Jupiter Merian and Legal & General fund closures - August 2022

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On 24 August 2022, we’re closing the below funds, which are available as part of our insured Pension, Aegon Retirement Choices (ARC) and Aegon One Retirement (AOR) fund ranges.

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 Aegon Jupiter Merian North American Equity (AOR) fund will move to the North American Equity Select Portfolio (ARC) fund
  • Investors in the Aegon Jupiter UK Mid Cap (AOR) fund will move to the Scottish Equitable Baillie Gifford UK Equity (ARC) fund
  • Investors in the Scottish Equitable Jupiter Japan Income fund will move to the Japan fund
  • Investors in the Scottish Equitable Legal & General Growth fund will move to the Scottish Equitable Baillie Gifford UK Equity fund,

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 24 August 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
Aegon Jupiter Merian North American Equity (AOR) North American Equity Select Portfolio (ARC) fund
Fund Charge** (for AOR/ARC investors)
0.95% 0.74%
North American Equity Select Portfolio (ARC) fund
This multi-manager portfolio aims to provide a good level of long-term capital growth by investing in a number of high-quality North American equity (shares in companies) funds from different managers, recommended by independent researchers Morningstar. The portfolio targets returns above the IA North America sector median over rolling three-year periods and Morningstar help us to select and manage the blend of funds on an ongoing basis to help it achieve this.

Source: Aegon UK

Closing fund Alternative fund
Aegon Jupiter UK Mid Cap (AOR) fund Scottish Equitable Baillie Gifford UK Equity (ARC) fund
Fund Charge** (for AOR/ARC investors)
0.85% 0.35%
Scottish Equitable Baillie Gifford UK Equity (ARC) fund
This fund aims to outperform the FTSE All Share Index by at least 1.0% a year (after charges) over rolling 5-year periods by investing at least 80% directly or indirectly in shares of UK companies of any size and in any sector. The Scottish Equitable fund has higher charges than the underlying Baillie Gifford fund and will therefore be less likely to meet this target.

Source: Aegon UK

Closing fund Alternative fund
Scottish Equitable Jupiter Japan Income fund Japan fund
Total Charge* (for Pension investors)
1.97 1.03%
Fund Charge** (for AOR/ARC investors)
0.97% 0.33%
Japan fund
This fund aims to outperform the FTSE Japan index, net of fees, by investing directly in a wide range of equities (company shares) available in the Japanese stock markets. The fund may also invest in equity-related investments such as convertible bonds.

Source: Aegon UK

Closing fund Alternative fund
Scottish Equitable Legal & General Growth fund Scottish Equitable Baillie Gifford UK Equity fund
Total Charge* (for Pension investors)
1.83% 1.35%
Fund Charge** (for AOR/ARC investors)
0.82% 0.35%
Scottish Equitable Baillie Gifford UK Equity fund
This fund aims to outperform the FTSE All Share Index by at least 1.0% a year (after charges) over rolling 5-year periods by investing at least 80% directly or indirectly in shares of UK companies of any size and in any sector. The Scottish Equitable fund has higher charges than the underlying Baillie Gifford fund and will therefore be less likely to meet this target.

Source: Aegon UK

*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.

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

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 </a >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 </a >to find the right one for you.