Following our communication on Friday 17 February, we are writing to give you an update on the Zurich Property Fund.
Withdrawal instructions received from 17 February to 12 April 2023
All withdrawal and switch instructions out of the Zurich Property Fund received from Friday 17 February up to 12 April 2023 will be processed because we have been able to sell sufficient assets in the fund to meet the instructions received. The instructions will be processed based on the unit prices of 13 April 2023. Customers who have submitted instructions will receive a confirmation letter after their instruction has been processed.
Waiting Period for Withdrawals and Switches out of the Zurich Property Fund received on or after 13 April 2023
A waiting period will apply for withdrawals or switches out of the Zurich Property Fund from 13 April onwards. The length of this waiting period will depend on how long it takes us to sell the assets in the fund. Any withdrawal or switch requests out of the Zurich Property Fund during this waiting period will be queued and units in the fund will be sold based on the unit prices at the end of this waiting period. If a policy has an existing regular withdrawal in place, this will continue, but no increase will be permitted. The waiting period will not apply for any death benefit payable on a policy.
Inflows into the fund remain suspended
There has been no change to the restrictions on inflows into the fund - regular and single premium investments and switches into the Zurich Property Fund remain suspended.
If you have any queries please get in touch with your Zurich Broker Consultant.