SL UK Income Specialist (Invesco Perpetual Income) pension fund - May 2014
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.
We issued letters to all our customers invested in the fund detailing the change and what this means for your investment.
- 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.