit Scottish Widows.

    Why is Zurich doing this?

    For Zurich, the transfer is part of a process of simplifying our business in line with the wider business strategy of the Zurich Group.

    What has already happened?

    On 12 October 2017, we announced that Scottish Widows had entered into an agreement to acquire the Zurich Group’s UK workplace pensions and savings business. The official press release can be found here zurich.co.uk/about-us/media-centre/life-news/2017 titled “Lloyds Banking group to boost Scottish Widows with acquisition of Zurich’s UK workplace pension and savings business”.

    Since then, the investment based part of Zurich’s workplace pensions and savings business moved to Scottish Widows on 3 April 2018. Planholders included in that particular transfer were contacted and such plans are now being provided and administered by Scottish Widows.

    Now, the insurance based part of Zurich’s workplace pensions and savings business is being transferred to Scottish Widows as part of the transfer. We are following a legal process set out in Part VII of the Financial Services and Markets Act 2000 which requires transfers of insurance business to be approved by the court in the UK. For more information please see ‘How will the transfer be carried out?’ below.

    What if I've received other letters from Zurich and/or Scottish Widows recently about a systems upgrade?

    You may have received or will shortly receive a letter from Zurich and/or Scottish Widows advising you of a systems upgrade relevant to your plan and how this will affect you. The systems upgrade is a separate matter from the transfer. If you have any queries on the upgrade, please refer back to your covering letter for contact details.

    When will the transfer take place?

    If the court approves the transfer, it will take place on the effective date, which is expected to be 1 July 2019. Please see below for details on the court hearing.

    Service availability during the transfer

    Zurich and Scottish Widows will need to make changes to the systems through which your plan is managed in order to carry out the transfer. In order to ensure that the implementation of these changes is carried out as smoothly as possible, there will be a trading suspension period which will begin on Tuesday 25 June 2019 and which is expected to continue until 9am on Wednesday 3 July 2019, after the effective date (the trading suspension period).

    This will be a temporary, one-off suspension of services resulting from the transfer. We refer to the times shown below as ‘cut-off times’. Any instructions received after the cut-off times on 25 June 2019 and before the trading suspension period has ended will not be processed until after the trading suspension period has ended.

    If you think you need to carry out any transactions during the trading suspension period, then these will be processed as soon as possible after the period ends. Please contact us on your usual customer number (which you will find on previous letters we have sent to you) if you think you will need to carry out any transactions during the trading suspension period.

    Cut-off times

    Where we receive trading instructions before 25 June 2019, we will action the request in the usual way (so it will not be affected by the temporary trading suspension). For instructions received on 25 June 2019:

    • Where the instructions are submitted through our website on 25 June 2019, we will need to receive them by 3pm in order to process them before the trading suspension period begins.
    • Where the instructions are submitted through any other route (for example, by telephone, email or post), we will need to receive them by 9.30am on 25 June 2019 in order to process them before the trading suspension period begins.

    During the trading suspension period there will be limited service availability. You (or your members) may be affected by this as follows:

    Changing your investments

    We (or after the effective date, Scottish Widows) will continue to take your investment instructions throughout the trading suspension period but please note that there may be a delay in those instructions being processed as follows:

    • Any instructions received after the relevant cut-off times on 25 June 2019, will not be processed by Scottish Widows until after the trading suspension period.
    • Any instructions that we receive before 25 June 2019 or that Scottish Widows receive after the trading suspension period will be processed as usual.

    Paying into your pension

    • We can accept payments received before the relevant cut-off times on 25 June 2019 and these will be processed as usual.
    • We will let employers and/or trustees (where applicable) know about the limited service availability during the trading suspension period so that arrangements can be made for taking regular payments before or after the trading suspension period.
    • If you make regular personal payments via direct debit, and we’re due to collect your payment during the trading suspension period, we will write to you nearer to the time and let you know when your payment will be processed.

    Transferring out

    If you are planning on transferring your pension savings to another provider at the end of June 2019, please let us know and send the relevant information needed to complete the transfer a minimum of two weeks in advance, in order to allow us to process your instruction prior to the cut-off times on 25 June 2019. If we do not receive all the relevant information in time, your request will not be processed until after the trading suspension period.

    Taking your retirement benefits

    If you are thinking of taking your retirement benefits at the end of June 2019 or at the start of July 2019, please let us know as soon as possible as we will require your instruction and relevant information needed to complete your request in enough time to allow us to process it before the cut-off times on 25 June 2019. Please be aware that we, or after the effective date Scottish Widows, will not be able to process your request during the trading suspension period.

    Any requests to take retirement benefits between these dates will be processed by Scottish Widows after this period has ended.

    If you receive any regular income drawdown payments

    If you are due to receive regular income drawdown payments during the trading suspension period, we will make these before 25 June 2019. We will confirm the exact date closer to the time.

    What this means for you

    What will change for me?

    Subject to court approval the main change is that Scottish Widows will become the provider of your plan and also operate the systems, processes and employ the team needed to service the plan.

    The transfer will not change the benefits you hold under your plan. Following the transfer, all communications, literature and websites will show the name ‘Scottish Widows’ as the provider of your plan.

    If contributions are being paid into your plan, these can continue and the payment dates will not change as a result of the transfer.

    Your letter that was sent will outline any specific changes to your terms and conditions and if applicable Direct Debits. The proposed changes support the transfer of your plan from Zurich to Scottish Widows.

    How will the transfer affect the plans tax status?

    The transfer does not affect the UK tax status of plans. If you are resident for tax purposes in Jersey or Guernsey your tax status will not be affected. If you are resident for tax purposes in an overseas territory you may wish to take advice to confirm that your tax position is unaffected.

    Will my pension funds change?

    From the effective date, the funds in which your plan is invested will be provided by Scottish Widows rather than Zurich. As a result of moving to Scottish Widows, there will be no change to the nature or investment objectives of the funds in which your plan is invested, the fund range that is available to you or the charges you will pay. The value of your investments will not change as a result of the transfer. However, the names of some funds will change from the effective date. For example:

    • ‘Zurich Property ZP’ to ‘SW Property’
    • ‘Zurich BlackRock UK Corporate Bond’ to ‘SW BlackRock UK Corporate Bond’.

    Some of these funds will invest in funds managed by Zurich. Scottish Widows has made arrangements with Zurich to allow you to continue to access these Zurich-managed funds.

    What should I do next?

    If you have no further questions or concerns after reading all the available information there is no need to take any further action in relation to this Transfer. If you have any concerns or want to object to the Transfer, please see below for further details.

    We suggest you keep any documents we send you with your plan documents for future reference. If anyone else has an interest in your plan, for example a beneficiary, a trustee in bankruptcy, executor or personal representative, please make them aware of the proposals. If you need help to do this, please call our helpline number below.

    If you would like further information about the transfer, please call us on 0800 678 3515 (if calling from UK) or +44 1242 664016 (if calling from overseas)

    Monday to Friday 8am to 6.30pm (excluding bank holidays) and 9.30am to 12.30pm Saturday.

    You can email us at transfer@uk.zurich.com or write to us at Zurich Corporate Savings, PO Box 1308, Cheltenham, GL50 9BY, United Kingdom.

    If you email or write to us, please quote your plan number which you will find at the top of the letter we sent you.

    What should I do if I have any concerns or want to object?

    If you believe you may be adversely affected by the transfer, you can raise your concerns or object to the court. You can do this in the following ways:

    • By calling our helpline or by writing to us by email or post at the addresses given below (please quote the name of your pension scheme and your plan number which is provided in the covering letter we sent).
    • By appearing in person (or by a legal representative) at the court hearing. If you wish to do this, please contact us using the details below. By informing us, we will be able to let you know more details of the court hearing once they are known or inform you if there are any changes to the date of the court hearing. We may also be able to address any concerns in advance of the court hearing. It would be helpful if any person intending to attend the court hearing give notice of such intention as soon as possible and preferably before 12 June 2019, setting out their reasons why they believe they may be adversely affected, to Zurich. This will enable Zurich to provide notification of any changes to the court hearing and, where possible, to address any concerns in advance of the court hearing.

    If you contact us with an objection, we will reply to you and send your objection and our reply to the independent, the Financial Conduct Authority, the Prudential Regulation Authority and the court in advance of the hearing, regardless of whether the person making the objection intends to attend the hearing.

    Email:

    transfer@uk.zurich.com

    Dedicated helpline:

    0800 678 3515 (if calling from UK)

    +44 1242 664016 (if calling from overseas)

    Lines are open Monday to Friday 8am to 6.30pm (excluding bank holidays) and 9.30am to 12.30pm Saturday. We may record or monitor calls to improve our service.

    Address:

    Zurich Corporate Savings
    PO Box 1308
    Cheltenham
    GL50 9BY
    United Kingdom

    More about the transfer

    How will the transfer be carried out?

    We are following a legal process set out in Part VII of the Financial Services and Markets Act 2000. This requires the transfer to be approved by the court in the UK.

    For local law reasons, we will also need to carry out separate court processes in Jersey and Guernsey. The covering letter we sent you will explain if these are relevant to you.

    See below for important information regarding the court hearings.

    Who will pay for the transfer?

    The transfer will be paid for by Zurich and Scottish Widows with no cost to planholders.

    How will my interests as a planholder be protected?

    The interests of all parties affected by the transfer are being protected by a rigorous review process which includes:

    • the appointment of an Independent Expert to produce a report on the likely impact of the transfer on Planholders;
    • close consultation with our regulators in the UK, the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) and where applicable, the Jersey Financial Services Commission in Jersey and the Guernsey Financial Services Commission in Guernsey;
    • the ability for affected parties to raise concerns or object to the transfer; and
    • the requirement for approval of the transfer by the court.

    The court will only approve the transfer if it considers it appropriate in all the circumstances.

    Who is the independent expert?

    The independent expert is John McKenzie, a Director at Hymans Robertson LLP. John is a Fellow of the Institute and Faculty of Actuaries and has over 40 years’ experience in the life and insurance industry. He is independent of both Zurich and Scottish Widows.

    The independent expert has been approved by the PRA, following consultation with the FCA, and independence is one of the criteria that the regulators use to assess his suitability.

    What is the role of the independent expert?

    The independent expert's overriding duty of responsibility is to the court, not to Zurich or Scottish Widows. The application for the transfer made to the court must be accompanied by a report on the terms of the transfer by an independent expert, and is available to all affected parties. The report contains his opinion on how the transfer will affect the various groups of planholders of Zurich and Scottish Widows. You can find a summary of his report in the planholder guide and the full report in the document library.

    What does the independent expert think about the transfer?

    The independent expert has concluded that, in his opinion, implementing the transfer will not have a material adverse impact on the security of benefits or the future benefit expectations of any policyholders of Zurich or Scottish Widows. Please see the planholder guide for a summary of the independent expert’s report. You can also find his full report in the document library.

    Who else has considered the terms of the of the transfer?

    The chief actuaries of Zurich and Scottish Widows have each considered the terms of the transfer and prepared reports for the board of directors of their respective companies. The with profits actuaries of Zurich and Scottish Widows have also each considered the likely impact of the transfer for with-profits policyholders of Zurich and Scottish Widows and prepared reports for the board of directors of their respective companies. Each of the Zurich and Scottish Widows’ actuaries have concluded that the transfer will not have a material adverse effect on the security or benefit expectations of any policyholders (or with-profits policyholders, in the case of the with profits actuaries) of the company they represent.

    You can find copies of the reports by the chief actuary and the with profits actuary of Zurich in the document library and copies of the reports by the chief actuary and the with profits actuary of Scottish Widows on the Scottish Widows website: www.scottishwidows.co.uk/swtransfer2019.

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

    As potentially affected parties, both you (as attorney) and the planholder are entitled to raise concerns or object to the transfer. You do not need to do anything following the transfer as details of the power of attorney will be passed by Zurich to Scottish Widows.

    The court hearing

    Why is there a court hearing?

    To carry out the transfer we are following a process set out in Part VII of the Financial Services and Markets Act 2000. This requires the approval of the transfer by the court.

    When and where will the court hearing take place?

    The court hearing to approve the transfer is expected to take place at 10.30am at the Business and Property Courts of the High Court of Justice of England and Wales, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL on 12 June 2019.

    How will you let me know about any changes to the court hearing?

    Any updates in relation to the court hearing will be published on this website.

    How will I find out if the court has approved the transfer?

    After the court hearing, which is expected to take place on 12 June 2019, we will confirm the court’s decision on this website.

    What will happen if the court does not approve the transfer?

    If the court does not approve the transfer, your plan will remain with Zurich. We will update this website to reflect this following the court hearing.

    Are the Jersey and Guernsey court hearings relevant to me?

    For local law reasons, we will also need to carry out separate court processes in Jersey and Guernsey. The covering letter we sent you will explain if these are relevant to you.

    When and where will the Jersey and Guernsey court hearings take place?

    The court hearing to approve the:

    • Jersey Transfer, is expected to take place at 9.00am at the Royal Court of Jersey, Royal Court House, Royal Square, St Helier, Jersey JE1 1JG on 20 June 2019; and
    • Guernsey Transfer, is expected to take place at 9.30am at the Royal Court of Guernsey, Royal Court House, St Peter Port, Guernsey GY1 2NZ on 21 June 2019.
  • Non-transferring

    What are you proposing?

    Zurich Assurance Ltd and Scottish Widows Limited are planning to complete the transfer of the majority of Zurich's workplace pensions and savings business to Scottish Widows.

    Why is my plan not transferring to Scottish Widows?

    Any plan provided by ZAL which is not part of Zurich’s workplace pensions and savings business is not in scope for the transfer, and will remain with Zurich.

    • “with-profits” plans or plans that allow investment in “with-profits” funds;
    • plans that are invested in, or allow investments in, the “Zurich Secure Managed Fund”;
    • certain plans issued to trustees resident in the Channel Islands; and
    • certain other plans that Zurich and Scottish Widows agree will not form part of the transfer.

    Your plan falls into one of these categories, and as such will not be transferring to Scottish Widows and so your plan details, benefits, terms and conditions, rights and obligations will not change. You will receive the same benefits under your plan which will be administered by Zurich through our trusted administration partner.

    How are my interests protected?

    The approval process is designed to look at the impact of the transfer on transferring and non-transferring planholders. Your interests are protected by a rigorous approval process that requires that the transfer is approved by the court and includes consultation with the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). In addition, an independent expert has been appointed who has produced a report for the court which includes the assessment for both transferring and non-transferring planholders.

    In the independent expert’s opinion, implementing the transfer will not have a material adverse effect on the security of benefits, or the benefit expectations of non-transferring planholders.

    Reports produced by the UK chief actuary and the UK with-profits actuary of Zurich also conclude that the security of benefits and the benefit expectations of planholders who are not transferring are not materially adversely affected by the transfer.

    When will the transfer take place?

    If the court approves the transfer, it will take place on the effective date, which is expected to be 1 July 2019. Please see below for details on the court hearing.

    What should I do next?

    If you have no further questions or concerns after reading all the available information there is no need to take any further action in relation to this transfer. If you have any concerns or want to object to the transfer, please refer to below for further details.

    We suggest you keep any documents we have sent you with your plan documents for future reference. If anyone else has an interest in your plan, for example a beneficiary, a trustee in bankruptcy, executor or personal representative, please make them aware of the proposals. If you need help to do this, please call our helpline number below.

    If you would like further information about the transfer, please call us on 0800 678 3515 (if calling from the UK) +44 1242 664016 (if calling from overseas) (Monday to Friday 8am to 6.30pm (excluding bank holidays) and 9.30am to 12.30pm Saturday). You can email us at transfer@uk.zurich.com or write to us at Zurich Corporate Savings, PO Box 1308, Cheltenham, GL50 9BY, United Kingdom.

    If you email or write to us, please quote your plan number which you will find at the top of the letter we sent you.

    What should I do have any concerns or want to object?

    If you believe you may be adversely affected by the transfer, you can raise your concerns or object to the court. You can do this in the following ways:

    • By calling our helpline or by writing to us by email or post at the addresses given above (please quote the name of your pension scheme and your plan number which is provided in the covering letter).
    • By appearing in person (or by a legal representative) at the court hearing. If you wish to do this, please contact us using the details above. By informing us, we will be able to let you know more details of the court hearing once they are known or inform you if there are any changes to the date of the court hearing. We may also be able to address any concerns in advance of the court hearing. It would be helpful if any person intending to attend the court hearing give notice of such intention as soon as possible and preferably before 12 June 2019, setting out their reasons why they believe they may be adversely affected, to Zurich. This will enable Zurich to provide notification of any changes to the court hearing and, where possible, to address any concerns in advance of the court hearing.

    If you contact us with an objection, we will reply to you and send your objection and our reply to the independent expert, the Financial Conduct Authority, the Prudential Regulation Authority and the court (see below) in advance of the hearing, regardless of whether the person making the objection intends to attend the hearing.

    Email

    transfer@uk.zurich.com

    Dedicated helpline:

    0800 678 3515 (if calling from UK)

    +44 1242 664016 (if calling from overseas)

    Lines are open Monday to Friday 8am to 6.30pm (excluding bank holidays) and 9.30am to 12.30pm Saturday. We may record or monitor calls to improve our service.

    Address

    Zurich Corporate Savings
    PO Box 1308
    Cheltenham
    GL50 9BY

    Who will pay for the transfer?

    The transfer will be paid for by Zurich and Scottish Widows with no cost to planholders.

    Why is the court hearing?

    To carry out the transfer we are following a process set out in Part VII of the Financial Services and Markets Act 2000. This requires the approval of the transfer by the court.

    When and where will the court hearing take place?

    The court hearing to approve the transfer is expected to take place at 10.30am at the Business and Property Courts of the High Court of Justice of England and Wales, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL on 12 June 2019.

    How will you let me know about any changes to the court hearing?

    Any updates in relation to the court hearing will be published on this website.

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