On 16 June 2023, we’re closing the Aegon Invesco Pensions European Equity (BLK) fund across all share classes available in the Aegon TargetPlan fund range.

To prepare for this, on 9 June 2023, we’re switching current investors into the Aegon BlackRock European Growth (BLK) fund.

We’ve written to those affected to let them know about the closure.

Why the fund is closing

The underlying fund manager, Invesco, has decided to close the underlying fund on 23 June 2023, so we’re closing our version of the fund.

What this means for investors

On the 9 June 2023, we’ll switch all investors into the Aegon BlackRock European Growth (BLK) fund.

When this happens, the additional expenses will stay the same (these are the day-to-day costs associated with the administration and management of the underlying assets). We’ll update our literature and our website as soon as we can, but you may notice the old and new information in use for a time.

More about the Aegon BlackRock European Growth (BLK) fund

We’ve chosen this fund as we believe it’s the most broadly similar fund in our fund range in terms of where it invests and what it aims to do. The fund invests mainly in European equities (not including the UK) and aims to produce a return in excess of its benchmark.

There’s no guarantee the fund will meet its objective. The value of an investment can fall as well as rise, isn’t guaranteed and you may get back less than you invest.

For more information you can view the fund factsheets on the ‘Fund prices and performance page’ and selecting ‘TargetPlan funds’.

What current investors need to do

If current investors are happy for their investment to move to the Aegon BlackRock European Growth (BLK) fund, they don’t need to do anything. However, if investors feel that this fund isn’t suitable for them, they can switch their investment and redirect any future investment, free of any switch charge, into an alternative fund or funds of their choice.

If current investors wish to do this, they can view the funds available to their plan by logging into TargetPlan, selecting ‘Fund Information’ from the Dashboard and selecting the “Switch funds” button to make the switch.

If you would like more information, please speak to a financial adviser. If you don’t have a financial adviser, you can visit moneyhelper.org.uk/choosing-a-financial-adviser to find the right one for you.