Scottish Equitable Allium Multi-Asset DRP fund range – funds now unsuspended
On Wednesday 13 February 2019, we unsuspended trading in the Scottish Equitable Allium DRP range of funds across our pension and Aegon Retirement Choices (ARC) ranges.
You can see previous updates via our ‘Fund changes and news’ section:
7 February 2019
24 December 2018
What this means for investors
We’ve now received confirmation that we’ll receive all of the assets due from the fund manager allowing us to re-open the funds to trades. This means investors can now:
- Continue to pay into the funds (which will be redirected as set out below)*
- Switch out of the funds into another fund or funds of their choice if they wish. To find out how to switch funds please see ‘How do I switch funds?’
- Transfer out of the funds
We’ll be writing to all investors in the funds in the next few days to confirm the full closure of the Scottish Equitable Allium DRP funds and the alternative funds we’ve chosen to replace these closed funds.
Where the funds currently invest
All assets held in the Scottish Equitable Allium DRP funds prior to 31 December 2018 now invest directly in the alternative funds, chosen by Aegon, listed below.
- Scottish Equitable Allium Multi-Asset DRP III now invests directly into the Cautious Core Portfolio
- Scottish Equitable Allium Multi-Asset DRP V now invests directly into the Balanced Plus Core Portfolio
- Scottish Equitable Allium Multi-Asset DRP VII now invests directly into the Growth Core Portfolio
- Scottish Equitable Allium Multi-Asset DRP VIII now invests directly into the Adventurous Core Portfolio
Please note you may see the old fund names on your plan details until we fully close the old funds and complete the switch into the new funds on our systems.
*From 31 December 2018, any payments that would otherwise have been applied to the Scottish Equitable Allium DRP funds were re-directed into the Cash fund (pension) or Cash facility (ARC) and continue to be held in Cash. Any such payments we receive on and after 13 February 2019 will be directed into the existing fund(s).
What you need to do if you want to move your investment out of the Cash fund/Cash facility
Any payments made into the Cash fund (pension) or Cash facility (ARC) from 31 December 2018 to 13 February 2019 will remain there until investors or their financial adviser give us a clear and complete instruction to switch their investment into another fund or funds.
Please take action now if you want move this money out of the Cash fund/Cash facility.
For investors on Aegon Retirement Choices (ARC)
Where the Scottish Equitable Allium (ARC) funds are used in a model portfolio via ARC, any allocation to these funds was removed during the fund suspension and reassigned to the cash facility.
We recommend that financial advisers and discretionary fund managers review their affected model portfolios as soon as possible.
Your financial adviser can help if you need them
If you’re uncertain about how this affects your investments, please speak to a financial adviser in the first instance. If you don’t have a financial adviser you can find one in your area via www.unbiased.co.uk