SILVERTON WORLDWIDE HOLDINGS

INTERNATIONAL PENSION PLAN TEST

Frequently Asked Questions

Retirement Savings Plans

  • What is a company Retirement Savings Plan?
    It's a plan we have set up to help you save money for your retirement, when your pay or salary ceases. It will generally provide you with a lump sum on your retirement date.
  • What will I get back ?
    This will depend on a number of factors including: • when we/you start making contributions • how long you remain in the Plan • how much we/you contribute • the charges taken, and • by how much your investments grow Remember, what you get back is not guaranteed, the value of your Retirement Account can go down as well as up, depending on how your investments perform. You can use the ‘’What income might I receive?’ tool to give you an idea of what you might receive when you retire. If you are already a plan member then you can view the current value of your Retirement Account at any time by logging in to Zurich International online (ZIO).
  • When should I start saving for retirement ?
    “As soon as you can” is the simple answer. By making contributions as soon as you are able to, you are giving yourself a better chance of building up a big enough lump sum to give you the lifestyle you want in retirement.
  • Do I have to join the Plan ?
    A) You are automatically enrolled into the Plan when you commence employment. We will pay contributions into your Employer Account, and you have the option to make your own Employee Contributions via payroll. For details of the maximum % you can contribute please see the Employee Guide. B)You have the option to join the Plan when you commence employment. Please see the Employee Guide for further information on the maximum % we will contribute. Note: if you decide not to join you will be missing out on contributions we make as part of your overall benefits package.
  • How do I join the Plan ?
    Please visit the 'How to join' section of this site for details on how to become a Plan member.

Payments and Investments

  • How much should I contribute to the Plan?
    A) Generally speaking, as much as you can afford. We will generally make contributions up to a pre-determined percentage of your salary, and you will be asked to make similar contributions. The ‘Make Savings’ tool can help you establish whether you are able to make savings each month, and add these to the Retirement Savings Plan. B) Generally speaking, as much as you can afford. We will generally make contributions up to a pre-determined percentage of your salary, and you will be asked to make similar contributions. You can also make additional contributions (known as additional voluntary contributions, or avcs), to help you to achieve your retirement aims. The ‘Make Savings’ tool can help you establish whether you are able to make savings each month, and add these to the Retirement Savings Plan.
  • Where can I find details of the fees or charges involved ?
    Details of the fees for managing the Plan can be found in the Employee Guide (if you haven’t joined the Plan yet, you will receive this once you have joined), or by speaking to your Employer directly. If you leave service and we give you the option to remain in the Plan, these fees may be higher.
  • How do I pay contributions into the Plan ?
    Once it has been agreed what contributions you will make, these will be taken through your payroll each month by HR, and paid to Zurich who will invest the contributions into your Retirement Account, together with our contributions. If you are already a Plan member and wish to increase contributions or make avcs, please refer to ‘How do I pay more?’ section of this site or speak to HR.
  • How much of the contributions are invested ?
    100% of the contributions are invested in the funds chosen.
  • Where are my contributions invested ?
    A) We have selected a range of pension funds from which you can choose where to invest your contributions. The ‘Investment choices’ section of this site provides more information on investments. Once you have joined the plan we will provide you with an Employee guide and/or Investment Guide giving you full details of the fund choices available. You will also be given access to the Plan Fund Centre where you will be able to see how your investments are performing. B) We have selected a range of pension funds from which you can choose where to invest your contributions. Alternatively, you may have the option of investing in a Lifestyle Investment Strategy which automatically moves your contributions and any growth from higher risk to lower risk funds as you move towards your retirement age. The ‘Investment choices’ section of this site provides more information on investments. Once you have joined the plan we will provide you with an Employee guide and/or Investment Guide giving you full details of the fund choices available. You will also be given access to the Plan Fund Centre where you will be able to see how your investments are performing. C) We have selected a default fund for the investment of all contributions. The ‘Investment choices’ section of this site provides more information on investments. Once you have joined the plan we will provide you with an Employee guide and/or Investment Guide giving you full details of the fund choices available. You will also be given access to the Plan Fund Centre where you will be able to see how your investments are performing. D) ZEL variable answer.

Retirement, death, and leaving service

  • When can I take my benefits ?
    A) Generally, when you reach the retirement age for the Plan, or an earlier date agreed by us. Further details may be found in the Employee Guide or Trust Rules (where appropriate) B) Generally, when you reach the retirement age for the Plan, or an earlier date agreed by us. Further details may be found in the Employee Guide or Trust Rules (where appropriate) When you leave employment we will allow you to take some or all of your benefits, depending on the vesting rules in place. For full details on the vesting applicable please see the Employee Guide. Further details on taking benefits generally may also be found in the Employee Guide or Trust Rules (where appropriate) Not in Trust C) Generally, when you reach the retirement age for the Plan, or an earlier date agreed by us. Further details may be found in the Employee Guide D) Generally, when you reach the retirement age for the Plan, or an earlier date agreed by us. Further details may be found in the Employee Guide When you leave employment we will allow you to take some or all of your benefits, depending on the vesting rules in place. For full details on the vesting applicable please see the Employee Guide. Further details on taking benefits generally may also be found in the Employee Guide
  • What are the options available on my Plan retirement age?
    Please refer to the ‘Leaving or retiring?’ page of this Infosite for details of all of the options available to you.

Miscellaneous

  • Will there be any tax payable on my Retirement Account ?
    Zurich International Life is incorporated in the Isle of Man and does not pay tax in the Isle of Man on capital gains and income attributable to Planholder investments. This means that your investment can grow from year to year virtually tax free, taking advantage of an effect known as 'gross roll-up'. There may however be an element of withholding tax deducted from some income and dividends within certain funds that cannot be reclaimed. The tax treatment of any contributions into and any benefits taken from the Plan will depend on your own personal circumstances. It is always advisable to consult your relevant financial professional if you are in any doubt as to the extent to which you may be liable to any tax under the Plan.
  • If I move locations,what currency will have to be paid in ?
    Contributions will always be paid into your Retirement Account in the currency we have agreed at the outset, regardless of whether or not this is the currency of the country in which you are based.