Importance of retirement planning
Many people make investments with an eye on the prize of a comfortable retirement. With an ageing population and diverse client needs, with Zurich’s help it’s a business opportunity to make the most of.
Income in retirement
Clients need to feel confident they’ll have a level of retirement income to meet their needs. You’ll be helping them to make the right level of contributions, invested in a manner that suits their risk profile.
With our wide range of features both on and off platform, we can ensure that your clients are getting the income they need for their retirement.
The Zurich Intermediary Platform is fully equipped to manage income payments to clients in an efficient and simple manner. Our platform is one of only a few in the market who are able to offer the fundamental ability of a single, consolidated income from across all tax wrappers – a critical part of managing clients’ cash flow in a predictable and sustainable fashion.
Pension freedoms have given your clients more flexibility in their retirement options, and we’re pleased that our platform can help facilitate the retirement they desire. The platform can support a wide-range of capped and flexi-access drawdown options as well as alternatives including Uncrystallised Fund Pension Lump Sum (UFPLS).
Functionality to support income
- A comprehensive pre-funding service that ensures payments are received quickly and efficiently.
- A suite of modelling tools to help support income delivery.
- Natural income is paid into tax wrapper cash.
- Finally, there is an option to include life cover through Zurich’s Investment Life Cover product (ILC).
Helping clients with their options
There will be some key considerations when developing an investment strategy for your clients
Pension account consolidation?
It’s increasingly likely, as pension savers move from one employer to another, that they will have built up benefits across a number of pension plans.
With providers using different fund specific projection rates, and with annual statements arriving at different times, it’s increasingly difficult for clients to get a clear view of what their plans are worth today, and how much income they’re likely to achieve when they retire.
Even if you’re moving other assets to the Zurich Intermediary Platform, transferring a pension is never an easy decision. Consolidating a number of plans into one isn’t likely to be a strong enough reason on its own, you’ll also need to consider;
- the benefits provided by old plans as many won’t be available from a modern pension – like guaranteed annuity rates or pension term assurance
- the potential downsides of older pension plans such as, higher charges and reduced flexibility
- the potential better returns in the long term by reducing your client’s overall charges within the Zurich Intermediary Platform compared to their old plans.
Transferring a pension
Transferring a pension onto the Zurich Intermediary Platform
Most personal and occupation pension plans can be transferred to the Zurich Intermediary Platform. And, if the investments can be re-registered, your client doesn’t need to be out of the market.