On 19 October 2023, we suspended trading in the Scottish Equitable M&G Property Portfolio fund and the Scottish Equitable M&G Property Portfolio (ARC) fund. These funds invest in an underlying fund managed by M&G Investments.

On 7 February 2024, we closed the fund and moved investors into the Property fund. We’re writing to all those affected to let them know about the closure.

Why we closed the fund

M&G Investments started the closure of the M&G Property Portfolio fund from 29 December 2023, and advised that the process may take up to 18 months to complete.  As a result, we decided to close our version of the fund.

What does this mean for investors?

On 7 February 2024 we moved investors into the Property fund. We’ve chosen this fund as we believe it’s the most broadly similar fund available in our fund range, in terms of what it invests in and what it aims to do.

There's more information in the table below: 

Closed fund

Alternative fund

Scottish Equitable M&G Property Portfolio fund


Total Charge¹ (insured pension investors)



Fund Charge2 (ARC investors)



Property fund objective

The fund aims to maximise returns through capital and rental growth and outperform the ABI UK Direct Property sector median over a rolling three-year period. It does so by investing in a diversified portfolio of physical UK real estate assets and can invest up to 15% in property related equities (shares). The fund may, from time to time, hold a significant amount in cash. The fund manager will adopt an investment approach which aims to deliver positive financial, environmental, and social outcomes, subject to the fund’s investment restrictions.

Source: Aegon UK

1 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. You may pay a different product charge.

2 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 costs of running the fund.

You can find more information about this fund in the fund factsheet on the ‘Fund prices and performance’ page of our website by selecting with ‘Other fund ranges’ or ‘Aegon Retirement Choices (ARC).’

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

What current investors need to do

If current investors are happy we moved their investment to the alternative fund, they don’t need to do anything. However, if investors feel that this fund isn’t suitable for them, they can move their investment with no switch charge, into a different fund or funds by logging into their online account.

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.