Important Pension Update

You may be aware that Zurich has agreed to sell part of its UK wealth and investment business to the Embark Group.

This includes the Zurich Portfolio which includes your Zurich ISA, Retirement Account or General Investment Account.

The Financial Conduct Authority (FCA) have approved Embark as the new owner of the business.

You don’t need to take any action. Embark will continue to operate these accounts with all the same features and benefits. The only change to the existing terms and conditions for the Zurich Portfolio will be to reflect the change of ownership.

Your investments are not affected by this transfer of ownership and your money will remain invested in the same funds and assets There will also be no change to: –

We’ve included some further information about this change on the reverse of this letter to help you understand what’s happening, with some more detail about the Embark Group.

We’ve included some further information on this change below to help you understand what’s happening, and some more detail about the Embark Group.

If you have any questions or concerns, please do get in touch with us and we’ll be happy to help.

Further information

What’s happening?
Zurich have agreed to sell Sterling ISA Managers Limited (SIML) to Embark Group Limited. Your Zurich Portfolio is provided by SIML. The sale doesn’t impact any other Zurich products you may hold via us as your adviser. Zurich and Embark expect the sale to complete on 1 May 2020.

Will my Portfolio be affected?
No, your Portfolio won’t be impacted by the sale and your accounts will stay invested in the same funds or assets as they are today. Your accounts continue to be covered by the Financial Services Compensation Scheme (FSCS).

What happens when Embark take over?
Embark will take over the operation and provision of your Portfolio. It will be renamed the
Advance Portfolio.

Your terms and conditions will be updated to reflect the purchase by Embark and change in ownership. They’ll be available at www.zurich.co.uk/support/Sale-to-Embark closer to the time of the change of ownership.

Does this change how you will manage my investments?
No, we will continue to manage your Portfolio and provide our service to you just as we do now.

Will my Retirement Account be affected?
If you have a Retirement Account within your Zurich Portfolio, the scheme rules relating to your Retirement Account won’t change. On 1 May 2020, your scheme will be renamed the ABE Personal Pension Scheme and the trustee of the scheme will be changed to Embark Trustees Limited.

Will this change the day to day running of my Portfolio?
No, Embark have confirmed that your account will continue to operate as it does now with all the same features and benefits. Your current Portfolio charge won’t increase and any payments you are making (e.g. Direct Debits) or income you are receiving from your Portfolio will stay the same.

Who is Embark?
The Embark Group provide a wide range of wealth and retirement solutions in the UK. They have over 300,000 customers and look after £33bn of assets for their customers.

Why are Zurich doing this?
Zurich is simplifying its UK business as part of a long-term strategy to focus on supporting customers in other areas, such as its life insurance business.

How can I find out more?
If you have any further questions or concerns, please get in touch with us and we will be happy to help.