Fund closure - Investec UK Blue Chip - 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. Copies of the letters we have issued are below.