Your Pension - Your Future 

Transfers

You are able to transfer (fully or partially) your ZCashBuilder benefits to another registered pension scheme:

  • If you are still employed by Zurich and contributing to the Scheme, then you can do this once a year. Unless you opt out 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 within 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

In November 2021, regulations were put in place to help combat pension scams. As a result of these, the transferring scheme is required to carry out a number of additional checks and as a result:

  • We, or your other scheme, may ask you for a lot of information
  • Transfers are taking longer to process

These regulations are designed to help prevent pension scheme members falling victim to pension scams and schemes do not have discretion over when to apply these regulations; they apply to all transfers.


We are unable to accept a transfer if:

  • your benefits have an element of Guaranteed Minimum Pension (GMP)

  • your benefits have been crystallised in the former scheme (i.e. you’ve started withdrawing your benefits or your plan is in drawdown)

  • any benefits accrued post 17 May 1990 have not been equalised

  • your benefits are as a result of a Pension Sharing Order or Earmarking order, or you’re currently going through divorce proceedings


There are a number of important factors to consider when thinking about transferring benefits into, or out of, ZCashBuilder. These include the following and you may want to discuss with a financial adviser:

  • Charges - how do the charges you pay as a member compare between ZCashBuilder and the other scheme? You can find out the ZCashBuilder charges in the Investment Guide
  • Your retirement objectives - how do the retirement options, and support, compare between ZCashBuilder and the other scheme?
  • Are there any benefits in your other scheme which you may lose if you transfer to ZCashBuilder? For example, if your existing scheme has a Protected Retirement Age, rights to a cash sum greater than the normal 25% of the pension fund value or Guaranteed Annuity Rate (GAR), you would lose these rights by transferring
  • Are there any features in ZCashBuilder which are not available in the other scheme?

ZCashBuilder is unable to accept a transfer in if:

  • your benefits have an element of Guaranteed Minimum Pension (GMP)
  • your benefits have crystallised, i.e. you have started withdrawing your benefits, or taken your tax-free cash sum
  • any post-1997 benefits have not been equalised
  • you are currently going through divorce proceedings

Transfers can take some time to process, partly because there are a lot of legal requirements that both ZCashBuilder and the other scheme need to meet before the transfer can go ahead.

Where possible, we will use an electronic system called Origo to make the transfer. If this is not possible, we will need to do the transfer manually which, due to the additional paperwork required, can take up to 6-8 weeks.

 

You can transfer all, or part, of your ZCashBuilder benefits to another scheme. There is a minimum you can transfer out and you can find this out by contacting the ZCashBuilder team on zcashbuilderteam@railpen.com.

You can also do a partial transfer in from another scheme into ZCashBuilder and in this situation the minimum transfer amount is £5,000. If your total fund value in the other scheme is less than £5,000 then you can transfer the full amount.

You can find out more in this guide, including when you may need to take it and how to find a financial adviser.

If you are transferring in you should contact the ZCashBuilder team on zcashbuilderteam@railpen.com. When we receive your transfer value we will invest it in your ZCashBuilder account in line with your current contribution strategy for your monthly contributions. You can change your investment strategy by logging in to your ZCashBuilder account.

If you are transferring your ZCashBuilder benefits elsewhere, you should tell your new scheme that you want to transfer in your ZCashBuilder benefits. They will probably then contact us, or tell you what you need to do next. If you want to know more, you can contact the ZCashBuilder team on zcashbuilderteam@railpen.com.

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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.