Notification of closure of R141 Premier Miton Cautious Multi-Asset (GBP) ILP sub-fund
19 Sep 2024
R141 Premier Miton Cautious Multi-Asset (GBP) (the “Affected ILP sub-fund”)
We have received notification from Premier Portfolio Managers, the investment managers of the underlying fund of the Affected ILP sub-fund (the “Company”), of its intention to close the underlying fund share class of the Affected ILP sub-fund with effect 13 December 2024.
Accordingly, we have taken the decision to close the Affected ILP sub-fund and to switch holdings and redirect future regular premium (where applicable) into an alternative ILP sub-fund in the range, as detailed in the below table:
| Affected ILP sub-fund | Default Replacement ILP sub-fund |
|---|---|
| R141 Premier Miton Cautious Multi-Asset (GBP) | R186 Canaccord Genuity Balanced (GBP) |
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 client communication opposite for comparative information between the Affected ILP sub-fund and the Default Replacement ILP sub-fund.
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 ILP sub-fund.
The Company has also advised that from 6 September 2024 no further investment will be accepted to the underlying fund share class of the Affected ILP sub-fund. As such, any premium allocation which would usually be applied to the Affected ILP sub-fund will be automatically redirected to the Default Replacement ILP sub-fund with immediate effect. In addition, we will stop accepting any new instructions to switch in to the Affected ILP sub-fund.
The Affected ILP sub-fund will be removed from the FPIL fund range from 12 December 2024 (the “Effective Date”) and all holdings in the Affected ILP sub-fund will be switched into the Default Replacement ILP sub-fund, unless alternative instructions are received.
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 of existing holdings to the Default Replacement ILP sub-fund, we require alternative instructions by 3pm UK time on 11 December 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.
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.
Should you have any questions regarding this notification, please contact the Investment Marketing Team.
