On 28 June 2022, we’re closing the below Scottish Equitable Omnis Managed funds, which are available as part of our insured Pension fund range.
When this happens, we’ll move remaining investors into the below alternative funds, unless they tell us to move them elsewhere before then:
- Investors in the Scottish Equitable Omnis Managed Advanced fund will move to the Aegon BNY Mellon Multi-Asset Growth fund.
- Investors in the Scottish Equitable Omnis Managed Balanced fund will move to the Universal Balanced Collection.
- Investors in the Scottish Equitable Omnis Managed Cautious fund will move to the 60/40 Cautious Managed Collection.
We’ll be writing to all those affected in advance to let them know about the closures.
Why the funds are closing
We constantly monitor and refine our fund ranges. The funds haven’t grown in size as we’d expected, so we’ve decided to close the funds.
What this means for investors
Investors can stay invested and continue to pay in any regular contributions until the funds close. Then, on 28 June 2022, we’ll automatically switch their existing investment and all future contributions into the alternative funds, free of any switch charges.
Further details on the alternative funds, including charges, can be found in the tables below:
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Omnis Managed Advanced fund | Aegon BNY Mellon Multi-Asset Growth fund |
| Total Charge* | |
| 1.47% | 1.42% |
| Aegon BNY Mellon Multi-Asset Growth fund | |
| This fund aims to provide long-term (5 years or more) capital growth by investing in a diversified portfolio of UK and overseas equities as well as fixed interest investments and cash. It may invest up to 100% of its value in equities. It also has the flexibility to hold fixed interest and cash investments, or may choose to diversify by currency, although there is no requirement that it does so. | |
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Omnis Managed Balanced fund | Universal Balanced Collection |
| Total Charge* | |
| 1.45% | 1.02% |
| Universal Balanced Collection | |
| This fund aims to achieve long-term capital growth by investing in an internationally diversified portfolio, largely made up of equities (shares in companies). It currently invests in a mix of different funds, from different fund managers, offering a mix of active and passive fund management, which means it doesn’t rely on the performance of one manager or management style alone. We reserve the right to add, remove and replace funds within the Universal Balanced Collection with the aim of making sure it continues to meet its aims and objectives | |
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Omnis Managed Cautious fund | 60/40 Cautious Managed Collection |
| Total Charge* | |
| 1.46% | 1.15% |
| 60/40 Cautious Managed Collection | |
| This Collection aims to provide long-term capital growth by investing 60% in our UK Fixed Interest fund and 40% in global equities through our External Stockmarket Collection. The UK Fixed Interest fund invests in a diversified blend of mainly investment grade corporate bonds and government bonds and the External Stockmarket Collection invests in a mix of managed funds from four investment managers, currently Baillie Gifford, Invesco, Lazard and GLG Asset Management. | |
*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.
For more information on the alternative funds you can view the fund factsheets via the ‘Fund prices and performance’ page and viewing ‘Other fund ranges’
There’s no guarantee the funds will meet their objectives. The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they pay in.
What current investors need to do
If current investors are happy for us to move their investment into the alternative funds above, they don’t need to do anything. However, if investors feel that these funds aren’t suitable, 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 a financial adviser, you can visit moneyhelper.org.uk/choosing-a-financial-adviser to find the right one for you.