Property Select Portfolio closed to redemptions

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At 9:00am on Thursday 7 July we suspended trading in the Property Select Portfolio.

The Property Select Portfolio is currently made up of five property funds:

  • Aegon Active Value Property fund
  • Aegon Property fund
  • Scottish Equitable L&G Property fund
  • Scottish Equitable M&G Property Portfolio
  • Scottish Equitable Threadneedle UK Property Trust

Two of the five funds in the portfolio, the Scottish Equitable M&G Property Portfolio and the Scottish Equitable Threadneedle UK Property Trust, have suspended trading following market uncertainty in the wake of the EU referendum.

To avoid additional liquidity pressures being applied to the remaining funds within the portfolio, we’ve taken the decision to suspend trading in the Property Select Portfolio until such time as the managers of the funds currently in deferment resume trading.

Find out more information about what deferrals mean for investors.

This affects all payments in and out of the Property Select Portfolio.

Any redemptions (payments out) from the fund will not be fulfilled until the underlying funds within the portfolio currently in deferment resume trading. 

Single payments or transfers in cannot be made whilst the fund is in deferment.

Regular payments into the fund will be applied as normal unless you tell us to re-direct them elsewhere. However, they will not be accessible until the fund manager resumes trading.

This is not the case if you are invested in this fund via Aegon Retirement Choices (ARC).

Any payments made into the Property Select Portfolio (ARC) by customers using ARC will be redirected to their individual cash account facility and not invested directly into the fund.

Investors on ARC can gain access to any payments redirected to their cash facility as a result of this deferment.

If investors in a Select Risk Portfolio make a payment into a fund which contains the Property Select Portfolio, the portion that would have been invested in property will be held in cash.

If investors in a Select Risk Portfolio wish to withdraw money from their fund, they can continue to do so. However this will be taken from the other funds in each portfolio and not the Property Select Portfolio.

As at the end of June 2016, the amount each Select Risk Portfolio invested in the Property Select Portfolio ranged from 4% to 7.2%.

We can’t give any guarantees on how long the trading suspension will last. We are in close contact with all the fund managers within the portfolio and we are monitoring the fund on a daily basis. 

If you’re uncertain about how this affects your investments, please speak to your financial adviser in the first instance. If you don’t have a financial adviser you can find one in your area at unbiased.(Opens new window)

You can also contact us, but please remember we won’t be able to give you any financial advice.