Trading resumes for some Property funds – frequently asked questions

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What’s happened?

Several suspended property funds have now resumed trading.

On 18 March 2020, numerous property funds suspended across the following fund ranges:

  • Pension
  • Life
  • Aegon TargetPlan
  • Aegon One Retirement (AOR)
  • Aegon Retirement Choices (ARC)
  • Aegon Platform fund ranges

This means investors were unable to invest in, switch out or withdraw money from these funds until such time as the fund manager resumes trading.

What funds have resumed trading?

The funds (as at 12 noon on 13 October 2020), the fund range they appear on and the date they resumed trading are listed below:

Insured funds

Pension

  • Scottish Equitable Threadneedle UK Property Trust fund - 22 September 2020
  • Property fund - 6 October 2020
  • Scottish Equitable Legal & General UK Property fund - 13 October 2020
  • Property Select Portfolio - 13 October 2020

Life

  • Property fund - 6 October 2020

ARC

  • Scottish Equitable Threadneedle UK Property (ARC) fund - 22 September 2020
  • Property (ARC) fund - 6 October 2020
  • Scottish Equitable Legal & General UK Property (ARC) fund - 13 October 2020
  • Property Select Portfolio (ARC) - 13 October 2020

TargetPlan

  • Aegon Threadneedle Pensions Property (BLK) - 22 September 2020

Unit Trusts and OEICs

ARC

  • BMO Property Growth & Income – 15 June 2020
  • BMO Property Growth & Income Feeder – 15 June 2020
  • MGTS St Johns High Income Property fund – 10 September 2020
  • MGTS St John Property Authorised Trust – 10 September 2020
  • Threadneedle UK Property Authorised Investment Fund – 17 September 2020
  • TM Home Investor Feeder fund – 21 July 2020

Aegon Platform

  • BMO Property Growth & Income – 15 June 2020
  • BMO Property Growth & Income Feeder – 15 June 2020
  • MGTS St Johns High Income Property fund – 10 September 2020
  • MGTS St John Property Authorised Trust – 10 September 2020
  • Threadneedle UK Property Authorised Investment Fund – 17 September 2020
  • TM Home Investor Feeder fund – 21 July 2020

What does this mean for investors?

The funds listed above have resumed trading, which means investors can now make payments into and out of the funds as normal.

What happens to regular payments?

For pension and life investors

If you make regular payments into your fund, these will continue as normal now that the fund has resumed trading. Single premiums, switches and transfers can also resume as normal.

Please note, any payments intended for the fund while it was suspended will have been re-directed into the Cash fund. Any payments made into the Cash fund under these circumstances will remain there until you give us a clear and complete switch instruction to invest them into a fund or funds of your choice.

For ARC and Aegon Platform investors

Any payments intended to buy units while the fund was suspended were placed in the cash facility of the relevant product. Any money remaining in your cash facility will remain there until you, or your adviser, give us a clear instruction to invest it, if you wish to do so.

All future contributions, including regular payments, single payments, switches and transfers, which are intended to buy units in the fund will now resume in line with your original investment instructions, unless you, or your adviser, have given us an alternative instruction.

What happens to regular withdrawals?

For pension and life investors

If you previously received an income from your fund, this will have stopped if this was the only fund you held. This will now resume as normal.

If you hold more than one fund in your portfolio, income will have been taken from the other funds that you held at the time the fund was suspended. Income will continue to be paid from those funds unless you give us a clear instruction to resume taking income from the previously suspended fund and/or any other fund.

For Aegon TargetPlan investors

It is now possible for you to resume or start taking income from the previously suspended fund. If you wish to reinstate the income payments from this fund or make any changes to the way in which you take your income, please contact us using the details shown below.

For ARC and Aegon Platform investors

If you have an instruction in place for regular withdrawals from the fund, only hold this fund and there is no cash in the cash facility to cover withdrawals, then this will resume unless you, or your adviser, have given us an alternative instruction.

What happens if these funds are held in a model portfolio?

Any rebalances that are triggered on a client’s account will now include the above fund in the calculation, and units will be bought or sold to bring the portfolio in line with the model portfolio or investment strategy.

Any regular and single payments into model portfolios while the fund was suspended, which would otherwise have been invested into the impacted fund would have been moved into the investor’s individual cash facility, where it will remain until they give us a clear instruction to switch into an alternative investment, if they wish to do so.

What happens to dividend income?

If investors were receiving income from their product in the form of dividends, this should have continued as normal.

What current investors need to do?

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.moneyadviceservice.org.uk

Alternatively, you can contact us using the details below:

Pension and Life investors

You can contact our helpdesk on 0345 610 0010 (please remember we can’t give you financial advice).

Aegon TargetPlan investors

Please get in touch with us using your usual contact number or email address if there’s anything you need our help with.

Aegon Retirement Choices (ARC) investors

Aegon Retirement Choices (ARC) investors please contact us at clientservices@aegon-arc.co.uk or call us on 0345 680 1234.

Aegon Platform investors

Aegon Platform investors, please contact us at aegoncofundsadministration@aegon.co.uk or call us on 0345 604 4001. 

Please note, 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.

Please be aware that we do not offer investment advice.