Zurich Account Based Pension

Zurich Account Based Pension was launched in 1994, with the aim to provide members with a flexible and convenient way to manage their retirement. Members can choose from 14 Diversified and Single-Sector investment strategies, as well as one Single Manager option. Alternatively, members can select the Automatic Investment Adjuster, which uses a combination of 6 existing investment options and reduces a member's exposure to growth assets as they get older. The Managed Growth option has underperformed the SuperRatings Index over the short and long term. Fees for this product are lower than the industry average across all assessed account balances, although a minimum administration fee of $258.72 p.a. is applied to account balances under $27,235. Members with larger account balances are offered reduced administration fees. Furthermore, no exit fees or switching fees are charged, although changing investment options may incur transaction costs. This product offers a reasonable level of flexibility. Members can choose to receive their pension payments on a monthly, quarterly, half-yearly or annual basis, and can also elect any payment date. A fixed percentage pension drawdown order can be selected, alternatively pension payments are made pro-rata across investment allocations. A minimum of $20,000 is required to open an Account Based Pension or a Transition to Retirement account.The fund's website is easy to navigate, which contains comprehensive retirement information to assist members. Members can also access their accounts via My Zurich.