Royal London United Assurance Property 1 and Royal London United Assurance Property Pensions 1 update

Restrictions to our Royal London United Assurance Property 1 and Royal London United Assurance Property Pensions 1 funds

We made the decision to restrict some transactions from both our Royal London United Assurance Property Fund and our Royal London United Assurance Property Pension Fund, effective from Monday 30 March 2020. The decision has now been made to end this restricted period with effect from:

  • 29 September 2020 for our Royal London United Assurance Property Fund
  • 30 September 2020 for our Royal London United Assurance Property Pension Fund

This decision has been made in the long term interests of our customers as a whole and we’ll continue to closely monitor our funds and provide updates throughout this restricted period.

If any of your transactions were affected by the restrictions then we will contact both you to advise the next steps.

Please find below a list of questions and answers on removing the restrictions to these funds. If you have further questions then please contact your usual Royal London contact in the first instance, or visit our contact us page.

The COVID-19 pandemic had caused the valuers of the properties owned by the funds 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 with effect from:

  • 29 September 2020 for our Royal London United Assurance Property Fund
  • 30 September 2020 for our Royal London United Assurance Property Pension Fund

If you have an outstanding transaction which you requested during the restricted period, we will contact you to confirm the next steps.

Some transactions will be processed automatically and others will require further confirmation to allow us to proceed with them.

If you pay regular contributions’ then we will write to you to advise the next steps.

Your regular contributions which would usually have been paid into either the Royal London United Assurance Property 1 fund or the Royal London United Assurance Property Pension 1 fund were, during the deferred period, redirected to either the Royal London United Assurance Money 1 fund or the Royal London United Assurance Money Pension 1 fund, unless we had received alternative instructions. This redirection has been removed and all new regular contributions will be invested in either the Royal London United Assurance Property 1 fund or the Royal London United Assurance Property Pension 1 fund again.

For money redirected to either the Royal London United Assurance Money 1 fund or the Royal London United Assurance Money Pension 1 fund, then your contributions will remain invested in these funds unless you take actions to move them elsewhere. We have written to all customers affected by this, and the letter will explain what steps you need to take to move the contributions if you wish to.

We can’t guarantee what will happen in the markets, however we do not expect a significant fall in the value of your investment in either the Royal London United Assurance Property 1 fund or the Royal London United Assurance Property Pension 1 fund when the fund restrictions are removed.   This expectation is guided by the valuations we have received from the valuers before and during the material uncertainty clause applying.

We can’t guarantee that this won’t happen again. Much depends on how the UK continues to emerge from lockdown as the economy reopens and how any emerging secondary outbreaks are contained. Placing restrictions on the funds is only done when it it’s in the best long-term interests of our customers.

If after reading the FAQs you still have unanswered queries then please contact your usual Royal London contact in the first instance. Or visit our contact us page.