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Former Allied Dunbar pension plans - change to the partial UFPLS option

19 December 2019

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Zurich currently allows pension customers to take part of their plan as a partial uncrystallised funds pension lump sum (UFPLS) if they have a former Allied Dunbar plan which is under product code BC, BD, BE, BEA, BG, BGA, BH, DK, DKA, DL, PB, VA or VB.

From 6 April 2020 the FCA’s Retirement Outcomes Review will introduce new requirements on individually held plans where a partial UFPLS is taken for the first time.

We have reviewed our position and regretfully we will no longer allow a partial UFPLS to be paid from an individually held former Allied Dunbar plan on or after 6 April 2020 unless a partial UFPLS has previously been paid from that plan.

From January we will add a leaflet to highlight this when replying to a request for an UFPLS claim form. The leaflet will say that we need to receive the claim form by 9 March 2020 in order to make the partial UFPLS payment by the end of the tax year.

There will be a limited number of exceptions to this e.g. if a small amount needs to be retained in order to maintain life cover; or in order to pay a trustee-in-bankruptcy.

The partial UFPLS option will still be available on former Allied Dunbar plans in respect of:

  • Individually held plans, or former Executive plans assigned to the member, where a partial UFPLS was taken from that plan before 6th April 2020, and
  • Trustee owned Executive Pension schemes.

This change only impacts the retirement options available on the products mentioned above. This does not impact the Zurich Intermediary Platform. There will still be an option to take the full fund as an UFPLS on all of those products.