Action needed on Group Pension Schemes

Action needed to avoid additional costs on Group Pension Schemes.

In July 2022, the Pensions Authority issued guidance in relation to Trustee Reports which indicate that a full Annual Report and Audited Accounts are required for all pension schemes with less than 100 members. Watch a helpful video here.

The costs associated with procuring audit services for stand-alone schemes are expected to be significant. However, the Pensions Authority have stated that if a formal commitment is made to wind-up a scheme and to transfer the assets into a Master Trust or PRSA during 2023, the costs associated with these new regulatory requirements can be avoided. 

A solution with the Zurich Master Trust

The good news is that we can migrate your existing Zurich pension schemes into the Zurich Master Trust during 2023, thus avoiding the additional costs. Our solution will be to assist you to wind up your existing company pension scheme and for the trustees to transfer the assets of the scheme into the Zurich Master Trust, removing the immediate burden of these additional costs on you as employer. Zurich will process the transition into the Zurich Master Trust in 2023 at no additional cost to you and with no impact on scheme members. The process will take place over several months - we will confirm timelines in due course, but we will ensure that schemes transition before the end of 2023. 

Transitioning to the Zurich Master Trust – act now

Now is the time to talk to us about making a formal commitment to wind-up your existing company pension scheme in 2023. This commitment will need to be provided by you or by the trustees (as appropriate) before 31st December 2022, with the wind up of the scheme being completed no later than 31st December 2023.

We need confirmation from you that a formal commitment is in place. We have created a simple template that you should use for this which should be sent to our Master Trust transition team via MasterTrust@zurich.com – a scanned copy or photograph will do. We will record this and ensure that your existing pension scheme transitions to the Zurich Master Trust in 2023.

If you have already completed and returned a signed commitment slip to the Master Trust mailbox, there is no further action that you need to take at this time.

If you do not wish to transition your existing company pension scheme into the Zurich Master Trust, please contact us to discuss your plans.

If you have any queries, please contact your financial advisor.

 


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