Historic fund changes

The following fund changes took place in November/December:

Please note that the fund charges remain the same.

The following changes have been made below:

Please note that the fund charges remain the same.

RLAM have made changes to some of their passive equity funds which directly impacts the RLP American, RLP Pacific, RLP Japan and the RLP Far East (Ex Japan) pension funds as well as the RLL Pacific life fund.

The table below shows the new fund names:

The following change has been made to the fund name and fund manager of this fund:

Royal London Asset Management (RLAM) are making changes to some of their passive equity funds. The change will start to take place from 9 August and will directly impact the RLP American, RLP Pacific, RLP Japan and RLP Far East (ex Japan) pension funds.
The changes will improve the Responsible Investment profile of the funds, whilst continuing to deliver returns in line with the traditional benchmarks with no increase in charges.

What’s changing?

The funds will move to an active management style, which will be managed within a controlled risk framework meaning the performance difference shouldn’t be more than 1% relative to the benchmark over a three year period.

They will increase and reduce allocation to companies and sectors dependent on key Environmental Social Governance (ESG) metrics such as carbon intensity, executive pay and social controversies.

What impact will this change have on the funds?

In the first instance, the carbon intensity of the funds will reduce by between 10% and 30%.  This is a significant step towards achieving the global climate ambitions of being net zero by 2050 whilst continuing to deliver returns within a controlled framework.

The benchmark will remain the same, with no increase in charges. The aim of the funds will be changing to deliver returns in line with the benchmark over a 3-year period whilst incorporating Responsible Investment and ESG considerations into the investment process.

BlackRock are changing the benchmark for two of the underlying funds which make up the RLP BlackRock ACS Global Blend pension fund. The change will come into effect at the end of June 2021.

What’s changing?

The underlying funds will now move to track an Environmental, Social and Governance (ESG) screened index. We do not expect these changes to impact the fund aim, which is to provide returns in line with its benchmark.

Why are BlackRock replacing the benchmark?

The change will address broad sustainability related factors and reduce risks related to a low carbon transition of the global economy.
The new indices will screen out certain stocks that do not meet specific ESG criteria such as controversial weapons, small arms and United Nations Global Compact violators as well as two fossil fuel screens related to thermal coal and oil sands.

BlackRock are changing the benchmarks of the following pension funds - RLP BlackRock ACS European Index, RLP BlackRock ACS Japanese Equity Index, RLP BlackRock ACS UK Equity Index, RL BlackRock ACS US Equity Index and RLP BlackRock ACS World (ex UK) Equity Index. The changes will come into effect at the end of June 2021.

What’s changing?

The benchmarks will move to an Environmental, Social and Governance (ESG) screened index. We do not expect the changes to impact the aim of the funds, which is to provide returns in line with their benchmark.

Why are BlackRock replacing the benchmark?

The changes will address broad sustainability related factors and reduce risks related to a low carbon transition of the global economy.
The new indices will screen out certain stocks that do not meet specific ESG criteria such as controversial weapons, small arms and United Nations Global Compact violators as well as two fossil fuel screens related to thermal coal and oil sands.

After discussions with Dimensional we are pleased to announce the following reductions to the Total Expense Ration of the following funds:

he following fund and fund manager changed their name.

The following fund and fund manager changed their name.

We’re changing the benchmark of the RLP Global Managed fund to 35% UK Equities, 55% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented between now and the end of January 2021.

What’s changing?

• The benchmark will change from 50% FTSE All Share/50% FTSE All World ex UK to 35% FTSE All Share/55% FTSE World/10% MSCI Emerging Markets ESG Leaders Index.
• The investment aim will change to - The Fund aims to deliver capital growth, over an investment cycle of approximately 6 to 7 years, by investing in a diversified portfolio of UK and global equities.
•The Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.

Why are we replacing the benchmark?

As part of our governance process the Royal London Investment Advisory Committee (IAC) review the benchmark every three years. This move is the next step in an established direction to increase exposure to emerging markets and reduce exposure to UK equities and is in line with our current tactical position which is overweight in both global and emerging market equities and underweight in UK equities.

We’re changing the benchmark of the RLP Global Growth fund to 35% UK Equities, 55% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented between now and the end of January 2021.

What’s changing?

• The benchmark will change from 50% FTSE All Share/50% FTSE All World ex UK to 35% FTSE All Share/55% FTSE World/10% MSCI Emerging Markets ESG Leaders Index.
• The Investment Aim, Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.

Why are we replacing the benchmark?

As part of our governance process the Royal London Investment Advisory Committee (IAC) review the benchmark every three years. This move is the next step in an established direction to increase exposure to emerging markets and reduce exposure to UK equities and is in line with our current tactical position which is overweight in both global and emerging market equities and underweight in UK equities.

We’re changing the benchmark of the RLP BlackRock ACS Global Blend fund to 35% UK Equities, 55% Global Developed Market Equities and 10% Emerging Market Equities. This change is designed to improve the long-term outcomes for our customers and will be implemented between now and the end of January 2021.

What’s changing?

• The benchmark will change from 50% FTSE All Share/50% FTSE All World ex UK to 35% FTSE All Share/55% FTSE World/10% MSCI Emerging Markets ESG Leaders Index.
• The Investment Aim, Annual Management Charge (AMC) and Total Expense Ratio (TER) will remain unchanged.

Why are we replacing the benchmark?

As part of our governance process the Royal London Investment Advisory Committee (IAC) review the benchmark every three years. This move is the next step in an established direction to increase exposure to emerging markets and reduce exposure to UK equities and is in line with our current tactical position which is overweight in both global and emerging market equities and underweight in UK equities.

We are replacing the underlying fund held within the RLP Japan Specialist (Invesco Japan) pension fund. This is one of our Matrix Funds, a group of equity funds categorised by sector and risk relative to a benchmark index. As a result, we’re replacing the underlying fund to the Baillie Gifford Japanese fund from the week commencing 7 December 2020.

Please note that we initially communicated in August 2020 that the RLP Japan Specialist (Invesco Japan) fund would be replaced with the T. Rowe Price Japanese Equity fund however there has been a change in circumstances and we can no longer link to this fund.

What's changing?

• The fund name will change to RLP Japan Specialist (Baillie Gifford Japanese) pension fund
• The Annual Management Charge (AMC) will reduce from 1.70% to 1.57

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Invesco whereas the Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.

We are replacing the above underlying investment and as a result, the Schroder fund will change to the Baillie Gifford Japanese Income Growth pension fund. This change will take place week commencing 7 December 2020.

What’s changing?

• The fund name will change to RLP Japan Core Plus (Baillie Gifford Japanese Income Growth) pension fund
• The Annual Management Charge (AMC) will reduce from 1.70% to 1.57%
• The Total Expense Ratio (TER) will reduce from 1.86% to 1.58%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Schroders coupled with the retirement of a fund manager with a proven track record. The Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.

We are replacing the above underlying investment and as a result, the Invesco fund will change to the Fidelity UK Opportunities pension fund. This change will take place week commencing 7 December 2020.

What’s changing?

• The fund name will change to RLP UK Equity Specialist (Fidelity UK Opportunities) pension fund
• The Annual Management Charge (AMC) will reduce from 1.60% to 1.34%
• The Total Expense Ratio (TER) will reduce from 1.76% to 1.51%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Invesco whereas the Fidelity  fund offers a strong performance track record and a significant reduction in charges.

We made the decision to restrict some transactions from our RLP Property fund effective from 30 March 2020. The decision has now been made to end this restricted period.

What’s changing?

The restricted period will end with effect from 29 September. If any of your transactions were affected by the restrictions then we will contact both you and your adviser to advise the next steps.

Why are we making this change?

The COVID-19 pandemic had caused the valuers of the properties owned by the fund to have more uncertainty in their valuations and to reflect this they attached a material uncertainty clause to their valuations. This clause has now been removed and this has allowed us to remove the restrictions that had been in place.
For more details on delayed transactions and more, read our list of questions and answers.

We are replacing the above underlying investment and as a result, the Stewart Investors fund will change to the Fidelity Emerging Markets pension fund. This change will take place week commencing 2 November 2020.

What’s changing?

• The fund name will change to RLP Emerging Markets Specialist (Fidelity Emerging Markets) pension fund

• The Annual Management Charge (AMC) will reduce from 1.80% to 1.70%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Stewart Investors, coupled with the fund being soft closed meaning no new Royal London customers could invest. The Fidelity fund offers a strong performance track record and opens the fund up to all members.

We are replacing the above underlying investment and as a result, the Schroder fund will change to the Baillie Gifford UK Equity Alpha pension fund. This change will take place week commencing 2 November 2020.

What’s changing?

• The fund name will change to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund

• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%

• The Total Expense Ratio (TER) will reduce from 1.86% to 1.51%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Schroders coupled with above average charges making it difficult to justify the fund from a value for money perspective. The Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.

The following funds and fund managers changed their name in July. Please note that the fund charges remain the same.

We’ve replaced the above underlying investment and as a result, the Rathbone fund has changed to the RLP Global Growth pension fund. This change took place week commencing 29 June 2020.

What’s changed?

• The fund name has changed to RLP Global Blend Core Plus (RLP Global Growth) pension fund

• The Annual Management Charge (AMC) reduced from 1.45% to 1.00%

• The Total Expense Ratio (TER) reduced from 2.2% to 1.87%

Why have we replaced the underlying fund?

The IAC raised concerns about the consistent underperformance from Rathbone coupled with above average charges making it difficult to justify the fund from a value for money perspective. After numerous engagements with Rathbones to discuss the reasons for performance the IAC agreed to bring the management of the fund in-house. This will result in a significant reduction in charges with no change to the fund objective.

After discussions with M&G we are pleased to announce the following reductions to the Total Expense Ratio (TER) of the following funds:

These changes will take place on the week commencing 18th May.

We've taken the decision to defer some transactions from our Property Fund as of 30 March 2020. This decision has been made in the long-term interest of our customers as a whole and we will continue to closely monitor the fund and provide updates throughout this restricted period.

What’s changing?

Some transactions which involve the Property Fund will be delayed for a period of up to six months. This delay does not apply to normal retirement claims, death claims or income requirements in drawdown.

Why are we making this change?

We've seen increasing uncertainty related to the valuation of property fund assets due to the impact of the Covid-19 virus. This has caused a number of Property funds across the industry to suspend dealing. Our property surveyors have confirmed that going forward their valuations will include a material uncertainty clause. This, combined with reduced transactions in the market, means there is an increase in the likelihood of unfair outcomes to customers and has led to our decision to suspend the fund for direct investment. Throughout this period our focus is on ensuring the best possible customer outcomes, keeping these in line with both customer expectations and fairness across customers in different situations.

Read the full list of all restricted transactions and to read our questions and answers.

We've replaced the above underlying investment and as a result, the Artemis fund will change to the Baillie Gifford UK Alpha pension fund. This change took place week commencing 23 March 2020.

What’s changed?

• The fund name changed to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund

• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%

• The fund’s new underlying investment objective is to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods. The performance objective stated is not guaranteed.

Why have we replaced the underlying fund?

The IAC raised concerns about the consistent underperformance of the Artemis fund over a significant period of time. After extensive analysis into alternative funds, the IAC decided it’s appropriate to replace the underlying fund with the Baillie Gifford UK Equity Alpha fund as it has a strong performance track record coupled with a robust investment process.

The following funds and fund managers will change their name in October. Please note that the fund charges remain the same

JPMorgan have made some changes to the JPM Global Macro Balanced Fund which is the underlying fund for the RLP/JPMorgan Global Macro Balanced pension fund.

What's changing?

• The name of the fund will change to RLP/JPMorgan Global Macro
• The benchmark will change to ICE 1 month GBP Libor.
• The aim / objective of the fund will change to the following: the fund aims to provide positive investment returns over a rolling 3 year period in all market conditions by investing in securities globally, using Financial Derivative Instruments where appropriate, with a volatility level typically lower than two-thirds of the MSCI All Country World Index (Total Return Net). A positive return is not guaranteed over this or any time period and a capital loss may occur.

Why are we making this change?

The fund has moved to a more flexible investment strategy that makes greater use of derivatives for downside protection and has the potential for better performance in changing and adverse market conditions and therefore higher prospects for growth.  

We’re changing the name of the RLP Emerging Markets Equity Tracker fund to the RLP Emerging Markets ESG Leaders Equity Tracker fund. This change will take place week commencing 18 March 2019.

What’s changing?

• The fund name will change to RLP Emerging Markets ESG Leaders Equity Tracker fund.
• The investment objective has changed  to – “The Fund aims to track the net total return of the MSCI Emerging Markets ESG Leaders Index. The Fund will invest primarily in the securities that make up the MSCI Emerging Markets ESG Leaders Index and instruments that provide exposure to these securities. The Index provides coverage of companies in emerging markets which have high environmental, social and governance (ESG) scores relative to their sector peers.”

Why are we making this change?

The change in name has been made to reflect the name change to the MSCI index that the fund is benchmarked against. The fund will continue to track the same index but the name has been updated to include ‘Leaders’.

On the 30th November the following funds and fund managers will change their name. Please note that the fund charges remain the same.

We’re replacing the above underlying investments and as a result, the Schroder funds will change to the RLP UK Equity Core Plus (JPM UK Equity Growth) pension fund. This change will take place week commencing 3 December 2018.

Why are we making this change?

The Schroder funds have suffered poor performance and the Royal London Investment Advisory Committee (IAC) has raised concerns about the consistent underperformance of them over significant time periods.

The JPM UK Equity Growth fund has a strong performance track record coupled with a robust investment process.

The RLP/M&G Global Leaders fund will merge into the RLP/M&G Global Themes fund on Friday 25th May 2018.

What’s changing?

• The fund name will change to the RLP/M&G Global Themes fund.
• The benchmark will remain as MSCI AC World Index.
• There is no change to the fund’s annual management charge (AMC).
• The M&G Global Themes fund aims to provide a higher total return (the combination of capital growth and income) than that of the MSCI ACWI Index over any five-year period.
• The M&G Global Themes fund policy is to invest at least 80% of its Net Asset Value in the equity securities of companies across any sectors and market capitalisations that are domiciled in any country, including emerging markets. The Fund may also invest in collective investment schemes, other transferable securities and may hold cash for liquidity purposes. Derivatives may be used for efficient portfolio management.

Why are M&G making this change?

Following a thorough review of the M&G Global Leaders fund, it was highlighted that it had similar characteristics to the M&G Global Themes fund. M&G consider the merger to be in the best interests of investors and the recent shareholder vote upheld the decision.

What other options are there?

If you wish, you can choose another investment option available to you. You can find full information on our fund range by visiting the investment options page. If you’re unsure about the best course of action you should speak to a financial adviser

We are removing the RLP US Specialist (JP Morgan US) pension fund from our fund range. As an interim measure by JPMorgan Funds Limited the RLP US Specialist (JPMorgan US) fund will be merged with the RLP US Specialist (JPMorgan US Select) fund on 28 April 2018.

Then on the 18 June 2018 all assets held in the RLP US Specialist (JPMorgan US Select) fund will be moved to the RLP US Core Plus (Old Mutual North American).

Why are we making the change?

The JP Morgan fund has suffered from poor long-term underperformance and the fund’s rating was downgraded by Morningstar. Our Investment Advisory Committee (IAC) has concerns around the level of risk and positions being adopted by the fund coupled with the performance issues

The AMC for the underlying Columbia Threadneedle Absolute Return Bond has been reduced, so we have reduced the AMC of our RLP Columbia Threadneedle Absolute Return Bond accordingly:

Due to a change to clean share classes the following Fidelity funds have reduced their Annual Management Charge (AMC) as at 27 November 2017.

We are making a change to the RLP UK Ethical pension fund, the fund name will change to the RLP Sustainable Leaders pension fund along with the investment process and fund objective. This change will take place week commencing 30 October 2017.

We have issued letters and an insert Important changes to the RLP UK Ethical pension fund to all our customers invested in the fund detailing the change and what this means for their investment.

Why are we making this change?

We are making this change because we believe this will lead to better risk adjusted return over the long-term.

We’re replacing the above underlying investment and as a result, the fund will change to RLP Europe Specialist (Columbia Threadneedle European Select) pension fund. This change will take place week commencing 30 October 2017.

We have issued letters to all our customers invested in the fund detailing the change and what this means for their investment.

Why are we making this change?

The Neptune fund has suffered from very poor performance over the last five years. The Royal London Investment Advisory Committee (IAC) has raised concerns with the magnitude of risk taken within the fund. In addition, Morningstar have lost confidence in the manager’s ability to add value over and above the benchmark.

On the 25 August 2017 the RLP/Baillie Gifford (50:50) Worldwide Equity pension fund has changed its name to the RLP/Baillie Gifford (60:40) Worldwide Equity pension fund. Please note that the fund charges remain the same.

We are replacing the underlying fund held within the RLP Europe Specialist (Neptune European Opportunities) and as a result, the underlying fund will change to the Columbia Threadneedle Select fund. This change will  take place week commencing 30 October 207.

Why are we making this change?

The Neptune fund has suffered from poor performance and the Royal London Investment Advisory Committee (IAC) has raised concerns about the consistent underperformance of the fund over a significant time period.

The Columbia Threadneedle Select fund has a strong performance track record coupled with a robust investment process.

We have recently made some changes to the assets the RLP Adventurous Managed, RLP Defensive Managed & RLP Managed pension funds can invest in.

What's changed?

We've changed the mix of investments in the Managed funds by introducing some new asset types;

• absolute return strategies including cash,
• commodities,
• high yield bonds, and
• gilts.

You can find more information about these asset types at Fund Information.

These changes also apply if you're invested in a lifestyle strategy which uses the Managed funds to plot your route to retirement.

The changes haven't affected your annual management charge.

Why did we make these changes?

The Managed funds have ongoing governance and were recently reviewed by our investment experts.

Assets perform differently, if one type is falling, others may be rising. We've added these asset types to the funds to create a broader and more diverse mix. The aim of this is to make the funds more resilient to any sudden shocks in the market.

What do you need to do?

There is no need for you to take any action at this stage; all of the changes have been made automatically. However, if you wish to do so, you can choose another investment option available to you under your plan. Full details of these can be found at Fund Information or on request.

Financial advice is really important when it comes to making any investment decisions about your retirement savings and planning for your future retirement. Although you don't need to take any action as a result of this change, you should contact your financial adviser, rather than Royal London, if you want investment advice on this matter.

If you don't have an adviser you can find details of advisers in your area by visiting unbiased.co.uk/find-an-ifa. Please note that advisers may charge for providing advice and you should confirm any costs beforehand.

Further information

If you have any general queries relating to your policy, then please call our Customer Service team on 0345 60 50 050.

We are removing the RLP/UBS UK Equity and RLP/UBS Managed Equity pension funds from our fund range with effect from 31 July 2015.

Why are we removing these funds?

UBS have made the decision to close the underlying funds and merge the assets into equivalent tracker funds. This is due to a reduction in the fund sizes of each fund which makes them no longer commercially viable to manage.

The tracker funds have different investment objectives and we feel that the best course of action is to close these funds rather than allow existing policyholders to invest in the new funds.

Where are we moving existing investors?

We have written to all affected policyholders informing them of the change and how their investment is affected. View a copy of the letter we have issued here.

Please note that the endorsement wording and notice are not relevant for group pension plans.

We are removing the RLP/CF Miton Strategic and RLP/CF Miton Special Situations pension funds from our fund range in the week commencing 9 November 2015.

Why are we removing these funds?

As part of our ongoing review process, we have identified that the underlying investment has experienced a sustained period of underperformance and no longer have confidence in the manager's investment process and ability to deliver strong future performance.

Where are we moving existing investors?

We have written to all affected policyholders informing them of the change and how their investment is affected. View a copy of the letter we have issued here.

In October 2015 we're making some changes to the Target Lifestyle Strategy (Annuity), so that it can continue to meet its objective.

The strategy is designed to move from higher risk investments at the start of the plan, to lower risk investments as the customer moves towards their selected retirement date.

This currently means that when they reach their retirement date and want to purchase an annuity, the money will be invested in 25% deposit and 75% index linked.

What's changing?

In the final five years to retirement, the mix of investments is changing and will now be split between deposits, gilts, index linked and corporate bonds reflecting the asset allocation of the Annuity Fund.

Currently, the investment mix at retirement date looks like this:

This is changing so at retirement date, it will look like this:

Your questions answered

Q. What does my lifestyle strategy look like at the moment?

Your lifestyle strategy moves from higher risk investments at the start of your plan, to lower risk investments as you approach your selected retirement date.

The strategy does this by investing in our Governed Portfolios and regularly switching until, at the retirement date; your fund is invested in 25% deposit and 75% index linked.

The investment mix of your lifestyle strategy has been designed to target annuity purchase at your selected retirement date.

The fund factsheet on our website will show you what your lifestyle strategy looks like at the moment. The factsheet shows the journey your investments will take to your selected retirement date.

The change to the strategy is happening in October but the strategy will only start investing in the Annuity Fund when you're five years from your selected retirement date.

Q. Why are you making these changes?

Since the government introduced the pension reforms in April 2015, the retirement market and the choices people make at retirement have changed. The performance of the current strategy (25% deposit, 75% index linked) has been good since 2012 but current and expected market conditions are now making it harder to confidently deliver above inflation growth in those final five years before retirement where customers are typically invested in lower-risk assets.

We're introducing a more diverse range of investments in the final five years of your lifestyle strategy by using the Annuity Fund. In an environment of low interest rates and expensive index linked investments, we believe that investing in a mixture of deposits, gilts, index linked and corporate bonds provides more flexibility and better value for money for our customers who want to purchase an annuity at retirement.

Investment returns may fluctuate and are not guaranteed. This means that the value of your investment can go down as well as up and you might not get back the value of your original investment.

Q. What is the Annuity Fund investment mix?

The Annuity Fund invests in a mixture of deposits, gilts, index linked and corporate bonds.

Q. Are you likely to change this again before I retire?

Yes. The Annuity Fund is managed by Royal London Asset Management (RLAM) on an ongoing basis and the asset allocation will be altered regularly to take market conditions into account.

Q. When will this change affect me?

Five years from your selected retirement date, your investments will gradually start to switch (i.e. monthly) into the Annuity Fund. When you reach your retirement date, your fund will be 100% invested in the Annuity Fund.

Q. I'm within 5 years to retirement already, what happens to my current investments?

If you're already within five years of your selected retirement date, we'll switch your investments for you. The new investment mix will depend on the amount of time you have left to your selected retirement date. On the switch date the value of your pension pot will not be affected; it will stay the same.

Q. Will the cost of my plan change?

No, there will be no change to your Annual Management Charge (AMC).

Q. If I have other pension plans with Royal London; does this apply to them all?

You will receive separate letters for each pension plan that is affected by these changes. If you're unsure how your other plans are invested, please call us and we can check for you.

Q. Do I have to do anything?

No, in October we'll switch the investments automatically; you don't have to do anything.

Q. If I don't want to purchase an annuity when I retire, what other options are available to me?

You can choose another investment option available to you under the plan. Full details of these can be found at My Pension.

There are three sets of Target Strategies to choose from, each with five risk-graded versions featuring both passive and active equity management styles to choose from.

We currently offer the following Target Lifestyle Strategies:

• Target annuity purchase
• Target income drawdown
• Target cash for small pots

Our Target Lifestyle Strategies have been specially created to provide a consistent approach that is regularly monitored and automatically updated.

Financial advice is really important when it comes to making any investment decisions about your retirement savings and planning for your future retirement.

You should contact your financial adviser, rather than Royal London, if you want advice on changing your investments. Please note that advisers may charge for providing advice and you should confirm any costs beforehand.

Q. If I want to switch funds, when do I need to do this by?

This change is happening in October, but you can choose another investment option before or after that date.

Financial advice is really important when it comes to making any investment decisions about your retirement savings and planning for your future retirement. You should contact your financial adviser, rather than Royal London, if you want advice on changing your investments. Please note that advisers may charge for providing advice and you should confirm any costs beforehand.

Q. If I don't have a financial adviser, who do I contact?

If you don't have an adviser you can find details of advisers in your area by visiting unbiased.co.uk/find-an-ifa. Please note that advisers may charge for providing advice and you should confirm any costs beforehand.

Q. If I have any further queries, how can I contact you?

Please call us on 0345 60 21 872 if you have any further queries. Lines are open from 8am to 6pm, Monday to Thursday and 8am to 5pm on Fridays.

Additional Q&As for trustees/employers

Q. I'm not sure if the Target Lifestyle Strategy (Annuity) is still the right choice for our default solution?

Our Target Lifestyle Strategies offer a choice of three different retirement end points targeting cash, annuity or drawdown. There are five risk-graded versions of each strategy with both passive and in-house active equity options to choose from and all benefit from our ongoing Investment Governance support.

This allows you to make investment decisions based on risk profile, asset allocation and desired customer outcomes and be confident that a governance process is in place to ensure the strategy selected continues to meet its objective.

Benefits of the Target Lifestyle Strategies

• Targeted outcomes
• Dynamic asset allocation
• Meets charge cap rules for scheme defaults
• Governance at no extra cost
• Automatic switching and updates

Please call us on 0345 60 21 872 if you have any further queries. Lines are open from 8am to 6pm, Monday to Thursday and 8am to 5pm on Fridays.

You should contact a financial adviser, rather than Royal London, if you want advice on changing investments. Please note that advisers may charge for providing advice and you should confirm any costs beforehand.

With effect from 17th November 2014 the charging structure on the SL HSBC Amanah Global Equity Index Fund will change to reflect changes to the charging structure of the underlying fund.

The fund management charge will reduce from 1.25% to 1.00%, however additional expenses of 0.25% will apply to the fund meaning that the Total Expense Ratio will remain the same at 1.25%.

There is no material impact on investors in the fund and there has been no change to the fund's objective or the assets held within the fund.

We have reduced the additional fund management charge on four of the Scottish Life/ BlackRock Aquila regional tracker funds.

The funds affected and the related charges are detailed below.

In light of Schroders' acquisition of the Cazenove fund business earlier this year, we have renamed the Cazenove funds to reflect the Schroders name with effect from 22nd August 2014.

Details of the new names are below.

We are making a number of changes to the SL/Sarasin Agrisar pension fund in response to changes Sarasin have made to the underlying fund.

We have written to all our customers invested in the fund detailing the changes and what this means for your investment.

What's changing?

• On 4 February 2014 the Fund Management Charge was reduced from 1.83% to 1.7%. The funds additional expenses have remained the same at 0.24%.
• On 25 August 2014 the fund's index benchmark will change from MSCI World to MSCI ACWI.
• On 25 August 2014 the name of the fund will change to SL/Sarasin Food & Agriculture Opportunities Pension Fund.

These changes reflect recent changes made by Sarasin to the underlying fund and have no effect on the management or objective of the fund or the value of investments in the fund.

If you'd like further information on the Investment Advisory Committee (IAC) summarising the outcome of the last meeting including access to the full minutes from all of the previous meetings then visit our Investment Advisory Committee section.

We replaced the underlying investment and as a result the fund changed to the SL UK Income Specialist (Fidelity MoneyBuilder Dividend) pension fund.

This change took place from week commencing 26 May 2014.

What's changed

• The Annual Fund Management Charge (AFMC) was reduced from 1.70% to 1.30%.
• The Total Expense Ratio (TER) decreased from 1.88% to 1.47%. The TER is a measure of the overall cost of a fund to the investor and includes the AFMC plus any audit, custodian, registration or compliance fees paid out of the fund's assets.

The investment description of the underlying fund changed to be the following: The fund's investment objective is to achieve a combination of income and long term capital growth from a portfolio primarily made up of investments in the UK, including ordinary shares, preference shares, convertibles and fixed interest securities.

The total expense ratio (TER) applied to this fund reduced to 1.78% from 1.88% with effect from 1 April 2014. A mailing was issued to customers invested in this fund on the 25 March 2014.

We are removing the SL Investec UK Blue Chip and SL Investec UK Blue Chip 'A' pension funds from our fund range with effect from week commencing 17 March 2014.

Why are we removing these funds?

Investec have made the decision to close the underlying Investec UK Blue Chip fund and merge the fund's assets into the Investec UK Alpha fund. This is based on their belief that in future, customers will want a different type of UK equity fund with a more focused style.

The UK Alpha fund has a different investment objective and is also more expensive than the Investec UK Blue Chip. We, therefore, feel that the best course of action is to close the fund rather than allow existing policyholders to invest in the new fund.

Where are we moving existing investors?

We have written to all affected policyholders informing them of the change and how their investment is affected. 

Due to our continued good relationship with our fund manager partners, we are able to reduce the charges for various funds within the Scottish Life fund range.

The new annual management charges, the related total expenses and the effective date of the change are as follows: