Update to the Scottish Equitable Invesco Balanced Managed fund benchmark

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On 31 March 2022, we updated the benchmark for the Scottish Equitable Invesco Balanced Managed fund available via our Pension, Life and Aegon Retirement Choices (ARC) fund ranges.

Nothing else about the fund changed because of this update. For example, the fund manager, charges and Aegon risk rating remain the same.

The change in more detail

We recently identified part of the Scottish Equitable Invesco Balanced Managed fund’s composite benchmark was inconsistent with the underlying fund from late 2015 to 31 March 2022 (15% MSCI World was incorrect and should have been 15% FTSE Actuaries UK Conventional Gilts All Stocks). This has been updated and is detailed in the below table. We would like to apologise for any inconvenience caused.

We’ve also taken the opportunity to update 3-month GBP LIBOR to 10% SONIA Overnight as the use of LIBOR (London Interbank Offer Rate) has been discontinued. Full details of the changes are in the table below:

Old fund benchmark New fund benchmark
Composite Index:
  • 50% FTSE All Share (ex IT)
  • 25% MSCI World ex UK
  • 15% MSCI World
  • 10% 3-month GBP LIBOR
Composite Index:
  • 50% FTSE All Share (ex IT)
  • 25% MSCI World ex UK
  • 15% FTSE Actuaries UK Conventional Gilts All Stocks
  • 10% SONIA Overnight

Source: Aegon UK

Investors may have noticed the update in our literature and on our website. The change was implemented gradually across our material, so they may notice both the old and new composite benchmark in use for a time.

For more information on these funds, you can view the fund factsheet via the ‘Fund prices and performance’ page on our website and selecting ‘Other fund ranges’ or ‘Aegon Retirement Choices (ARC)’.

What current investors need to do

Existing investors don’t need to do anything. Please speak to a financial adviser if you’re unsure about what these changes mean for you. If you don’t have a financial adviser you can find one in your area at  moneyhelper.org.uk/choosing-a-financial-adviser