On 23 June 2022, we’re closing the below Scottish Equitable Omnis Multi-Manager 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 Multi-Manager Adventurous fund will move to the Adventurous Select Portfolio.
- Investors in the Scottish Equitable Omnis Multi-Manager Balanced fund will move to the Balanced Plus Select Portfolio.
- Investors in the Scottish Equitable Omnis Multi-Manager Cautious fund will move to the Cautious Select Portfolio.
- Investors in the Scottish Equitable Omnis Multi-Manager Distribution fund will move to the Balanced Select Portfolio.
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 23 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 Multi-Manager Adventurous fund | Adventurous Select Portfolio |
| Total Charge* | |
| 2.06% | 1.73% |
| Adventurous Select Portfolio | |
| This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 13.5-17.5% over a market cycle, which can last three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests almost exclusively in riskier assets, such as equities (shares of companies), including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 85-100% in equities. It’s the highest risk of our Select Risk Profile Portfolios but has the potential for higher long-term returns. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change. | |
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Omnis Multi-Manager Balanced fund | Balanced Plus Select Portfolio |
| Total Charge* | |
| 2.00% | 1.59% |
| Balanced Plus Select Portfolio | |
| This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 8.5-12.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests in a mix of riskier assets, such as equities (shares in companies), including developed and emerging markets equities. It can also invest to a lesser extent in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. To be consistent with the target volatility range, the fund would typically be expected to invest between 50-80% in equities. This means it sits towards the lower end of the Select Risk Profile Portfolio range in terms of risk and long-term growth potential. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change. | |
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Omnis Multi-Manager Cautious fund | Cautious Select Portfolio |
| Total Charge* | |
| 1.95% | 1.51% |
| Cautious Select Portfolio | |
| This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 5.5-9.5% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests mainly in traditionally lower risk assets, including investment grade corporate bonds, government bonds (gilts) and cash. It will also invest to a lesser extent in traditionally riskier assets such as equities (shares in companies), including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 20-50% in equities. This is the least risky of the Select Risk Profile Portfolios, so it may not return as much as other funds in the range over the longer term. The underlying assumptions that support the volatility and equity ranges are at the fund manager's discretion and are subject to change. | |
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Omnis Multi-Manager Distribution fund | Balanced Select Portfolio |
| Total Charge* | |
| 2.19% | 1.53% |
| Balanced Select Portfolio | |
| This portfolio aims to provide long-term capital growth while keeping risk in a target volatility range of 7-11% over a market cycle, which the fund manager defines as being three years or more. The portfolio is built using our Select Sector Portfolios. Each of the Select Sector Portfolios is made up of what the fund manager believes to be the best blend of available funds in their respective sectors. The fund invests in a balanced mix of traditionally lower risk assets (including investment grade corporate bonds, government bonds (gilts) and cash) and traditionally riskier assets such as equities (shares in companies) including developed and emerging markets equities. To be consistent with the target volatility range, the fund would typically be expected to invest between 35-65% in equities. This is the second least risky of the Select Risk Profile Portfolios, so it may not return as much as other portfolios in the range over the longer term. The underlying assumptions that underpin the volatility and equity ranges are subject to change at the fund manager's discretion. | |
*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 fund you can view the fund factsheet 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.