On 24 February 2022, we’re closing the Scottish Equitable Argonaut European Alpha fund, available as part of our insured Pension and Aegon Retirement Choices (ARC) fund ranges.

When the fund closes, we’ll move remaining investors into the European Tactical fund, unless they tell us to move them elsewhere before then. We’ll be writing to all those affected in advance to let them know about the closure.

Why we’re closing the fund

We constantly monitor and refine our fund ranges. The Scottish Equitable Argonaut European Alpha fund hasn’t grown in size as we’d expected, so we’ve decided to close the fund.

What this means for investors

Investors can stay invested and continue to pay in any regular contributions until the fund closes. Then, on 24 February 2022, we’ll automatically switch their existing investment and all future contributions into the European Tactical fund, free of any switch charges.

When this happens:

  • The Total Charge* for Pension investors will reduce from 2.26% to 1.03%.
  • The Fund Charge** for ARC investors will reduce from 1.26% to 0.36%.

*This includes a standard 1% product charge, a fixed management fee and expenses that vary with the day-to-day costs of running the fund. Investors may pay a different product charge.

**This is on top of any product or adviser charge and includes a fixed management fee, plus expenses that vary with the day-to-day running of the fund.

More about the European Tactical fund

We’ve selected this fund as we believe it to be the most broadly comparable fund available within our fund range, in terms of what the fund invests in and what it aims to do.

This fund aims to outperform the FTSE World Europe (ex UK) Index, net of fees, by investing in a concentrated portfolio of European equities (company shares) across all major industrial sectors of the European (ex UK) equity market.

For more information on the alternative fund you can view the fund factsheet via the ‘Fund prices and performance’ page and viewing either ‘Other fund ranges’ or ‘Aegon Retirement Choices (ARC)’.

There’s no guarantee the fund will meet its objectives. The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they invest.

What current investors need to do

If current investors are happy for us to move their investment into the European Tactical 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 investors wish to do this they should complete an alteration of fund choice form and return it to us as soon as possible.

If you would like more information, please speak to a financial adviser. If you don’t have one you can find one in your area at moneyhelper.org.uk