Executive Pension Plan

Why have you sent this yearly statement to me?

The trustees have sent this statement to give you an idea of the amount available to buy a pension. It is an opportunity for you to review your plans for retirement.

I have conventional with profits - what is my guaranteed value?

If you have conventional with profits, your statement will show a guaranteed value.

The guaranteed value is your guaranteed fund to buy benefits when you retire. You have the option of guaranteed rates under the plan to buy your pension. Please refer to your plan documents or ask the trustees for details.

I have unitised investments - what is the transfer value?

This only applies to unitised investments, a transfer value is not displayed for conventional with-profits.

The transfer value is the amount that would be available to you if you wanted to buy a pension or transfer to another pension plan.

I haven't received a statement like this before?

You will have received previous yearly statements from us up to your selected pension age and, if you are invested in a with profits fund, you will have received bonus statements. This statement gives you an idea of the amount available to purchase a pension for your policy under the plan. If you have more than one policy, you will receive a statement for each policy. Each policy has a separate reference number.

What should I do?

This depends on your personal circumstances. The statement is for information to help you make an informed decision about your retirement planning.

Retirement planning is very important so you may want to take advice from a financial adviser.

You may be in a position to take your pension now, in which case you should contact the trustees.

What changes can I make?

You can contact the trustees to make the following changes:

  • Make additional payments (excluding payments into with profits funds)
  • Switch between investments funds (restrictions and surrender values may apply to with profits funds)
  • Change your normal retirement age
  • Transfer to another plan or, if you are in a position to do so, take your pension
  • Retirement planning is very important so you may want to take advice from a financial adviser.

Who can I speak to about this plan?

Your first point of contact should be the trustees of the pension plan, however this website contains links to other websites that we hope you will find useful.

Neither Zurich or the trustees can provide financial advice, if you need advice then speak to a financial adviser.<