Your Pension - Your Future 

The timing of pension increases also depends on which old Scheme tier you were in.

Pension increases are paid with effect from:

• 1 January (AD Tier)
• 1 July (Eagle Star & Tier 2000)
• 1 October (ZI Tier)

Under the ES Tier, the maximum increase also applies to those who left service prior to 01/10/2000.

If you’ve taken benefits during the year, you will receive a pro-rata increase for that year. These increases will also be applied to any partner/dependant’s pensions payable at your death. The ZI Tier increase is not pro-rated in the first year.

The ZPensionBuilder part of your pension increases at the same time as the old tier benefit and in-line with the same RPI measure with a minimum increase of 0% and a maximum of 5% a year.

Pension increases do apply to the ES supplement, however this is made on the first of the month following each birthday and in-line with the percentage increases given to the state pension.

Your pension – like any other income – is taxed within the Pay As You Earn (PAYE) scheme. Tax is taken from your pension payment before you receive it, based on a tax code supplied by HM Revenue & Customs (HMRC). You also don’t pay any National Insurance Contributions.

If you have any queries about your tax code, you should contact your tax office directly.

For UK tax, phone 0300 200 3300 and quote your National Insurance number. 

Pay As You Earn and Self-Assessment
HM Revenue and Customs
BX9 1AS
District/Ref: 083/E4
Telephone: 0300 200 3300

Death may not be something you like to think about, but it's important you understand what will happen to your pension when you die, and what you can do to make sure your money goes to the right place. More information can be found in your Member Guide.

When you nominate someone, you let the Trustee know you’d like them to receive any benefits payable on your death.

Make sure to keep your nominations up-to-date to make your wishes known. 

Log in or register for an online account to complete or update your Nominations today. 

If you are a current employee you may decide that you want to take your pension but carry on working.

Pensions are normally payable from age 60, which is the age where you can generally take your pension with no adjustment for early payment.

If you take your pension benefits from age 55, you can still carry on working for the Company. However, different early retirement penalties may apply to the ones that would have applied if you’d left service at the same time.

Contact the pensioner payroll team at:

Zurich Pensions Team
Railpen
PO Box 193
Darlington
County Durham
DL1 9FP
Telephone: 0800 232 1915
(choose option 1)

Email: zurichteam@railpen.com

The objectives of the Association are:

• to watch over the interests of members generally and to represent them in any matter relating to pensions, social benefits and welfare
• to sponsor any matter concerning the welfare of members or their dependants, and to organise comfort and aid where necessary
• to provide means of communication with and between members

Members enjoy the contact, friendship, comfort and protection which the Association seeks to provide.

The work of the Association is carried out on a voluntary basis. The Association’s Executive and Area officers are all Zurich pensioners who give their time freely to assist their colleagues. To cover expenses, members pay a small monthly subscription.

If you would like to join, please complete the Pensioners Association membership form — which is also included in the retirement pack — and send it to Paul Robinson, the Membership Registrar. 

You can also read the Pensioners Association Annual Accounts Statement.

To learn more about support during the Cost of Living Crisis, read this message from The Insurance Charities. 

You can also find out more information about staff discounts for pensioners in this Zurich insurance products document.