Retirement benefits

Why have you sent this yearly statement to me?

The trustees have sent this statement to you so that you have an idea of what pension to expect when you come to retire. It is an opportunity for you to review your plans for retirement.

How have you worked out my estimated pension? 

If you have not reached your selected pension age, your statement will show an estimated pension.

The estimated pension at your selected pension age is the value of your guaranteed pension after allowing for inflation.

To work out the estimated pension at your selected pension age we have made some general assumptions as set out by legislation. These are:

  • Reducing your pension at your selected pension age by inflation at an assumed rate of 2.5% each year.
  • The current level of payments (if any) will continue until your plan’s last due payment is made.

If you need more information please contact the trustees.

What is my guaranteed pension? 

If you have passed your selected pension age, your statement will show a guaranteed pension.

This is the pension available to you under the plan if you took your benefits at the date shown.

What is the transfer value

The transfer value is the amount that would be available to you if you wanted to buy a pension with another provider or transfer to another pension plan. If you are considering these options please remember that your plan contains valuable guarantees that would be lost.

I  haven't received a statement like this before?

If you are invested in the with profits fund, you will have received bonus statements each year showing the plan value and how it has increased with bonuses. This statement gives you an idea of what pension to expect when you come to retire.

What should I do next?

This depends on your personal circumstances. The statement is for information to help you make an informed decision about your retirement planning. Your plan gives you a guaranteed pension, and you can find out more about the basis of this guarantee either from your plan documents or the trustees. For example, the basis may include a spouse’s pension when you die. You don’t have to take the guaranteed pension – you will have other options that will be explained closer to retirement.

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

What changes can I make to the plan?

You and your employer cannot make changes to your investments or payments, other than stopping payments. You need to keep making payments until your plan’s last due payment is made to ensure you receive your guaranteed pension.

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 and 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.