Overview of the transfer

What is the Transfer?

To simplify its business Zurich is proposing to transfer the majority of its remaining workplace pensions and savings business to Scottish Widows.

This Transfer is subject to High Court approval. If it's approved the Transfer will take place on the Transfer date which we expect to be 1st July 2019.

Full details of the Transfer can be found in the Planholder Guide and the Scheme Summary. Copies of these documents are available in our library.

How will the Transfer affect me?

The Transfer will not change the benefits you hold under your Plan. The provider of the funds will simply change from Zurich to Scottish Widows.

What is the approval process for the Transfer?

We are following a legal process set out in Part VII of the Financial Services and Markets Act 2000. This requires the Transfer to be approved by the High Court in the UK.

For local law reasons, we will also need to carry out separate Court processes in Jersey and Guernsey, although these are unlikely to be relevant for Retirement Saver customers or Master Trust members.

Will I receive a letter about this?

We’re going to send you a letter and a Planholder Guide which explains the Transfer. Once you’ve read all the information, if you have any questions or want to raise any concerns or objections about the Transfer, details are in the Contact us section and also in the Planholder Guide.

If you have more than one Plan, you may receive a separate letter from Scottish Widows or Zurich for each Plan. Please read each one as the information could be different depending on the Plan it relates to.

If there is any other person or persons with an interest in, or entitlement to, the benefits under your Plan such as another beneficiary, a trustee in bankruptcy, executor or personal representative, please let them know about these proposals as soon as possible.