Notification of change to the underlying fund of R239 BlackRock Sustainable Energy (USD)

24 Mar 2025

R239 BlackRock Sustainable Energy (USD) (the “ILP sub-fund”)

We have been notified by BlackRock Global Funds (the “Company”) of a change to the underlying fund of the ILP sub-fund. The change will take effect from 6 May 2025 (the “Effective Date”).

Change to the statement of investment objective and policy 
The Company has advised that from the Effective Date, the investment strategy of the underlying fund of the ILP sub-fund will be amended to align with new guidelines from the European Securities and Markets Authority on the use of Environmental, Social and Governance (“ESG”) or sustainability-related terms in funds' names.

From the Effective Date, the underlying fund of the ILP sub-fund will apply Paris-aligned Benchmark exclusions, in addition to its existing ESG exclusions. Paris-aligned Benchmark exclusions broadly prohibit investments in companies involved in controversial weapons or tobacco; having violated UN Global Compact principles or OECD Guidelines for Multinational Enterprises; or deriving revenues above certain specified thresholds from coal, oil, gas or electricity generation.

The underlying fund of the ILP sub-fund will continue to have a sustainable objective within the meaning of Article 9 under the EU’s Sustainable Finance Disclosure Regulation (“SFDR”). An updated Pre-Contractual Disclosure will be made available as part of the underlying fund prospectus following the Effective Date.

This change will take effect automatically and policyholders do not need to take any action. 

We have contacted impacted policyholders and their financial advisers to notify them of the change; 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. A sample of the client communication can be found opposite.

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