The IHG International Savings and Retirement Plan
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 you/Bechtel start making contributions
- how long you remain in the BISRP
- how much you/Bechtel contribute
- the charges taken, and
- by how much your investments grow
Remember, what you get back is not guaranteed, the value of your Plan Account can go down as well as up, depending on how your investments perform.
You can use Zurich's ‘Retirement Savings Calculator’ 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 Plan 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.
How do I join the Plan?
You can join the IHG plan at the discretion of IHG. Once you have received notification from IHG that you are eligible to join the Plan, please read the employee guide and accompanying investment guide before completing the new member investment form and returning it to your local HR Shared Services contact.
Payments and Investments
How much should I contribute to the Plan?
We will generally make contributions up to a pre-determined percentage of your salary, and you can also make additional contributions (known as additional voluntary contributions, or avcs), to help you to achieve your retirement aims.
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, which is available within the Library section of this site.
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 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?
We have selected a range of pension funds from which you can choose where to invest your contributions.
Once you have joined the plan we will provide you with an Employee guide and Investment Guide giving you full details of the fund choices available. These guides are also available in the Library section of this site. You will also be given access to the Plan Fund Centre where you will be able to see how your investments are performing.
Can I make changes to my investment choices?
Yes, you can change your investment choices through Zurich International online (ZIO) once your account is live and you have been given access to the site. The full investment options available to you can be found through the Plan Fund Centre.
The exception to this is if you should become a US resident at a later date, at which point switching and/or redirection cannot be permitted.
Can I transfer the value of other retirement plans to this?
It may be possible, in limited circumstances, to transfer funds into/out of other Pension Plans or savings accounts, into this Plan, if the owner of the other Plan is prepared to either make or accept the transfer, and local laws permit. However it is it is not possible to transfer your funds to/from a UK tax 'Registered' pension scheme or a tax qualified US retirement savings plan.
Before making a transfer you should seek professional financial and tax advice. The transfer will also be at the discretion of the Trustees, where appropriate.
Please note that a transfer into this Plan could result in your Plan Account balance becoming taxable and may not always be in your best interest.
Retirement, death, and leaving service
When can I take my benefits?
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)
What are the options available on my Plan retirement age?
Please refer to your plan employee guide
What happens if I die before reaching my Plan retirement age?
100% of the value of your Plan Account will be distributed to your beneficiaries. It is therefore important that you complete the beneficiary nomination process in Zurich International online (ZIO) as this will ensure that Zurich or your Trustees know who your chosen beneficiaries are and can therefore make payments more quickly.
What if I move locations with my job?
The Plan is designed such that, if you move to a different country with your job, both your own and our Employer contributions can continue. This is subject to your remaining in an eligible role and the new country being one in which membership may contiunue. For example, one exception to this is if you become a resident in the US, at which point contributions must cease.
What happens if I leave service?
Please refer to your plan employee guide
Will there be any tax payable on my Retirement Account?
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.
You and your adviser should note that Zurich 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. There may however be an element of withholding tax deducted from some income and dividends within certain funds that cannot be reclaimed.
If I move locations,what currency will have to be paid in?
Contributions will always be paid into your Plan Account in the currency in which you are paid, regardless of whether or not this is the currency of the country in which you are based, provided that this is one of the eligible plan currencies. If you are not paid in an eligible plan currency, contributions will be paid in US Dollars. However, you will be able to invest those contributions in a number of different currencies depending on which investments funds you choose.
Which Company is the Provider of the Plan?
The Plan is provided by and administered by Zurich International Life (Zurich). Zurich is a major financial institution offering life assurance, investment and protection solutions throughout the world with licensed offices in the United Arab Emirates, Hong Kong, Bahrain, Qatar and the Isle of Man.
Zurich International Life is part of the global Zurich Insurance Group which has over 55,000 employees serving customers in more than 170 countries throughout the world, offering both general and life insurance products.
How secure is the Plan?
The Island has established its own Insurance and Retirement Benefits Acts, ensuring that authorised companies have sound and professional management and that the interests of Sponsors and their members are protected. Zurich is authorised in accordance with the Insurance Act 2008 to conduct long term insurance business from the Isle of Man under the supervision of the Isle of Man Financial Services Authority (IOMFSA). The Insurance Act obliges senior management and controlling parties of insurance businesses to be fit and proper, and that the companies are financially sound.
The legislation is clear and comprehensive and the reporting requirements it contains satisfy the IOMFSA's strict supervisory needs.