Zurich pension funds depend on your plan: workplace members start in their scheme's default strategy, and older personal plans choose from a fund list.
The value of investments can fall as well as rise, and you may get back less than you paid in. Which Zurich funds you hold, and what they cost, turns on your plan number, so submit this page's request form and an FCA-authorised adviser phones back, free, to turn it into a plain reading of your Zurich funds.
Which Zurich pension fund does a workplace scheme start you in?
The scheme's default. In the 2025 Costs and Charges document for one Zurich workplace scheme, "The default investment strategy for your scheme is a lifestyle strategy." It moves money "gradually from higher risk to lower risk investments as your selected retirement age gets near". The funds in that strategy were Zurich Secure 1 EP, Zurich Managed 1 EP and Zurich UK Fixed Interest 1 EP. Another scheme's document lists Long Dated Gilt 2 EP, Managed 2 EP and Secure 2 EP, so the names differ by scheme.
Members who opt out of the default can use the scheme's other funds, which each document lists. For how lifestyling trades off growth against stability, see pension lifestyling; who gets to pick is covered in can I choose where my pension is invested.
What is on the Zurich pension funds list for personal plans?
Zurich's two current fund choice forms, one for product codes DL, DK, DKA, VA and VB and one for Adaptable Pension Plans, each list 24 funds. They include American Equity, Equity, European, Far East, Fixed Interest Deposit, Gilt Edged, four Managed funds and Property. The list also carries funds from other managers, such as Aegon Ethical Equity, HSBC Equity, M&G Corporate Bond and Schroder UK Alpha Plus. Zurich's forms tell members to review the range at its website and match funds to their attitude to risk and goals, advising those who are unsure to seek financial advice.
The form for product codes DL, DK, DKA, VA and VB adds a catch: "Each fund is available in two versions: capital and accumulation." The charges on the form are for accumulation, and "Capital versions have an additional charge of 3.5%." Your statement will show which version you hold. Zurich's 2023 fund charges and expenses sheet says plans with these product codes were sold through Allied Dunbar and are closed to new investors; its table shows which funds each product code can use.
What are the Zurich pension fund charges per fund?
Zurich publishes a fund charge for each fund on its current fund choice forms, "deducted within the funds and reflected in the fund price"; other charges may apply under your plan's terms and conditions. The same fund costs more on the Adaptable Pension Plan form than on the form for codes DL, DK, DKA, VA and VB, so check the form for your product code. A sample, as printed:
| Fund | Codes DL, DK, DKA, VA, VB (WD1232) | Adaptable Pension Plan (WD1230) |
|---|---|---|
| Equity | 0.92% | 1.17% |
| Managed | 0.94% | 1.19% |
| Fixed Interest Deposit | 0.83% | 1.08% |
| Property | 1.30% | 1.55% |
| HSBC Equity | 0.82% | 1.07% |
| Aegon Ethical Equity | 1.52% | 1.77% |
Workplace schemes show costs differently. The first scheme's 2025 document gives a total fund cost for each default fund, and says these costs come on top of its product charges: an annual management charge of 1.00% a year, less a 0.23% reduction for that scheme, and a monthly plan charge of £5.97 in 2025.
| Default fund (one scheme, 2025) | Total fund cost, % a year |
|---|---|
| Zurich Secure 1 EP | 0.09 |
| Zurich Managed 1 EP | 0.33 |
| Zurich UK Fixed Interest 1 EP | 0.15 |
In the other scheme's document, Zurich's "Fund Based Charges" are counted in the fund table, so Managed 2 EP shows a total fund cost of 1.09% a year. The first document adds that Zurich applies a discretionary cap to the charges on its plans, which may make them lower than the standard charges shown. The wider picture is in workplace pension charges and pension charges.
How do I switch Zurich pension funds?
Complete the pension fund choices form for your product code and send it by email or post. "We don’t make a charge for changing your fund choices, and you can change your choices again in the future." The funds you choose "apply to all your existing investments and to all future payments", you can pick up to 10, and a form received before 10.30am is applied on the next day's valuation. Executive Pension Plans, Executive Retirement Plans and Growth Retirement Plans use Zurich's older switch request form (DP113209A57), which says switching into or out of its funds may be allowed at Zurich's discretion.
Weighing up a switch? An adviser can talk through whether a switch fits your retirement date; the request form on this page arranges that conversation for nothing. If you have an adviser already, Zurich's adviser authority lets the firm send fund switch instructions for the Zurich SIPP and Zurich's Flexible Drawdown Plans.
Where can I find Zurich fund factsheets and prices?
Zurich's 2023 fund charges and expenses sheet for ex-Allied Dunbar plans says the fund factsheets are at zurich.co.uk/mystatement, via the "Go to FundTracker" link in the pensions section. You need your plan number to see which funds apply. This page does not quote performance: past performance is no guide to the future, and how to compare pension fund performance explains how to read a factsheet's returns.
Zurich pension fund questions
Is there a charge for changing Zurich funds?
Not for the change itself, according to Zurich's fund choice forms. Charges for leaving the plan altogether are covered in transferring a Zurich pension.
What does the 3.5% on capital units mean?
Zurich's form says capital versions of its funds carry an additional charge of 3.5% on top of the printed fund charge. Whether your plan holds capital units is shown in your plan documents.
What is the Zurich Managed AP fund?
One of the 24 funds on Zurich's fund choice form for product codes DL, DK, DKA, VA and VB, with a printed fund charge of 0.94% a year; Adaptable Pension Plans hold Managed 1% AP at 1.19%. Its objective is set out on its factsheet.
Where do I get a Zurich pension fund switch form?
Zurich's fund charges and expenses sheet says you can get a copy of the switch form from your financial adviser or from Zurich.
Which is the best Zurich pension fund?
No fund is best for everyone: funds differ in risk and cost, so the right one depends on your timescale and attitude to risk. Pension Wise offers free guidance to those approaching retirement.
Before you change anything
Fund choice sits alongside moving a pension, covered in transferring a Zurich pension, and taking income, in Zurich pension withdrawal. Want a second pair of eyes on your funds? Ask for a free adviser call-back with the details form on this page. If someone contacts you unprompted about moving a pension, read the FCA's page on pension scams first.