Recent fund changes

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.

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 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).

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 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:

January 2018

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