Given recent net outflows, with effect from close of business today, Friday 17 February 2023, Zurich Life is imposing a temporary suspension on withdrawals from the Zurich Property Fund. There is no specific time limit on this suspension. Regular and single premium investments and switches into the Zurich Property Fund are also suspended. This decision has been made with the best interests of our customers in mind, and to help meet their reasonable expectations.
Waiting Period for Withdrawals and Switches out of the Zurich Property Fund
From this evening, a waiting period will apply for any withdrawals or switches out of the Zurich Property Fund. The length of the waiting period will depend on how long it takes us to sell the assets in the fund and a significant waiting period could apply. Any withdrawal or switch requests out of the Zurich Property Fund during the waiting period will be queued and units in the fund will be sold based on the unit prices at the end of the 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.
Investments into the Zurich Property Fund
Both regular and single premium investment and switch requests into the Zurich Property Fund will not be accepted from close of business today; money will instead be invested in a cash fund and customers will be given the option to switch to an alternative fund. This switch will be processed using unit prices on the date after the switch request has been received.
If you have any queries please do not hesitate to get in touch with your Zurich Broker Consultant.