Notification of Closure of R178 Fidelity Global Property Fund

27 Oct 2022

We have been notified by the board of directors of Fidelity Funds (the “Company”) that the underlying fund of the below Affected Investment-linked Policy ("ILP") sub-fund, Fidelity Funds Global Property Fund (the “Merging Underlying Fund”), will merge into Fidelity Funds Sustainable Global Dividend Plus Fund (the “Receiving Underlying Fund”) with effect from 12 December 2022 (the “Underlying Fund Merger Effective Date”), as part of the Company’s fund review programme.

• R178 Fidelity Global Property (the “Affected ILP sub-fund”)

As the Receiving Underlying Fund is not part of the FPIL ILP sub-fund range, we have therefore taken the decision to switch holdings and redirect future regular premiums from the Affected ILP sub-fund into an alternative ILP sub-fund in the range. We will stop accepting any instructions to switch in, or request to increase regular premium payments, to the Affected ILP sub-fund with immediate effect.

The alternative ILP sub-fund we have selected is R212 Schroder Global Cities (USD) (the “Default Replacement ILP sub-fund”) and unless we receive alternative instructions, regular premiums will be redirected and/or current holdings will be switched into the Default Replacement ILP sub-fund on 30 November 2022. 

We select the Default Replacement ILP sub-fund based on various factors which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination. Please refer to the Appendix in the Sample policyholder letter opposite for comparative information between the Affected ILP sub-fund and the Default Replacement ILP sub-fund.

These changes will happen automatically within policies or contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement ILP sub-fund that we have selected.   

Policyholders can however choose to switch their current holdings in the Affected ILP sub-fund and/or redirect premiums or contributions into a different fund in the FPIL range, free of charge. Policyholders can do this at any time, but if they wish to override the transfer and/or redirection to the Default Replacement ILP sub-fund that we have selected, they must provide us with alternative instructions by 3pm UK time on 28 November 2022.

No FPIL charges will arise from these transactions.

Whilst appropriate due diligence has been carried out on the Default Replacement ILP sub-fund we do not accept any liability for the future performance of this, or any other FPIL fund.   

Should you have any questions regarding these changes, please contact the Investment Marketing team.