Schroder, ASI and Jupiter Merian insured fund closures – May 2022

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

When this happens, we’ll move remaining investors of the below funds into the Global fund, unless they tell us to move them elsewhere before then:

  • Aegon ASI Multi-Manager Constellation Portfolio,
  • Aegon Schroder QEP Global Core fund,
  • Aegon Jupiter Merian Global Equity (AOR) 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 May 2022, we’ll automatically switch their existing investment and all future contributions into the Global fund, free of any switch charges.

When this happens, the charges will be updated as follows:

Closing fund Alternative fund
Aegon ASI Multi-Manager Constellation Portfolio Global fund
Total Charge* (for Pension investors)
2.51% 1.02%
Fund Charge** (for ARC investors)
1.51% 0.27%

Source: Aegon UK

Closing fund Alternative fund
Aegon Schroder QEP Global Core fund Global fund
Total Charge* (for Pension investors)
1.29% 1.02%
Fund Charge** (for ARC investors)
0.29% 0.27%

Source: Aegon UK

Closing fund Alternative fund
Aegon Jupiter Merian Global Equity (AOR) fund Global (ARC) fund
Fund Charge** (for AOR/ARC investors)
1.00% 0.27%

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.

More about the Global fund

We’ve selected this fund as we believe it’s the most broadly comparable fund available within our fund range, in terms of what the fund invests in and what it aims to do.

This fund aims to outperform the ABI Global Equities sector median, net of fees, by investing mainly in UK and overseas equities. It can invest 100% in equities but may hold up to 20% in fixed interest securities (bonds) and cash, although there’s 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’ 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 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.