Plan options on

leaving service
or retiring


Looking forward to the future? Like all of us,
you must have thought about what you want to do with your life
when you grow older. This might involve travel, pursuing hobbies,
or supporting your family.
But did you know that between 2015 and
2050 the proportion of the world’s population
over 60 will nearly double from 12% to 22%.
And by 2020 the number of people aged
60 years and older will outnumber children
younger than 5 years.
So what has all of this got to do with me
you are asking yourself? Well the fact is that
people are living longer – if you retire at
60 you could well live for another 25 years,
so it’s important that you consider all of your
options carefully to ensure you can afford
the kind of lifestyle you’ve promised yourself.
Your employer set up your savings plan for
you as an important part of your overall
benefits package, to help you to save for
your future – recognising how important
*Source: www.who.int 2015
you are to the company. They will generally
be making contributions to the plan based
on a percentage of your salary – and you
may well be doing the same and, together 
with any investment growth, you will
hopefully be able to achieve all of your goals.
02
But what if you decide to leave your
employer’s service early, or perhaps move to
a new employer? And what happens when 
you reach retirement age? This guide aims
to ensure you have all of the information
you need in order to consider the options
available to you. However it doesn’t give
advice – you will need an independent
financial adviser for that, and it’s something
you should consider before making any
final decisions.
 Your range of options:

01 Leave the full value of your Retirement Account invested in your

employer’s plan.
Your employer may allow you to remain in the plan indefinitely, so there is no
real change. You can continue to manage your Retirement Account through
access to Zurich International online (ZIO) 24/7.

Advantages Considerations 

• Allows you to continue to benefit from any • All contributions to the plan (including any you were 03
investment growth, including the benefit of low making) must cease.
cost funds, until such time as you decide to take
the full value.
• You won’t have immediate access to any cash from 
the plan.
• You manage your Retirement Account as normal
• Whilst remaining in the plan, you may be subject to a
and continue to benefit from the tools and support
degree of investment risk as the value of investments
available e.g. online beneficiary maintenance.
can fall as well as rise. You may be able to use the
• Allows you more time to consider other options – investment funds available in your employer’s plan
and effectively defers any tax liability (perhaps until using the ‘self-select’ option, to manage your own
such time as your tax status is lower). strategy based on the level of investment risk you are
comfortable with.
• The ongoing costs are likely to remain lower than
if you took out a new investment. • You may have to pay any fees which your employer
previously paid, out of your Retirement Account once
• Depending on the specific rules of your plan, you can
you have left employment.
usually have full access to your money at any time.
• You can actively switch your investment holding to
any of the alternative funds available within the plan.
02 Leave your Retirement Account invested in your employer’s plan – but take
regular withdrawals of cash to match your needs.
Your employer may allow you to remain in the plan, but take a series of regular or partial
withdrawals to match any income requirements you may have, at no additional cost.

Advantages Considerations 

• Gives you complete flexibility over the amount of
income you take to meet your needs, with the option
to take either regular amounts – or you can take
one-off lump sums.
• Allows you to continue to benefit from any investment
growth on the funds remaining in your plan.
• You manage your Retirement Account as normal
and continue to benefit from the tools and support
available. You can actively switch your investment
holding to any of the alternative funds available
within the plan.
• You may be able to tailor the amount of income
or lump sums you take to minimise any tax liability
(for example taking a regular withdrawal may attract
a more favourable tax treatment than a one off lump
sum payment).
• The ongoing costs are likely to remain lower than
if you took out a new investment of your own.
• All contributions to the plan (including any you were 04
making) must cease.
• Whilst remaining in your employer’s plan, you may be 
subject to a degree of investment risk as the value of
investments can fall as well as rise.
• If you take large amounts of withdrawals from your
Retirement Account, you may deplete the fund too
quickly – particularly if you are invested in a low risk
investment strategy and the plan investments do
not increase in value in line with the amount of
withdrawals you are taking. This may be particularly
true if your employer has chosen a Lifestyle
Investment Strategy as your plan’s default investment
option, as this automatically moves into less risky
funds as you grow older.
• You may have to pay any fees which your employer
previously paid, out of your Retirement Account once
you have left employment.
03 Transfer the value of your Retirement Account into an International
Deferred Benefit Plan allowing you to retain your accrued benefits
on the Zurich International Pension Plan platform.
Your employer may allow you to transfer into this new plan if you are unable
to remain in your current plan.

Advantages Considerations 

• You can use the low cost funds in your new • No new contributions will be allowed in the new plan – 05
plan to manage your investment strategy it is designed only to accept transfers on leaving service.
and benefit from any investment growth.
• Whilst remaining in the plan, you may be subject to a degree 
• You can take regular or partial withdrawals of investment risk as the value of investments can fall as well
until such time as you decide to take the full as rise.
remaining value as a lump sum payment.
• All plan fees will be deducted from your Retirement Account.
• You manage your Retirement Account as
normal and continue to benefit from the
tools and support available e.g. online
beneficiary maintenance.
• Allows you more time to consider
alternative options.
• The ongoing costs are likely to remain lower
than if you took out a new personal
investment plan in your own right.
• You can actively switch your investment
holding between any of the funds available
within the plan.
04 Transfer the value of your Retirement Account to a new employer’s plan.
Generally only available if leaving service early, and joining your new employer’s plan
or scheme, you may be allowed to transfer the value of your Retirement Account to
this plan.

Advantages Considerations 

• All of your plan values in one place,
so easier to track.
• Any new plan fees may be lower –
and may even be paid by your
new employer.
• Your new employer’s plan would need to accept the transfer 06
value from your current plan – and many will not allow this.
• The structure of the new plan is likely to be completely 
different to that of your existing employer’s plan (ongoing
charges may be lower – but they may also be higher).
• The range of investment options may be completely different/
more restrictive.
• There may be particular issues if the provider of the new plan
is based in a different country to your existing plan.
• The new plan may involve set up charges and/or adviser fees.
• The transfer may involve trustee charges if your existing plan
is in trust.
05 Taking the full value of your Retirement Account as a lump sum.
This may well appeal to many, but depends on the need for cash,
and there may be pitfalls.
Advantages
• Useful if you have a specific need for all of
the money to fund a particular venture.
• As you have left the employer’s service,
you may no longer wish to be connected
to the plan.
• Attractive if you have little or no appetite
for risk – so perhaps wish to put the
money into a bank or savings account and
then decide what to do with it later, or
perhaps take smaller withdrawals as and
when you need them.
• You may have a desire to invest
directly – for example into a portfolio
of shares (equities).
Considerations 
• Depending on your country of residence, taking all of the 07
money as one lump sum may result in a (sometimes significant)
tax charge. If you are not sure of your tax situation, you should
speak to a tax expert.

• Interest rates on deposit accounts may be low, and the effects of
inflation may mean that the value of your investment is actually
falling each year. In order to achieve a better interest rate you may
be required to tie the money up in a specific account with limited
or no access should your circumstances change.
• The temptation to spend your lump sum too quickly could mean
you may not have enough money left to last you through your
retirement years .
• If investing in your own portfolio of shares, there will be dealing
costs to consider. You should also only consider this option if you
are an experienced investor prepared to take some risk (perhaps
if you have other assets and so are not totally dependent on this
money alone to support you in retirement).
• You will lose the benefit of being able to access low cost funds
available through your plan. This is a valuable benefit that can
improve the performance of your investments compared
with investing in the same funds as an individual investor.
 Next steps
Take your time and consider your options carefully
(including speaking to an Independent financial
adviser if appropriate)
Speak to our Zurich Corporate HelpPoint Team for more information
about your plan. They can help you with the next steps and provide
you with a pack which includes forms which need to be completed
depending on which option you choose.

Zurich Corporate HelpPoint Team
Phone: +44 1624 691013 or 08
00 971 436 34400 if dialling from the Middle East
E-mail: corporate.pensions@zurich.com 
Important information
Zurich International Corporate Solutions is a business name of Zurich International Life Limited.
Zurich International Life Limited is fully authorised under the Isle of Man Insurance Act 2008 and is regulated
by the Isle of Man Financial Services Authority which ensures that the company has sound and professional
management and provision has been made to protect planholders.
For life assurance companies authorised in the Isle of Man, the Isle of Man’s Life Assurance (Compensation of
Policyholders) Regulations 1991, ensure that in the event of a life assurance company being unable to meet its
liabilities to its planholders, up to 90% of the liability to the protected planholders will be met.
The protection only applies to the solvency of Zurich International Life Limited and does not extend to protecting
the value of the assets held within any unit-linked funds linked to your plan. 09
Our International Corporate Products are sold through Zurich International Life Limited.
Zurich International Life Limited is not authorised to offer insurance products for sale in the United States.
Zurich International Life Limited is registered in Bahrain under Commercial Registration No. 17444 and is

licensed as an Overseas Insurance Firm – Life Insurance by the Central Bank of Bahrain.
Zurich International Life Limited is authorised by the Qatar Financial Centre Regulatory Authority.
Zurich International Life Limited is registered (Registration No. 63) under UAE Federal Law Number 6 of 2007,
and its activities in the UAE are governed by such law.
Materials are not intended as an offer to invest and do not constitute an offer or a solicitation of an offer to buy
securities in any other country or other jurisdiction in which it is unlawful to make such an offer or solicitation.
Calls may be recorded or monitored in order to offer additional security, resolve complaints and for training,
administrative and quality purposes.

Zurich International Life Limited provides life assurance, investment and protection products and is
authorised by the Isle of Man Financial Services Authority.
Registered in the Isle of Man number 20126C.
Registered office: Zurich House, Isle of Man Business Park, Douglas, Isle of Man, IM2 2QZ, British Isles.
Telephone +44 1624 662266 Telefax +44 1624 662038 www.zurich.com

ZIL10338 (720987001) (04/18) RRD