Understanding your pension statement

Each year we'll send you a pension statement to tell you how your pension plan is doing.

Your statement shows:

  • The current value of your pension plan and where you are invested.
  • How much has been paid into your plan in the past year.
  • An illustration giving you an estimate of the income you can expect when you retire if you bought an annuity (a life-long income).

Zurich Pension Ready Reckoner calculator

The Pension Ready Reckoner calculator can help give you an idea of how inflation can affect your retirement savings.

Understanding your illustration

To help you plan your retirement, your statement includes an illustration of what taxable income you could get if you bought an annuity (a lifelong income) at retirement. This level of income isn't guaranteed and it could change between now and when you retire.

Your illustration takes inflation into account because the cost of living is likely to go up between now and when you retire. Where we make assumptions that are specific to you, we specify these in the notes in your illustration along with the investment growth rate we've assumed.

Unless we specify otherwise, we'll assume that:

  • future payments (if any) will continue in line with existing payments
  • future inflation will be at 2.5% each year
  • you will not take any tax free cash
  • you will buy an annuity that is paid for your lifetime only (and for a minimum of five years).

These assumptions may not reflect your personal circumstances. Changing the assumptions can significantly affect the estimate of how much pension you might get.

Tools and information to help you plan your retirement

How are my funds performing?

Get the latest unit prices and see how your funds are performing with the Zurich FundTracker.

Everything you need to use the FundTracker tool is in your pension statement.

Search by Fund name or SEDOL number if one is shown on your statement and get an up-to-date valuation.

See how much tax-free cash you might get

If your plan allows you to take tax-free cash and you want to use this tax-free cash for a specific reason such as paying off the mortgage, or covering your child’s university fees, you might be trying to achieve a specific amount.

Find out if your tax-free cash amount is on track with the Zurich Pension Ready Reckoner.

Want to know your estimated pension income before inflation?

Your pension illustration shows you how much income you could get from an annuity (lifelong income) taking inflation into account.

You can get an estimate of your pension income in today's prices by using the Zurich Pension Ready Reckoner.


Discover your options

With the changes to pensions in 2015, you now have much more choice than ever when you retire.

I want to make changes to my plan

You can make changes to your plan by visiting the following page: