Zurich is offering deferred members of the Zurich Ireland Group Pension Scheme ('the Scheme') an option to transfer the monetary value of their deferred pension benefits on enhanced terms to another pension arrangement - this is known as an Enhanced Transfer Value (ETV) offer. This offer will be for a limited period only and will be in excess of the current minimum transfer value.
Zurich is providing an option to exchange your Scheme benefits for an Enhanced Transfer Value (ETV), which could then be invested in either a new Personal Retirement Bond in your name, or transferred to a new employer's pension arrangement. This offer will be available for a limited time only. You are under no obligation to accept the offer; it is up to you to decide if the offer is appropriate for your circumstances.
What are my options?
As a deferred member of the Scheme, you currently have two options with respect to your pension benefits:
- You can retain your pension under the Scheme and it will become payable to you when you reach retirement age subject to the Scheme's governing provisions, or;
- You can choose to transfer the monetary value of your deferred pension benefits to another pension arrangement - this is known as taking a 'transfer value'.
What's happening and when?
- Offer period: 9 April to 29 June
- Early April: ETV offer pack issued
- 30 April: Deadline for expression of interest in the offer
- ETV briefing sessions: Cork: 16 April, Dublin: 17 and 18 April
- 9 April to 15 June: Independent financial advice meetings with Mercer Financial Services Limited (MFS)
How do I make a decision?
We recognise that considering an offer like this can be a complex issue. Mercer Financial Services Limited (MFS) has been appointed to provide members with independent financial advice. You will be required to take advice from MFS before you can avail of the offer. This advice will be tailored to your individual circumstances and will be provided to you at no cost. We encourage you to take up the opportunity to examine the offer further and learn more about your pension options. Contact the ETV Team on 01 209 2388 or email ZurichIrelandETV@zurich.com to make a booking for a meeting with MFS.
No doubt you will have some questions regarding this offer. To understand the Enhanced Transfer Value offer and what options are available to you, check out our FAQs. If you have further queries get in touch with us or speak to a financial advisor.
The Zurich ETV Team will answer any general queries you may have about the offer and your pension in the Scheme, and you can also contact them to arrange your individual financial advice meeting with a financial advisor from MFS. However, the ETV team are not available to provide advice but you can contact them on ZurichIrelandETV@zurich.com and by phone on 01 209 2388 for general queries.
- This is a no-obligation offer. If financial, economic or legislative circumstances change significantly, Zurich reserves the right to withdraw this offer before any transfer value payment is made to your Personal Retirement Bond or current employer's pension arrangement. Please read your offer letter in conjunction with the relevant schedules and ETV guide.
- Members should be aware that a transfer could potentially impact death benefits for your spouse and/or other dependants for death benefits and this should be discussed prior to taking the offer.
- Members will be required to take independent financial advice from Mercer Financial Services (MFS) before they can avail of the Enhanced Transfer Value offer.