Zurich Account-Based Pension
The Zurich Account-Based Pension is a flexible and convenient way to provide income during retirement in a tax-effective environment. Investors have a high degree of flexibility with regard to the amount of income paid, frequency of payment and investment options.
Remember, applications can generally only be accepted through a third party, like a financial adviser, planner or broker. Given the importance of choosing the right product to suit your individual needs, it's a good idea to seek specialised advice.
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|Automatic investment adjuster||This is an option that automatically changes the way your money is invested as you get older to reduce the level of investment risk over time. You can select the automatic investment adjuster instead of investing in any of the investment options.|
||Regular payments will continue to you until the account runs out, you cash it in or your death.
Flexible payment options
|Minimum withdrawal value - Cash option||Zurich agrees to ensure that the unit price of the Cash option will not fall.|
|Maximum investment||No maximum|
|Cashing in||You can withdraw part or all of your balance at any time (tax may apply). Note that Zurich is required to ensure that at least the pro-rata amount of the minimum annual income payment has been paid prior to the withdrawal being paid.|
|Death benefit||In the event of your death, any balance in your account will generally be paid as a lump sum or as a continuing pension to your nominated beneficiary (except where a reversionary beneficiary has been nominated, in which case the regular payments will continue to be made to the reversionary beneficiary). Note that tax may apply to any death benefit payment.|
Summary of fees
|Fees & charges|
|Entry Fee||Not applicable|
|Exit Fee||Not applicable|
|Portfolio Management Charge^|
|Adjusted Investment Amount*|
|Less than $100,000||0.95% p.a.|
|$100,000 - $249,999||0.85% p.a.|
|Investment Management Fee||From 0.01% p.a. to 1.87% p.a. depending on the investment option|
|Adviser ongoing remuneration||Not built into fees on plan#|
^ The Portfolio Management Charge (ie Administration Fee) is subject to a minimum fee of $21.56 per month (effective 1 April 2016).
* The adjusted investment amount is the member’s initial investment less any amount withdrawn inclusive of withdrawal fees. Note that regular income payments are not considered as withdrawals.
# In addition to the fees and costs charged by Zurich, you can agree with your financial adviser to have adviser service fees (known as Member Advice Fees) paid directly from your account. For further information on adviser service fees, please refer to the ZSP/ZABP Fee Guide.
How to apply
To apply for this product you need to complete and submit the relevant application form attached to a current Product Disclosure Statement together with your initial investment.
Applications can generally only be accepted through your financial adviser.
Given the importance of choosing the right product to suit your individual financial needs and objectives, we recommend you seek specialised financial and taxation advice whether you are a new or existing investor.
Find a financial adviser
If you would like assistance in contacting a financial adviser, please contact us:
Zurich Client Service Centre
Phone: 131 551
You can read further information on choosing the right financial adviser in your local area to discuss your superannuation strategies.
Type: pdf (257Kb)
Issue date 1 January 2016
Type: pdf (1.8Mb)
1 January 2016
Type: pdf (1.8Mb)
1 January 2016
Type: pdf (151Kb)
For over 30 years, Zurich Australia's investment business has been providing specialist solutions to advisers and their clients. The investment business is able to draw on its global strength and scale to provide innovative investment solutions and exceptional service.
Binding death benefit nominations - enhanced certainty for members
While we all dream of retirement and look forward to the time when we can reap the rewards of a lifetime of hard work, it is important that you plan ahead to ensure your superannuation benefit will be distributed in accordance with your wishes if you die.
As a member of the Zurich Master Superannuation Fund, you can choose whether or not to make a binding death benefit nomination. If you have a valid binding death benefit nomination in place at the time of your death, the trustee will pay your death benefit to your nominated beneficiaries in the proportions you specify.
Why should you consider making a binding death benefit nomination?
The main reason for making a binding death benefit nomination is for certainty. It enables you to nominate exactly who gets your super. This will result in more efficient estate planning and can prevent disputes over your death benefits.
What happens if I don’t have a valid binding death benefit nomination?
You are under no obligation to make a binding death benefit nomination.
Where there is no valid binding death benefit nomination, the Trustee must pay the death benefit (or applicable proportion) in accordance with the trust deed. This generally means that the benefit will be paid to your Legal Personal Representative, unless the Trustee:
- is unable to identify your Legal Personal Representative within 6 months of the Trustee being notified of your death; or
- has reason to believe your estate is insolvent
If either of the above apply, benefits are instead paid to your spouse or, if none, children in equal shares (where there are more than one). For example, if you have no spouse and two children, both children would receive 50 per cent.
Making a Binding Death Benefit nomination
To make a Binding Death Benefit nomination, you will need to complete the “Binding Death Benefit Nomination” section in the application form attached to the Product Disclosure Statement, or in the form attached to the brochure “Zurich Binding Death Benefit Nomination”.
Seek professional advice
There may be taxation or other implications to consider. We recommend that you seek professional advice on any potential impact. If you would like assistance, click on the links below:
- Find a financial adviser
- Contact Zurich Customer Care on 131 551 (8.30am-7.00pm AEST, Monday to Thursday; 8.30am-5.30pm AEST, Friday)
- Email firstname.lastname@example.org.
Download and print a copy of the Zurich Binding Death Benefit Nomination brochure, which includes the application form.