Pension Plans

Basic plan details are available here. Always refer to the plan terms and conditions for the full plan details.

Minimum increases and contribution levels

The table below sets out the minimum increase and contribution level for the range of Zurich pension plans. Where a plan is being reinstated and the original contribution was lower than the levels shown below the contributions can be reinstated at the original level but no lower.

Plan type Product code Minimum Contribution Minimum Increase Singles
GRP*

AK

CK

CKA

£10.00

£15.00

£20.00

n/a

£100

£200

£300

Self employed life plan* CA2 £12.00 n/a n/a
PRP* DK, DKA £36.00 £36.00 £2,000
PPP DL £36.00 £36.00
£2,000
AVC VA, VB £36.00
£36.00
£2,000
EPP BC, BD £500.00 £50.00 £2,500
 ERP

 BE, BEA

BH

£100.00  £50.00 £2,500
 GERP BG, BGA 

£180.00 plan

£36.00 member

£180.00 plan

£36.00 Member

 £2,500
 PLP Standalone  DL £12.00 £12.00  n/a
 TIP   £10,000  £5,000  £5,000
 AVCPA F01  £40.00  £25.00 £2,000
 EPA  E01 £100.00  £50.00

 £5,000 for initial

£2,500 for any subsequent

 PPA  P01 £40.00  £25.00 £2,000 
APP standalone life cover    £16.00  £12.00  n/a
 Income Withdrawal Account  P01 £75,000 n/a n/a 
 IRP RPP  £75.00  £25.00

£5,000 SPO

£2,500 additional

 IRP from 26th April 2004 RPP £300.00 £25.00

£5,000 SPO

£2,500 additional

 RSP RPX  £100.00  £25.00  £2,000 
 FSAVCRP  RPF £75.00  £25.00 

£5,000 SPO

£2,500 additional 

 ERP RPE  £200.00  £75.00 

£15,000 SPO

£6,000 additional

 GIRP 5 or more employees  GRP £75.00  £25.00 

£5,000 SPO

£2,500 additional 

 GSP   £20.00  £20.00  £20.00 

* Contributions to these plans are always paid gross and any tax relief reclaimed via the individuals self assessment tax return.

Adaptable Pension Plan (PB)

Available

1 January 1995 to 23 October 2000

Plan Type

A unit-linked Pension Plan designed to provide retirement benefits and/or life assurance protection. The plan had three accounts:

  • a Personal Pension account
  • a Free Standing Additional Voluntary Contribution (FSAVC) Pension account
  • an Executive Pension account

which could be used according to circumstances.

The plan is a Registered Pension Scheme (RPS) since 6th April 2006.

Unit Allocation

Contribution Payment Term (CPT)

Regular contributions are payable for a period of time chosen by the client. This period is called the CPT.

Reduced Allocation Period (RAP)

The RAP applies for 1 month for each year of the CPT to a maximum of 30 months.

Allocation Rates

Regular contributions  
During RAP 35% 
After RAP 105% 
Single Contributions and transfer values  
Less than £100,000  100% 
£100,000 or more 101% 
Protected rights 100%

Charges

Bid/Offer spread 5% 
Annual management 1% a year
Charge 105% 
Single Contributions and transfer values This is reinvested during the CPT. At the end of the CPT, if the fund remains invested, the 1% becomes payable.
On single contributions, transfer values and protected rights contributions, the AMC is not reinvested
Indexed policy Charge A monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January
Fund expenses Deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual management charge

The fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge
Fund Switch Charge We don’t currently make a charge for switching funds. If in future we decide to charge, we’ll tell you
Single Premium/ Transfer Value charge There is an administration charge for single premiums and transfer values paid into the plan

Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases, subject to a minimum amount, may be made at any time.

Indexation

Contributions can be increased automatically at renewal in line with Average Weekly Earnings (AWE), or by 5% or 10% per annum.

Waiver of Contribution (WOC)

Only available on the Personal Pension Account.

If the client is totally disabled through sickness or accident and unable to work for more than the deferment period (3 or 6 months), contributions are waived but units will continue to be credited to the plan.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Indexed Policy Charge are only taken during the CPT and will continue to be deducted even if no contributions are being paid.

Life Cover

It was possible to include Life Cover as an additional benefit or to set it up on a stand alone basis. The Life Cover is a term assurance contract (covered by pensions legislation). The CPT was selected for the Life Cover at the time the benefit was set up. The CPT for the Life Cover did not have to be for the same period as the CPT for the investment contributions.

If the Life Cover lapses it cannot be re-instated.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75.

Death Benefits

The automatic death benefit on the Adaptable Pension Plan depends on whether the client dies during the CPT or outside of the CPT.

During the CPT the automatic death benefit is calculated by enhancing the existing fund value so that the death benefit payable would be as if contributions had been fully allocated to units during the RAP. This enhancement gradually reduces so that by the end of the CPT the death benefit equals the bid value of the fund.

Outside of the CPT the automatic death benefit is the bid value of the units.

Additional Voluntary Contribution Plan (VA and VB)

Available

VA: 26 October 1987 to 30 June 1988VB: 1 July 1988 to 31 December 1994

Plan Type

A Free Standing Additional Voluntary Contribution (FSAVC) Pension Plan designed to provide retirement benefits. A Registered Pension Scheme (RPS) since 6th April 2006.

Unit Allocation

Regular Contributions

Allocated to Capital Units for the first two years and the first two years of any increase. (For plans with a declaration date on or after 6 September 1991 where contributions are not maintained during the first two years, or the first two years of an increase, reinstated contributions will continue to be allocated to Capital Units until the two year period is complete).

Regular contributions are allocated to Accumulation Units thereafter.

Capital Units are converted to an equivalent value of Accumulation Units at SRA (or age 65 if earlier).

Single Contributions and Transfer Values

Allocated to Accumulation Units.

Allocation Rates

Regular Contributions

More than 10 years before SRA

100%

Within 10 years of SRA

105%

After SRA

100%

Single Contributions

£2,000 or more

96%

£1,000 to £1,999

95%

£999 or below

94%

Charges

Bid/Offer Spread

5%

Capital Unit Charge

3.5% a year

Annual Management Charge

0.75% a year (which is reinvested on Accumulation Units)

Indexed Policy Charge

A monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

Deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

The fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Fund Switch Charge

There is an administration charge for switching funds


Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time. Increases below the minimum amount will be subject to a minimum increase charge.

Indexation

Contributions can be increased automatically at renewal in line with Average Weekly Earnings (AWE).

Additional Indexation

Indexation can be applied to a higher notional contribution level so that contributions increase at a rate higher than AWE.

Full Return of Fund (FROF)

In the event of death before taking benefits, the bid value of the Capital Units will be returned.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Indexed Policy Charge and FROF will continue even if no contributions are being paid.

Personal Life Plan

It was possible to include Life Cover to provide a guaranteed sum assured to be paid on death. If the Life Cover lapses it cannot be re-instated.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75. If benefits are taken prior to SRA, a Capital Unit reduction is applied depending on the unexpired term of the plan.

Before 6 April 2006 (A Day), tax-free cash sums were not available from these plans so benefits could only be taken as a pension only.

Death Benefits

In the event of death before taking benefits, the bid value of the Accumulation Units are payable as a lump sum.

If FROF was added to the plan, the bid value of the Capital Units are also payable as a lump sum.

Additional Voluntary Contribution Plan (RPF)

Available: 23.10.2000 to 31.01.2004

Plan Type

A Free Standing Additional Voluntary Contributions (FSAVC) Pension Plan designed to provide retirement benefits. A Registered Pension Scheme (RPS) since 6 April 2006.

Allocation rates

Regular and Single Contributions

100%


Charges

Annual Management Charge

1% a year

Monthly Expense Deduction

a monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

deductions from each fund, to pay for the day to day activities of managing each fund

Additional Annual Management Charge

the fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time.

Indexation

Contributions can be increased automatically at renewal at a rate between 1% and 10%.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Monthly Expense Deduction will continue even if no contributions are being paid.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75.

Death Benefits

In the event of death before taking benefits, the automatic death benefit is the value of the individual's fund at the date of death.

Executive Pension Plan (BC/BD)

Available

BC Gen 1: 1 January 1974 to 31 December 1975BC Gen 2/3: 1 January 1975 to 31 December 1976BD: 1 January 1977 to 31 December 1983

Plan Type

An Occupational Pension Plan designed for Employers to provide retirement benefits for its employees. A Registered Pension Scheme (RPS) since 6th April 2006.

Unit Allocation

Regular Contributions

Allocated to Capital Units for the first two years initial contributions.

Increases allocated to Capital Units for first year for BC Plans and for first two years for BD Plans.

Regular contributions are allocated to Accumulation Units thereafter.

Capital Units are converted to an equivalent value of Accumulation Units at SRA on BC Gen1 Plans.

Single Contributions and Transfer Values

Allocated to Accumulation Units.

Allocation Rates

Regular Contributions

Up to SRA

10 years or more to SRA

100%

9 years to SRA

99%

8 years to SRA

98%

7 years to SRA

97%

6 years to SRA

96%

5 years or less to SRA

95%

After SRA

BC Gen 1

100%

BC Gen 2/3 and BD

95%

Single Contributions

BC Gen 1

100%

BC Gen 2/3

10 years or more to SRA

100%

9 years to SRA

99%

8 years to SRA

98%

7 years to SRA

97%

6 years to SRA

96%

5 years or less to SRA

95%

After SRA

95%

Charges

Bid/Offer Spread

5%

Capital Unit Charge

3.5% a year

Annual Management Charge

3/8% a year for plans issued up to 31 December 1974 0.75% a year for plans issued from 1 January 1975 onwards, reducing to 3/8% a year after 15 years contributions have been continuously paid

Monthly Service Charge

3% of total monthly premium up to a maximum of £9 a month

Fund Expenses

Deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

The fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Fund Switch Charge

There is an administration charge for switching funds

Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time. Increases below the minimum amount will be subject to a minimum increase charge.

Stopping Contributions

Contributions can be stopped and re-started at any time. On BD plans, if the contribution is stopped within 2 years of an increase a Capital Unit reduction is applied.

Death in Service Sum Assured

It was possible to include a death in service sum assured to SRA to provide a lump sum plus a dependant’s death in service pension.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75. If benefits are taken prior to SRA, a Capital Unit reduction is applied depending on the unexpired term of the plan.

Death Benefits

In the event of death before taking benefits, the bid value of the Accumulation Units are payable as a lump sum.

Executive Retirement Plan (BE, BEA, BH)

Available

BE: 1 January 1984 to 27 July 1987

BEA: 28 July 1987 to 30 June 1988

BH: 1 July 1988 to 31 December 1994

Plan Type

An Occupational Pension Plan designed for Employers to provide retirement benefits for its employees. A Registered Pension Scheme (RPS) since 6th April 2006.

Unit Allocation

Regular Contributions

Allocated to Capital Units for the first two years and the first two years of any increase. (For plans with a declaration date on or after 6 September 1991 where contributions are not maintained during the first two years, or the first two years of an increase, reinstated contributions will continue to be allocated to Capital Units until the two year period is complete).

Regular contributions are allocated to Accumulation Units thereafter.

Capital Units are converted to an equivalent value of Accumulation Units at SRA (or age 65 if earlier).

Single Contributions and Transfer Values

Allocated to Accumulation Units.

Allocation Rates

Regular Contributions

10 years or more to SRA

100%

Within 10 years of SRA

105%

After SRA

100%

Single Contributions

£2,000 or more

96%

£1,000 to £1,999

95%

£999 or below

94%

Charges

Bid/Offer Spread

5%

Capital Unit Charge

3.5% a year

Annual Management Charge

0.75% a year (which is reinvested on Accumulation Units)

Indexed Policy Charge

a monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

the fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Fund Switch Charge

there is an administration charge for switching funds

Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time. Increases below the minimum amount will be subject to a minimum increase charge.

Indexation

Contributions can be increased automatically at renewal in line with the Average Weekly Earnings (AWE).

Additional Indexation

Indexation can be applied to a higher notional contribution level so that contributions increase at a rate higher than AWE.

Contribution Protection Benefit (CPB) ~ BE/BEA Plans Only

In the event of death before taking benefits, the contributions used to purchase Capital Units will be returned.

Full Return of Fund (FROF) ~ BH Plans Only

In the event of death before taking benefits, the bid value of the Capital Units will be returned.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Indexed Policy Charge and CPB will continue even if no contributions are being paid.

Death in Service Sum Assured

It was possible to include a death in service sum assured to SRA to provide a lump sum plus a dependant’s death in service pension.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75. If benefits are taken prior to SRA, a Capital Unit reduction is applied depending on the unexpired term of the plan.

Death Benefits

In the event of death before taking benefits, the bid value of the Accumulation Units are payable as a lump sum.

If CPB (BE/BEA Plans) was added to the plan, the contributions used to purchase Capital Units are also payable as a lump sum.

If FROF (BH Plans) was added to the plan, the bid value of the Capital Units are also payable as a lump sum.

Executive Retirement Plan (RPE)

Available: 23.10.2000 to 31.01.2004

Plan Type

An Occupational Pension Plan designed for employers to provide retirement benefits for its employees. A Registered Pension Scheme (RPS) since 6 April 2006.

Allocation rates

Regular and Single Contributions

100%


Charges

Annual Management Charge

1% a year

Monthly Expense Deduction

a monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

the fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time.

Indexation

Contributions can be increased automatically at renewal at a rate between 1% and 10%.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Monthly Expense Deduction will continue even if no contributions are being paid.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75.

Death Benefits

In the event of death before taking benefits, the automatic death benefit is the value of the individual's fund at the date of death.

Flexible Retirement Plan

Plan Type

A Self-Invested Personal Pension Plan administered by James Hay Pension Trustees Ltd (JHPT). The Plan accepts lump sum contributions and provides Unsecured Pension (USP) benefits:

Pre- Retirement (links Required)

Post- Retirement (Links Required)

Growth Retirement Plan (AK, CK, CKA)

Available:

AK: 01.04.1971 to 31.12.1976

CK: 01.01.1977 to 31.08.1980

CKA: 01.09.1980 to 31.12.1984

Plan Type

A Retirement Annuity Contract designed to provide retirement benefits. A Registered Pension Scheme (RPS) since 6 April 2006.

Unit Allocation

Regular contributionsAllocated to Capital Units for the first two years initial contributions.Regular contributions are allocated to Accumulation Units thereafter.Capital Units are converted to an equivalent value of Accumulation Units at SRA on AK Plans.

Single ContributionsAllocated to Accumulation Units.

Allocation Rates

Regular Contributions

AK

100%

CK/CKA: Up to SRA

10 years or more to SRA

100%

9 years to SRA

99%

8 years to SRA

98%

7 years to SRA

97%

6 years to SRA

96%

5 years or less to SRA

95%

After SRA

95%

Single Contributions

AK

100%

CK

95%

CKA:

10 years or more to SRA

100%

9 years to SRA

99%

8 years to SRA

98%

7 years to SRA

97%

6 years to SRA

96%

5 years or less to SRA

95%

After SRA

95%


Charges

Bid/Offer Spread

5%

Capital Unit Charge

3.5% a year

Annual Management Charge

3/8% a year for plans issued up to 31.12.1974 0.75% a year for plans issued from 1.1.1975 onwards. For CK/CKA plans the AMC is reduced to 3/8% a year after 15 years contributions have been continuously paid.

Monthly Service Charge

3% of total monthly premium on plans issued after 1 January 1975

Fund Expenses

Deductions from each fund to pay for the day to day activities of managing each fund.

Additional Annual Management Charge

The fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge.

Fund Switch Charge

There is an administration charge for switching funds.


Investment Options

A range of funds are available to choose from but only one fund can be invested in at a time.

Optional Benefits

IncreasesContributions cannot be increased above the commencement level.

Stopping ContributionsAK and CK - Contributions can be stopped at any time without penalty but to reinstate the plan all missed contributions must be paid back.CKA – Contributions can be stopped at any time without penalty but to reinstate the plan only up to one years contributions can be missed between renewal dates and this option can only be used once.On CK and CKA plans, if contributions had stopped after less than 1 years contributions had been paid the plan would have lapsed. If less than 2 years contributions had been paid the Capital Units would have been reduced.Waiver of PremiumIf the client is totally disabled through sickness or accident and unable to work for the deferment period (3 or 6 months), contributions are waived but units will continue to be credited to the plan.Maturity Bonus - AK Plans OnlyAK Plans issued after 1.10.1972 receive a bonus of 2% of Accumulation Units at the end of the term subject to regular contributions being maintained to age 60 or when benefits taken if later. Guaranteed Mortality RatesAK plans taken out prior to 1 January 1975 have annuity rates based on a guaranteed mortality basis. The yield rates used come from a pre-defined source which in turn affects the annuity available.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75. If benefits are taken prior to SRA, a Capital Unit reduction is applied depending on the unexpired term of the plan.

Death Benefits

In the event of death before taking benefits, the full value of the units are payable as a lump sum.

Income Withdrawal Account

Available

1 January 1995 to 17 February 2003

Plan Type

A Personal Pension Plan designed solely to provide Drawdown Pension benefits. The plan does not accept regular or single contributions or Protected Rights.

The plan is a Registered Pension Scheme (RPS) since 6th April 2006.

Age Range

Must commence by 67th birthday

Minimum term 3 years

Allocation Rates

Internal funds (from existing Allied Dunbar Pension Plans)

103%

External funds:

Less than £100,000

97.75%

£100,000 or more

98.75%


Charges

Bid/Offer Spread

5%

Annual Management Charge

1% a year

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

the fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Fund Switch Charge

there is an administration charge for switching funds


Investment Options

A range of funds are available to choose from.

Withdrawals

Income payments can be made monthly (except where funds are invested in Guaranteed funds), quarterly, half-yearly or yearly.

Individual Retirement Plan (RPP)

Available: 23.10.2000 to 31.01.2004

Plan Type

A Personal Pension Plan designed to provide retirement benefits. A Registered Pension Scheme (RPS) since 6 April 2006.


Allocation Rates

Regular and Single Contributions

100%


Charges

Annual Management Charge

1% a year

Monthly Expense Deduction

a monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

The fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge


Investment Options

A range of funds are available to choose from.


Optional Benefits

Increases
Increases may be made at any time.

Indexation
Contributions can be increased automatically at renewal at a rate between 1% and 10%.

Waiver of Contribution (WOC)
If the client is totally disabled through sickness or accident and unable to work for more than the deferment period (3 months), contributions are waived but units will continue to be credited to the plan.

Stopping Contributions
Contributions can be stopped and re-started at any time without penalty. Deductions for the Monthly Expense Deduction will continue even if no contributions are being paid.


Taking Benefits

Benefits can be taken at any time after age 55 and before age 75.



Death Benefits

In the event of death before taking benefits, the automatic death benefit is the value of the individual’s fund at the date of death.

Personal Retirement Plan (DK/DKA)

Available

DK: 1 January 1984 to 31 August 1987

DKA: 1 September 1987 to 30 June 1988

Plan Type

A Retirement Annuity Contract designed to provide retirement benefits. A Registered Pension Scheme (RPS) since 6th April 2006.

Unit Allocation

Regular Contributions

Allocated to Capital Units for the first two years and the first two years of any increase.

Regular contributions are allocated to Accumulation Units thereafter.

Capital Units are converted to an equivalent value of Accumulation Units at SRA (or age 65 if earlier).

Single Contributions and Transfer Values

Allocated to Accumulation Units.

Allocation Rates

Regular Contributions

More than 10 years before SRA

100%

Within 10 years of SRA

105%

After SRA

100%

Single Contributions

DK plans

DKA plans

£2,000 or more

97%

96%

£1,000 to £1,999

96%

95%

£999 or below

95%

94%


Charges

Bid/Offer Spread

5%

Capital Unit Charge

3.5% a year

Annual Management Charge

0.75% a year (which is reinvested on Accumulation Units)

Indexed Policy Charge

a monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

the fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Fund Switch Charge

there is an administration charge for switching funds


Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time. Increases below the minimum amount will be subject to a minimum increase charge.

Indexation

Contributions can be increased automatically at renewal in line with the Average Weekly Earnings (AWE).

Additional Indexation

Indexation can be applied to a higher notional contribution level so that contributions increase at a rate higher than AWE.

Contribution Protection Benefit (CPB)

In the event of death before taking benefits, the contributions used to purchase Capital Units will be returned.

Waiver of Contribution (WOC)

If the client is totally disabled through sickness or accident and unable to work for more than the deferment period (3 or 6 months), contributions are waived but units will continue to be credited to the plan.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Indexed Policy Charge and CPB will continue even if no contributions are being paid.

Personal Life Plan

It was possible to include Life Cover to provide a guaranteed sum assured to be paid on death. If the Life Cover lapses it cannot be re-instated.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75. If benefits are taken prior to SRA, a Capital Unit reduction is applied depending on the unexpired term of the plan.

Death Benefits

In the event of death before taking benefits, the bid value of the Accumulation Units are payable as a lump sum.

If CPB was added to the plan, the contributions used to purchase Capital Units are also payable as a lump sum.

Personal Pension Plan (DL)

Available

Available: 1 July 1988 to 31 December 1994

Plan Type

A Personal Pension Plan designed to provide retirement benefits and/or life assurance protection. A Registered Pension Scheme (RPS) since 6th April 2006.

Unit Allocation

Regular Contributions

Allocated to Capital Units for the first two years and the first two years of any increase. (For plans with a declaration date on or after 6 September 1991 where contributions are not maintained during the first two years, or the first two years of an increase, reinstated contributions will continue to be allocated to Capital Units until the two year period is complete).

Regular contributions are allocated to Accumulation Units thereafter.

Capital Units are converted to an equivalent value of Accumulation Units at SRA (or age 65 if earlier).

Single Contributions, Protected Rights and Transfer Values

Allocated to Accumulation Units.

Allocation Rates

Regular Contributions

More than 10 years before SRA

100%

Within 10 years of SRA

105%

After SRA

100%

Single Contributions

£2,000 or more

96%

£1,000 to £1,999

95%

£999 or below

94%

Protected Rights

£1,000 or more

96%

£500 to £999

95%

£499 or below

94%

Note: Where the transfer received is not from a Group Pension Scheme of a previous employer and the plan has a declared date prior to 6 September 1991 the allocation rate will be enhanced to 102% to Accumulation Units.

Charges

Bid/Offer Spread

5%

Capital Unit Charge

3.5% a year

Annual Management Charge

0.75% a year (which is reinvested on Accumulation Units)

Indexed Policy Charge

a monthly deduction to cover the expense of running the plan. This deduction will normally increase each year on 1 January

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

the fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge

Fund Switch Charge

we don’t currently make a charge for switching funds. If in future we decide to charge, we’ll tell you


Investment Options

A range of funds are available to choose from.

Optional Benefits

Increases

Increases may be made at any time. Increases below the minimum amount will be subject to a minimum increase charge.

Indexation

Contributions can be increased automatically at renewal in line with the Average Weekly Earnings (AWE).

Additional Indexation

Indexation can be applied to a higher notional contribution level so that contributions increase at a rate higher than AWE.

Full Return of Fund (FROF)

In the event of death before taking benefits, the bid value of the Capital Units will be returned.

Waiver of Contribution (WOC)

If the client is totally disabled through sickness or accident and unable to work for more than the deferment period (3 or 6 months), contributions are waived but units will continue to be credited to the plan.

Stopping Contributions

Contributions can be stopped and re-started at any time without penalty. Deductions for the Indexed Policy Charge and FROF will continue even if no contributions are being paid.

Contracting Out

It was possible to contract out of the State Second Pension (previously called SERPs).

Personal Life Plan

It was possible to include Life Cover to provide a guaranteed sum assured to be paid on death. If the Life Cover lapses it cannot be re-instated.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75. If benefits are taken prior to SRA, a Capital Unit reduction is applied depending on the unexpired term of the plan.

Death Benefits

In the event of death before taking benefits, the bid value of the Accumulation Units are payable as a lump sum.

If FROF was added to the plan, the bid value of the Capital Units are also payable as a lump sum.

Retirement Savings Plan (RPX)

Available: 23.10.2000 to 31.01.2004

Plan Type

A Personal Pension Plan designed to provide retirement benefits. A Registered Pension Scheme (RPS) since 6 April 2006.

Allocation Rates

Regular and Single Contributions

100%


Charges

Annual Management Charge

0.9% a year

Fund Expenses

deductions from each fund to pay for the day to day activities of managing each fund

Additional Annual Management Charge

The fund management companies charge Zurich for their services. Some of the funds have an additional charge - the additional annual management charge


Investment Options

Two funds are available to choose from:

  • Gilt & Fixed Interest Pension Fund
  • UK Equity Pension Fund

Optional Benefits

IncreasesIncreases may be made at any time.

IndexationContributions can be increased automatically at renewal at a rate between 1% and 10%. Stopping ContributionsContributions can be stopped and re-started at any time without penalty.

Taking Benefits

Benefits can be taken at any time after age 55 and before age 75.

Death Benefits

In the event of death before taking benefits, the automatic death benefit is the value of the individual’s fund at the date of death.

Zurich SIPP

Available

From July 2007 until 30 December 2012

Plan Type

The Zurich SIPP is a self-invested pension scheme.

Minimum payments

For new customers, the minimum initial single or transfer payment required was £10,000.

Additional single payments or transfer payments can still be made from a minimum of £1,000.

Regular payments are allowed where a single or transfer payment has already been made as long as the payments are at least £100 a month, £250 a quarter or £1,000 a year. Increases can be made from £25 a month, £75 a quarter or £100 a year.

Protected Rights transfer payments were accepted to the SIPP from 6 April 2012. Prior to this, they had to be invested in the Protected Rights Transfer Plan.

For customers taking capped drawdown, this is subject to a minimum fund value of £50,000 after payment of any pension commencement lump sum.

Terms

Fund based charge:

For single and transfer payments on nil commission basis:

Fund value

Fund-Based Charge each year

£10,000-£19,999

1.00%

£20,000-£49,999

0.75%

£50,000-£99,999

0.65%

£100,000-£249,999

0.60%

£250,000+

0.55%

The fund based charge for regular payments is 0.70% each year.

Age range at entry: 18-76 attained for pre-retirement. 55-76 attained for capped drawdown.

Loyalty Bonus: Only payable on single and transfer payments. A loyalty bonus will be paid on the fifth and tenth anniversary of each single or transfer payment into Zurich pension funds.

1% of the fund value attributable to the payment will be paid on the fifth anniversary and 0.5% of the fund value attributable to the payment will be paid on the tenth anniversary.

Where funds are moved to drawdown pension from pre-retirement for the first time, (either fully or partially) the loyalty bonus entitlement on the pre-retirement fund will cease. The funds in the new drawdown pension plan will then be eligible for any loyalty bonus that applies atthat time.

If the customer has already been invested in Zurich funds for more than two years, an additional 0.25% bonus will be added to the funds in the drawdown pension plan that relate to the single or transfer payments in the pre-retirement plan.

Nil income enhancement: Only payable on single and transfer payments. At the end of each plan year where no units are cashed in, we will pay a bonus of 0.1% a year of the value of the Zurich pension funds investment into the plan by creating additional units.

Bid / Offer spread: None applies

Policy Fee: None applies

Early cancellation charge: Only applies where commission or extra allocation was paid for using the Establishment Charge option.

Early cancellation charges

Early cancellation charges only apply to single and transfer payments where initial commission or increased allocation was selected using the Establishment Charge and all or part of the fund associated with the relevant payment is cashed in within the first five years. Where this does apply, the following early cancellation charges are taken for each 1% of initial remuneration or increased allocation:

Year 1

1%

Year 2

0.8%

Year 3

0.6%

Year 4

0.4%

Year 5

0.2%


Capped drawdown

Regular income can be taken monthly, quarterly, half-yearly or yearly, payable on either the 1st, 7th, 14th or 21st of the month. Ad-hoc income withdrawals are also available.

For details of additional drawdown charges, please refer to the current charges document.