Your Pension - Your Future 

If the value of your final salary benefits is more than £30,000 you will need to take financial advice. Even if your Final Salary benefits is less than £30,000 or you are transferring just your ZCashBuilder benefits, the Trustees strongly recommend that you take financial advice.

• Understanding if a pension transfer is right for you can be complicated, and you should be aware of what your existing pension benefits are before transferring them into a new pension plan
• You should discuss any potential loss of protected tax-free cash, early retirement age rights or Guaranteed Annuity Rates with an adviser, alongside all other factors and your personal circumstances before deciding whether to transfer

You can find an adviser by visiting the MoneyHelper website. You should check that the adviser is regulated by the Financial Conduct Authority (FCA). Please be aware the Trustee cannot provide financial advice or advise you on which IFA to use.

If you are thinking about transferring out your final salary benefits:

• You can find out more on the Transfers page
• If you transfer out your final salary benefits you will be giving up a pension for life and a pension for your partner if you die
• If the value of your final salary benefits is more than £30,000 you will need to take financial advice. Even if your final salary benefits is less than £30,000 the Trustees strongly recommend that you take financial advice
• When you retire in ZPen, you may be able to use your ZCashBuilder benefits towards your tax-free cash sum, rather than converting some of your annual pension into cash. If you transfer out your final salary benefits and leave your ZCashBuilder benefits behind you will lose this option

If you are thinking about transferring out your ZCashBuilder benefits:

• You are able to transfer your ZCashBuilder benefits to another registered pension scheme and can find out more information on the Transfers page
• If you are able to use your ZCashBuilder benefits towards your tax-free cash sum, rather than converting some of your final salary pension into cash, transferring out your ZCashBuilder benefits and leaving your final salary benefits behind you will lose this option
• If you are still employed by Zurich and contributing to ZCashBuilder then you can transfer out your ZCashBuilder benefits once a year. Unless you opt of the scheme, you will continue to receive the 12% employer contributions and any contributions you want to make in the normal way. You may want to do this if, for example, you want to invest in a fund which is not available in ZCashBuilder
• If you are no longer employed by Zurich you can transfer some, or all, of your benefits to another registered pension scheme, for example the scheme offered by your next employer

You can get a transfer value for your final salary benefits online and you can lock it in so it is guaranteed for three months. This guarantee only applies to your final salary benefits as your ZCashBuilder value changes daily.

After three months we may need to recalculate the transfer value and it can change.