Closure of the Scottish Equitable UBS Stockmarket Managed fund

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On 27 January 2021, we’re closing the Scottish Equitable UBS Stockmarket Managed fund across our pension, life and Aegon Retirement Choices (ARC) fund ranges.

When the fund closes, we’ll move investors into the Scottish Equitable Invesco Stockmarket Managed 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 UBS Stockmarket Managed 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 27 January 2021, we’ll automatically switch their existing investment and all future contributions into the Scottish Equitable Invesco Stockmarket Managed fund, free of any switch charges.

The Total Charge* for pension and life investors will not change when this happens.

The Fund Charge** for ARC investors will not change when this happens.

*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 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.

More about the Scottish Equitable Invesco Stockmarket Managed fund

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

This fund aims for above-average long-term growth by investing mainly in an internationally diversified portfolio of equities (shares). It may invest up to 100% of its value in equities, but 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.     

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’ for pension and life investors or ‘Aegon Retirement Choices (ARC)’ for ARC investors. 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 originally invested.

What current investors need to do

If current investors are happy for us to move their investment into the Scottish Equitable Invesco Stockmarket Managed 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 moneyadviceservice.org.uk