LF ASI Income Focus fund (formerly the LF Woodford Income Focus fund) update – February 2020

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In October 2019, we received notification from Link Fund Solutions Limited (LFS), the fund’s Authorised Corporate Director, that the LF Woodford Income Focus fund would suspend trading until further notice.

This fund is an Open Ended Investment Company (OEIC) offered across our Aegon Retirement Choices (ARC) and Aegon Platforms.

LFS have now confirmed that, following the appointment of Aberdeen Standard Investments (ASI) as Investment Manager of the fund (effective from 31 December 2019), they have been working to position the fund’s portfolio to allow the fund to re-open.

As a result, the LF ASI Income Focus fund (formerly the LF Woodford Income Focus fund) will re-open on Thursday 13 February 2020.

What this means for investors

The LF ASI Income Focus fund will be available on your online account to request a buy, sell, switch or transfer from Thursday 13 February 2020. Any request must be placed prior to the first Aegon dealing point at 11am to allow the trade to be processed that day. Any requests made after 11am will be traded at the next available dealing point (typically the following day).

Please note – dealing times may differ from the underlying fund manager.

Any trades to buy units placed between the original date of suspension and the re-opening points detailed above, will have been redirected into your individual cash facility. This applies to all regular payments, single payments, switches and transfers intended to go into the fund during the suspension period.

The redirected money will remain in your cash facility, until you, or your adviser, gives us a clear instruction to switch it into an alternative investment, should you wish to do so.

All future contributions and transfers paid in after the fund becomes available to trade again will be applied into the cash facility of your relevant product unless a model portfolio or investment strategy applies in which case the contributions and transfers will be applied in-line with that model portfolio or investment strategy. In addition, the fund will be re-aligned to the model portfolio/investment strategy at the next re-balancing date. If you do not want this to happen, your adviser must remove the fund from the model portfolio/investment strategy.

As confirmed in our December update, the current fund manager Aberdeen Standard Investments (ASI), LFS and Northern Trust Global Services SE (UK Branch), the fund’s depository, have agreed to waive their fees from 31 December 2019, to 31 May 2020.

What happens next?

Any additional changes will be communicated via the ‘Fund changes and news’ page of our website.

If you have any questions you can contact us at:

Aegon Retirement Choices (ARC)

Email - clientservices@aegon-arc.co.uk

Or call us on 0345 680 1234.

Aegon Platform

Email - aegoncofundsadministration@aegon.co.uk

Or call us on 0345 604 4001.

Call charges may vary.

If you’re contacting us by email please remember not to send any personal, financial or banking information because email isn’t a secure method of communication.