Notification of closure of R225 DWS Noor Precious Metals Securities ILP sub-fund

29 Apr 2024

R225 DWS Noor Precious Metals Securities (the “Affected ILP sub-fund)

We continually monitor our investment-linked policy (“ILP”) sub-fund range in order to achieve the quality and diversity for our international investors. Due to the small size and lack of demand from FPIL policyholders, FPIL has made the decision to close the Affected ILP sub-fund. The Affected ILP sub-fund will be removed from the FPIL fund range from 30 July 2024 (the “Effective Date”).

Effective immediately, only continuing regular contributions will be permitted into the Affected ILP sub-fund. No new single or regular contributions will be permitted into the Affected ILP sub-fund, whether from new or existing investors.

When an FPIL ILP sub-fund is closed, we select another fund from our internal fund range (the “Default ILP sub-fund”) to act as an alternative investment for the resulting proceeds being switched out of the closing fund. 

Existing holdings in the Affected ILP sub-fund will be automatically redirected into the Default ILP sub-fund on the Effective Date. Where applicable, any future regular premium or contributions into the Affected ILP sub-fund will also be redirected into the Default ILP sub-fund from the Effective Date.

The Default ILP sub-fund we have selected from the available fund range is R217 HSBC Islamic Global Equity, which is a Sharia compliant Islamic Global Equity sector fund.

We select the Default 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. You should be aware that the Default ILP sub-fund has a different investment style and investment sector exposure to the Affected ILP sub-fund. Please refer to the Appendix in the Sample Client Communication opposite for comparison details between the Affected ILP sub-fund and the Default ILP sub-fund. 

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

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

Policyholders can choose to switch their current holdings, and/or redirect regular contributions if applicable, into a different ILP sub-fund in the FPIL range.  This can be done at any time, however in order to override the transfer and/or redirection to the Default ILP sub-fund that we have selected, will require alternative instructions by 3pm UK time on 29 July 2024.

Factsheets for the available FPIL ILP sub-funds can be found via our interactive Fund Centre research tool.  Full details on the underlying funds into which the FPIL ILP sub-funds invest can be found in the corresponding fund prospectus, which is available on request from the respective fund manager.

We have contacted impacted policyholders and their financial advisers to notify them of the changes; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.

Should you have any questions regarding this notification, please contact the Investment Marketing Team.