Your Pension - Your Future
Retirement
For many people when to retire is a big decision and you probably have a number of questions when you start thinking about it. This page aims to answer your questions about your Zurich scheme benefits.
Because you have both final salary and ZCashBuilder benefits there may be a lot for you to think about:
- You may not have to take all your benefits at once; taking part of your benefits could help if you are thinking about reducing your working hours but not retiring immediately
- You have a number of options as to how you can take your ZCashBuilder benefits
- You may want to talk to someone to help you understand your options
You can log in and run a retirement quote to see how much you would get a particular date. If you decide you do want to retire, you can probably do it all online and up to six months in advance of your planned retirement date.
Because you have ZCashBuilder benefits we will not be able to progress any request to take your retirement savings until you confirm to us that you have done ONE of the following:
- taken regulated financial advice about taking your benefits
- taken Pension Wise guidance in the last 12 months
- opted out of Pension Wise guidance
Find out more about taking your final salary benefits.
Learn more about taking your ZCashBuilder benefits.
Most of you can use your ZCashBuilder fund value towards your tax-free cash sum when you retire. This will be taken into account in your retirement quote when you run it online and select both your final salary and ZCashBuilder benefits.
Pension Wise is a government-backed service provided by MoneyHelper, which helps you understand how you can take money from your retirement savings. It offers free appointments where you can talk through your retirement options. It is intended to help you make an informed decision about what to do with your pension savings.
An appointment with Pension Wise will give you a better picture of what your financial situation will be when you retire. You will have an appointment with an independent pensions' specialist who will provide guidance that is free and impartial. They will not recommend companies or tell you how to use your retirement savings or invest your money.
If you would like us to book an appointment for you with Pension Wise, please contact us on 0800 232 1915 with your availability for an appointment and we will try to book this for you. If you would rather book your own appointment, or we are unable to book an appointment at a time that is convenient for you, you can do it yourself by calling 0800 100 166, or by visiting the pensions and retirement section of the MoneyHelper website.
Pension Wise can help you understand the options available to you for your ZCashBuilder benefits. They are not be able to discuss your final salary benefits.
As a member of the Scheme you have access to individual guidance sessions to help you review your options for retirement. The Trustee has appointed FCA-registered financial guidance firm, WTW's Financial Planning Group, to provide members with these 1-2-1 sessions. Your discussion with WTW will provide impartial financial guidance tailored to your specific circumstances and plans and can consider all your retirement savings: final salary, ZCashBuilder and others you may have outside ZPen. They will not make a specific recommendation, but they will help you understand the most suitable options for you and help you make an informed choice.
You will be responsible for paying WTW's fees for this session which will be £500 inclusive of VAT. You can arrange to pay this fee to WTW directly. If you are employed by Zurich, you can select this as a salary sacrifice option through Indigo.
More information on this service is available on the WTW Pension Guidance page, including information on how to book an appointment.
The Trustee's role in respect of WTW's services to you is limited to signposting you to the service available from WTW. As a result, the ZPen Trustee will not be liable for any loss arising out of, or in connection with, any decisions taken as a result of any guidance provided by WTW.
Most people are able to process their retirement online up to 6 months before their planned retirement date. Log into the system, click on 'Get a quotation' and then 'What are my pension benefits'. Select 'Retirement' and follow the process through.
If you are not able to do this for some reason, for example you may have complex benefits in ZPen, you will receive a message on screen saying that it is not possible and you should contact the ZPen team on zpenteam@uk.zurich.com
Before we are able to progress any request for you to take your ZCashBuilder benefits, you will need to confirm to us whether you have used the Pension Wise service. If you have already received financial advice about taking your benefits, or have taken Pension Wise guidance in the previous 12 months you do not need Pension Wise guidance.
If you decide not to have an appointment with Pension Wise, then you will need to complete this opt-out form.
Planning to access your pension pot?
View this Your pension: It’s time to choose guide from the Money & Pensions Service for more information on the options available.
The Trustee will continue to review the options available directly from the Scheme, and keep you informed.
None of the information given on this website can give you legal rights or benefits that differ from those provided in the Trust Deed and Rules. In the case of uncertainty or conflict between the content on this website and the Trust Deed and Rules, the Trust Deed and Rules (as amended from time to time) will prevail.
You should consider taking independent financial advice on your options in relation to your benefits under the Scheme. Neither the Scheme Trustee (Zurich Financial Services UK Pension Trustee Limited) nor any member of the Zurich Group (i.e. Zurich Insurance Group Ltd - registered in Switzerland with number CH-020.3.023.089-6 and its direct and indirect subsidiaries) are able to provide you with financial advice or accept any liability for any decision you make with regards to your retirement options.