Recent fund changes

Effective from November, we are making some changes to clarify the fund aim and investment process for the following Royal London Tilt Funds. There is no change to the risk profile, benchmark or charges.

What’s changing and why?

We are making these changes to reflect updates Royal London Asset Management (RLAM) have made to the Tilt funds objectives and policies, which now distinguish between the funds’ climate and financial objectives.

The funds’ financial objective is to generate returns in line with the benchmark index, and their climate objective is to achieve a carbon footprint of at least 10% lower than that of the benchmark index, although this isn’t guaranteed.

The funds also aim to achieve net zero by 2050, with an interim 50% carbon reduction target in 2030. Overall active risk, or tracking error, will continue to be closely monitored and each fund’s financial objective will be prioritised over the climate objective if necessary.

RLAM have also improved consistency of climate objectives across the funds and with the Royal London Group climate commitments.

The current and new fund details are shown below:

Next Steps:

We are updating our fund factsheets and other documentation which will be available on our website.

We’re changing our default investment from the Balanced Lifestyle Strategy (Drawdown) to the Governed Workplace Default.

We’re writing to affected customers explaining what’s changing, why and when. This page gives you some extra information about what this might mean for you and how your pension savings may be invested in the future.

What's changing?

What will the investment objective change to?

A copy of the communication issued can be found here.

Effective from 18 September 2026, the following funds were launched:

As part of our ongoing review of the fund range, we are introducing three new funds to provide customers with additional investment options. Effective from 18 September 2026, the following funds were launched:

We acquired Dalmore Capital in November 2025, with a commitment to initially invest up to £500m in infrastructure equity. We’re now putting in place the fund structure that will enable the Governed Range to invest in it.

Here’s a summary of the key changes:

We’re launching new Real Assets funds

We’ll shortly launch two new funds that will be included in the Governed Portfolios and Governed Retirement Income Portfolios:

• RLP Real Assets – for pension customers
• RLI Real Assets – for ISA customers

These funds will initially hold our existing £8bn property allocation and are the vehicles that will support our upcoming infrastructure equity investments.

We’re changing the Governed Range’s holdings

From 27 July, the Governed Range will include the new Real Assets funds as part of their asset allocation. This means:

• The funds will appear on factsheets, online services and the mobile app as a new Governed Range holding.
• They’ll replace the current direct property holding in the Governed Range.
• Property will still form part of the allocation, however it will now sit inside the Real Assets funds rather than being held separately.

Why are we making this change?

We want to give our customers the opportunity to benefit from investments that were once only available to large institutions. We’ve used our scale to acquire a leading infrastructure investment manager, Dalmore Capital, which aligns with our commitment to widen the Governed Range’s universe of investments. As part of the acquisition, we committed up to £500 million to future Dalmore funds.

What is infrastructure equity and what are the key benefits of investing in it?

Infrastructure equity refers to investment in typically private/unlisted companies or projects that develop, operate or maintain essential physical assets and services that underpin the functioning of our economy and society.

The key benefits of including infrastructure equity in the Governed Range are:

• Diversification and low correlation to other asset classes
• Inflation protection
• Stable income and long-term growth potential
• Resilience during market downturns.

And our acquisition of Dalmore Capital means we can not only give Governed Range customers the opportunity to benefit from its expertise, but also the opportunity to invest in infrastructure equity without increasing charges.

At the outset, infrastructure equity assets will be a small part of our well-diversified portfolios. We expect this to grow over time, with allocations being focused on ensuring we continue to deliver excellent outcomes for our Governed Range customers.

We’ve recently updated the strategic asset allocations of our Governed Range portfolios - the Governed Portfolios and Governed Retirement Income Portfolios. Trevor Greetham, Head of Royal London Asset Management’s Multi Asset team which manages the portfolios, explains the three key changes.

Why we’ve updated the Governed Range portfolios

We don’t believe there’s such a thing as a truly passive approach to multi asset investing. Instead, we actively manage our portfolios to help improve risk-adjusted returns while maintaining broad diversification.

Each year, we review our long-term strategic asset allocation to make sure it’s still appropriate. This allows us to respond to changes in asset valuations, strengthen the portfolios against new risks and, where appropriate, introduce new asset classes to the mix.

We’ve made three key changes as part of our annual strategic asset allocation review to help strengthen the portfolios and improve long-term risk-adjusted return potential.

1. Increasing emerging market equities
   Taking advantage of improved economic management and more attractive valuations in these markets.
2. Diversifying corporate bond exposure
   Broadening our sources of credit return to build resilience while retaining attractive income opportunities.
3. Increased government bond duration
   Locking in higher yields that offer more attractive long-term opportunities, improving the defensive role government bonds can play in portfolios.

1. Increasing our allocation to emerging market equities

Emerging markets are better managed than they used to be, and their equity markets have grown less volatile relative to developed markets over recent decades. Emerging markets also provide access to fast-growing technology companies, often at more attractive valuations than broader global equity markets.

We believe a larger allocation here can improve long-term risk-adjusted returns. We’ve funded this change by reducing our relatively large strategic exposure to UK equities, but we continue to see UK equities as an important diversifier due to their attractive valuations and track record of weathering inflation shocks.

2. Diversifying our credit exposure

Credit spreads, particularly in high US yield bonds, remain tight compared with historical levels. Diversification is especially important in this environment as it allows us to maintain attractive income while improving portfolio resilience as the economic cycle matures and default risks may increase.

Broadening our sources of credit return reduces our exposure to shocks affecting individual issuers or the wider economy. We favour areas offering reliable income with a lower correlation to US high yield bonds, including European asset-backed securities and emerging market corporate debt, where we believe valuations provide more attractive risk-adjusted opportunities.

3. Increasing government bond duration

Government bond markets have repriced significantly since 2022 with yields now at more attractive long-term levels.

Inflation uncertainty remains high given Middle East tensions, but we believe today’s higher yields offer better compensation for interest rate risk. Higher yields also improve the potential for government bonds to deliver positive returns if the economy slows or if disinflation prompts central banks to cut interest rates.

New SAA Positions

The tables below show the new SAA positions for each of the Governed Portfolios and GRIPs.

Following a review of the investment options available to Royal London policyholders, we have taken the decision to close the RLS UK Smaller Companies fund. We have considered all available alternative funds in the Royal London range against a set of criteria to make sure we identified the closest possible match to the existing fund, with the outcome being that investments in this fund will switch into RLS UK Mid Cap fund week commencing 13 July 2026.

What’s changing?

• RLS UK Smaller Companies fund will close w/c 13 July 2026 and policyholder investment in the fund will move to the into RLS UK Mid Cap fund.   
• The Annual Management Charge (AMC) will remain at 1.00%.
• The RLS UK Mid Cap fund invests mainly in UK mid cap companies rather than UK smaller companies.
• The RLS UK Mid Cap fund is also actively managed. 

About the funds

The RLS Mid Cap fund invests in mid cap companies which can be less risky than investing in smaller companies. However, smaller companies have the potential to generate higher returns. This means the RLS Mid Cap Fund could produce lower returns than the closing fund.

An example of the letter issued to customers can be found here.

For further details of the RLS Mid Cap fund please refer to the RLS UK Mid Cap fund factsheet.

If you would like any further information on how this affects you, please contact us on 0345 605 0050. 

Effective from 1st March 2026, the fund name and underlying fund description of the RLS UK Income Core Plus (Fidelity MoneyBuilder Dividend) Fund have changed.

Fidelity has decided to change the name of its Fidelity MoneyBuilder Dividend Fund to Fidelity UK Equity Income Fund. 

Fidelity has confirmed that there haven’t been any changes to the fund’s investment strategy, with the underlying investment approach unchanged. However, Fidelity has updated its fund description to provide greater clarity on how the fund’s managed. 

We’ll be updating the fund name and the underlying fund description on our factsheet to reflect the changes Fidelity are making to its fund. All other details will remain the same.

This change will be effective from 1st March 2026.

Here are the existing and new fund details:   

An example of the letter issued to customers can be found here.

If you would like any further information on how this affects you, please contact us on 0345 605 0050. 

Effective from the end of February, the following changes to Investment Pathway 2 have taken place. This includes a change to the fund used in Investment Pathway 2 from Governed Retirement Income Portfolio 1 to the RLS Long (15yr) Corporate Bond Fund. 

The key differences between the existing and new funds used in Investment Pathway 2 are shown below: 

Why are we making this change?

Following an annual review, we’ve decided to change the fund used in Investment Pathway 2 from Governed Retirement Income Portfolio 1 to the RLS Long (15yr) Corporate Bond Fund.

Having assessed the different investment options available, we concluded that the RLS Long (15yr) Corporate Bond Fund is more likely to deliver Investment Pathway 2’s key objective - to give you more certainty around the level of annuity you’ll be able to set up in the future.

There will be no change to your charges as a result of this change.

An example of the letter issued to customers can be found here.

If you would like any further information on how this affects you, please contact us on 0345 605 0050. 

Effective from 13th February 2026, the wording of the underlying fund description of the RLS UK Equity Specialist (Fidelity UK Opportunities) fund have been clarified as per the table below.

Please note that fund charges remain the same.

We’ve been made aware that Stewart Investors have changed the name of its Asia Pacific Leaders Sustainability Fund to Asia Pacific Leaders. The term ‘Sustainability’ has been removed from the fund name to comply with the Sustainability Disclosure Requirements (SDR), which came into force earlier this year.

There haven’t been any changes to the fund’s investment strategy, with the underlying approach and objectives unchanged.

We’re also taking this opportunity to update the wording on our factsheet to more closely reflect the language used on the Stewart Investors fund factsheet. The aim of this is to improve clarity and alignment, without changing the substance of the fund’s positioning or objectives.

This change will be effective from January 2026.

If you would like any further information on how this affects you, please contact us on 0345 605 0050. 

Effective from the 15th December 2025 we are making some changes to clarify the fund aim and investment process for the Royal London Tilt Funds. There is no change to the risk profile, benchmark or charges.

What’s changing and why?

We are making these changes to reflect updates Royal London Asset Management (RLAM) have made to the Tilt funds objectives and policies, which now distinguish between the funds’ climate and financial objectives.

The funds’ financial objective is to generate returns in line with the benchmark index, and their climate objective is to achieve a carbon footprint of at least 10% lower than that of the benchmark index, although this isn’t guaranteed.

The funds also aim to achieve net zero by 2050, with an interim 50% carbon reduction target in 2030. Overall active risk, or tracking error, will continue to be closely monitored and each fund’s financial objective will be prioritised over the climate objective if necessary.

RLAM have also improved consistency of climate objectives across the funds and with the Royal London Group climate commitments.

The current and new fund details are shown below:

*Longstanding Customer funds

^{Source: FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.}

*Longstanding Customer funds

^{Source: FTSE International Limited (“FTSE”) © FTSE 2025. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.}

Next Steps:

We are updating our fund factsheets and other documentation which will be available on our website.

Effective from the 28th November, the RLS/Schroder UK Multi-Cap Income fund will close.

What’s changing and why?

Following a review, Schroders has informed us that they are closing the Schroder UK Multi-Cap Income Fund.

Schroders is closing the fund due to declining assets under management and expectations of continued low demand, which is making it increasingly difficult for the manager to manage the fund. 

After extensive analysis into alternative funds, the RLS Equity Income Fund has been identified as a suitable replacement.

How does the new fund compare to the closing fund? 

The RLS Equity Income fund has a similar investment objective to the Schroder UK Multi-Cap Income fund. Both funds are actively managed and have the same FTSE All-Share index benchmark. The RLS fund has a similar risk profile and lower charge. 

The current and new fund details are shown below:

An example of the letter issued to customers can be found here.

For further details of the RLS Equity Income fund please refer to the RLS Equity Income fund factsheet.

If you would like any further information on how this affects you, please contact us on 0345 605 0050.

Effective from 17th November, the following changes to the RLP Emerging Markets Core Plus (JPM Emerging Markets) fund have taken place. This includes a name change to RLP Emerging Markets Core Plus (Artemis SmartGARP Emerging Markets Equity):

Why are we making this change?

The RLP Emerging Markets Core Plus (JPM Emerging Markets) Fund is one of our Matrix Funds – a group of equity funds categorised by sector and risk relative to a benchmark index. It currently invests in the JPM Emerging Markets Fund. However, the fund has experienced a period of sustained underperformance and therefore we have decided to make a change to the underlying fund.

After extensive analysis into alternative funds, our independently led Investment Advisory Committee, which oversees our investment range, has decided to replace it with the Artemis SmartGARP Emerging Market Equity Fund.

An example of the letter issued to customers can be found here.

If you would like any further information on how this affects you, please contact us on 

0345 605 0050. 

Effective from 3 October 2025, four new funds will be added to our range. Three of these are sustainable funds, expanding our current offering for customers seeking investments aligned with sustainability goals. The fourth fund, RLS Global Equity Transitions, is not classified as a sustainable fund but focuses on companies transitioning to more sustainable practices.

The new funds are:

More information on our sustainable range can be found here.

As part of a regular review of our investment options, we have made some changes to our Governed Range lifestyles. We are now making those same changes to our Retirement Investment Strategies.

These Retirement Investment Strategies were set up in 2021 to replicate our Governed Range lifestyles and so we will be creating new versions of these Retirement Investment Strategies to replicate the changes.

We will be increasing the allocation to investments which offer greater growth potential for our younger customers. This change aims to improve customers’ retirement outcomes, without increasing charges or changing the overall objectives of the strategies. We’re doing this by changing the Governed Portfolio Funds which are used in the growth stage (15-year timepoint).

This table below gives a summary of the old and new Governed Portfolio Funds, with links to the relevant fund factsheets:

Why have we made these changes?

We believe this increase in growth assets will contribute to better growth potential for customers’ retirement savings, without exposing them to much additional risk.

When will these changes take place?

These changes will take place over the weekend of 26 September 2025 and will be effective from 25 September 2025.

Retirement Investment Strategies factsheets

We have issued a letter (see example) to customers. For further details about our fund range please visit www.royallondon.com/pensions/investment-options/fund-range/.

If you would like any further information on how this affects you, please contact us on  0345 602 1885 or email us at CustomerQueries@royallondon.com.

Every year we review the investment mix (known as the strategic asset allocation or SAA) of our Governed Range portfolios – the Governed Portfolios (GPs) and the Governed Retirement Income Portfolios (GRIPs) - to make sure they’re well positioned to deal with a wide range of potential economic scenarios.

Following this year’s review, we’re making some small changes to the GPs’ SAAs to help them deliver the best possible returns for their level of risk and to the GRIPs’ SAAs to also help increase the likelihood of them delivering returns that will support a sustainable long-term income in retirement.

Bonds and cash

• We’ve introduced asset-backed securities (ABS) as a distinct asset class within the Governed Range to help boost expected returns and improve the portfolios’ overall diversification. All the Governed Range portfolios, excluding GP Dynamic and GP Total Equity, now include ABS. Investment into ABS is through two funds managed by Royal London Asset Management that focus on ABS in the UK, Europe and Australia.
• We’ve reduced the amount invested in global high yield bonds in some of the GPs and GRIPs.
• We’ve increased the amount invested in longer-dated government bonds, particularly index linked government bonds.
• We’ve marginally reduced the amount in cash across the range.

These changes are designed to improve the portfolios’ resilience in falling or volatile markets, while also helping them to deliver the best possible returns for their level of risk.

Equities

While we continue to have a high proportion of the Governed Range’s overall equity allocation in overseas equities, we’ve increased the proportion invested in more defensive UK equities to help improve resilience against market volatility. This is due to the higher volatility which US markets are currently experiencing and the risk of further disruption.

The table below shows the changes we’ve made to the Governed Range’s global equity SAA.

Looking at the individual portfolios, we’ve decreased the proportion of equity investments overall in GP Conservative, GP Growth, GP Enhanced and GRIP 2, and increased the proportion in GP Defensive, GP Dynamic and GRIP 3.

We’ve made these changes to ensure that the GPs continue to deliver the best possible returns for their level of risk and that the GRIPs also continue to maximise income sustainability.

Property

We’ve increased the amount invested in commercial property in the two medium-risk Governed Portfolios – GP Moderate and GP Growth – and reduced the amount invested in the higher-risk GP Dynamic. The overall aim of these changes is to improve the portfolios’ efficiency and boost outcomes for customers.

In summary

The SAAs of the Governed Range portfolios reflect our long-term view of the most efficient investment mix for each portfolio. In other words, the mix that gives each portfolio the opportunity to deliver the best possible returns for its level of risk, and for the GRIPs, that also continues to maximise income sustainability.
In addition to these SAA changes, the Multi Asset team at Royal London Asset Management, which manages the portfolios, has the flexibility to tactically change the investment mix to reflect short-term views and take advantage of what’s happening in markets. For example, the team could change how much is invested in equities in a certain region or country, in response to a political or economic event.

Overview of the new SAAs for GPs and GRIPs

The tables below show the new SAAs and the changes from the previous SAAs.  

Governed Portfolios – new SAAs

Governed Retirement Income Portfolios – new SAA

Governed Portfolios – changes to existing SAAs

Governed Retirement Income Portfolios – changes to existing SAAs

For a more detailed breakdown of the SAAs, see our Multi asset portfolio management guide.

We've reviewed our range of target lifestyle strategies and will be increasing the allocation to investments which offer greater growth potential for our younger customers. This change aims to improve retirement outcomes, without increasing charges* or changing the overall objectives of the strategies.

What’s changed?

For customers who are more than 10 years from retirement, we’ve increased the proportion that’s invested in equities (also known as stocks and shares) , by changing the Governed Portfolios that are used in the earlier stages of our target lifestyle strategies.

For example, if you’re invested in the Royal London Default through your workplace pension – the Balanced Lifestyle Strategy (Drawdown), this will now use the Governed Portfolio Dynamic rather than the Governed Portfolio Enhanced in the earlier stage. As the Governed Portfolio Dynamic has a greater proportion invested in equities, we believe this change will contribute to better growth potential for your retirement savings.

The table below gives a summary of the old and new Governed Portfolios used in the lifestyle strategies

*There’s a slight increase in additional investment charges for our range of Active lifestyle strategies. This is because of the higher allocation to equities through the RLP Global Blend Core Plus (RLP Global Growth) Fund, which has an additional investment charge for accessing externally managed equity funds. There’s no increase in charges for other lifestyle strategies, including the Royal London default.

Why have we made these changes?

We regularly review our default and target lifestyle strategies to make sure they have the potential to deliver the best possible returns for the amount of risk they take. 

When will these changes take place?

These changes took place over the weekend of 18 July 2025 and were effective from 21 July 2025.

Target lifestyle strategy (drawdown) factsheets

Using Royal London low-cost active funds

• Adventurous Lifestyle Strategy (Drawdown) (PDF)
• Moderately Adventurous Lifestyle Strategy (Drawdown) (PDF)
• Balanced Lifestyle Strategy (Drawdown) (PDF)
• Moderately Cautious Lifestyle Strategy (Drawdown) (PDF)
• Cautious Lifestyle Strategy (Drawdown) (PDF)

Using externally managed tracker funds

• Adventurous Tracker Lifestyle Strategy (Drawdown) (PDF)
• Moderately Adventurous Tracker Lifestyle Strategy (Drawdown) (PDF)
• Balanced Tracker Lifestyle Strategy (Drawdown) (PDF)
• Moderately Cautious Tracker Lifestyle Strategy (Drawdown) (PDF)
• Cautious Tracker Lifestyle Strategy (Drawdown) (PDF)

Using externally managed active funds

• Adventurous Active Lifestyle Strategy (Drawdown) (PDF)
• Moderately Adventurous Active Lifestyle Strategy (Drawdown) (PDF)
• Balanced Active Lifestyle Strategy (Drawdown) (PDF)
• Moderately Cautious Active Lifestyle Strategy (Drawdown) (PDF)
• Cautious Active Lifestyle Strategy (Drawdown) (PDF)

Target lifestyle strategy (annuity) factsheets

Using Royal London low-cost active funds

• Adventurous Lifestyle Strategy (Annuity) (PDF)
• Moderately Adventurous Lifestyle Strategy (Annuity) (PDF)
• Balanced Lifestyle Strategy (Annuity) (PDF)
• Moderately Cautious Lifestyle Strategy (Annuity) (PDF)
• Cautious Lifestyle Strategy (Annuity) (PDF)

Using externally managed tracker funds

• Adventurous Tracker Lifestyle Strategy (Annuity) (PDF)
• Moderately Adventurous Tracker Lifestyle Strategy (Annuity) (PDF)
• Balanced Tracker Lifestyle Strategy (Annuity) (PDF)
• Moderately Cautious Tracker Lifestyle Strategy (Annuity) (PDF)
• Cautious Tracker Lifestyle Strategy (Annuity) (PDF)

Using externally managed active funds

• Adventurous Active Lifestyle Strategy (Annuity) (PDF)
• Moderately Adventurous Active Lifestyle Strategy (Annuity) (PDF)
• Balanced Active Lifestyle Strategy (Annuity) (PDF)
• Moderately Cautious Active Lifestyle Strategy (Annuity) (PDF)
• Cautious Active Lifestyle Strategy (Annuity) (PDF)

Target lifestyle strategy (cash) factsheets

Using Royal London low-cost active funds

• Adventurous Lifestyle Strategy (PDF)
• Moderately Adventurous Lifestyle Strategy (PDF)
• Balanced Lifestyle Strategy (PDF)
• Moderately Cautious Lifestyle Strategy (PDF)
• Cautious Lifestyle Strategy (PDF)

Using externally managed tracker funds

• Adventurous Tracker Lifestyle Strategy (Drawdown) (PDF)
• Moderately Adventurous Tracker Lifestyle Strategy (Drawdown) (PDF)
• Balanced Tracker Lifestyle Strategy (Drawdown) (PDF)
• Moderately Cautious Tracker Lifestyle Strategy (Drawdown) (PDF)
• Cautious Tracker Lifestyle Strategy (Drawdown) (PDF)

Using externally managed active funds

• Adventurous Active Lifestyle Strategy (Drawdown) (PDF)
• Moderately Adventurous Active Lifestyle Strategy (Drawdown) (PDF)
• Balanced Active Lifestyle Strategy (Drawdown) (PDF)
• Moderately Cautious Active Lifestyle Strategy (Drawdown) (PDF)
• Cautious Active Lifestyle Strategy (Drawdown) (PDF)

Following a review of the investment options available to Royal London policyholders, we have taken the decision to close the RLP UK Opportunities. We have considered all available alternative funds in the Royal London range against a set of criteria to make sure we identified the closest possible match to the existing fund, with the outcome being that investments in this fund will switch into RLP UK Equity week commencing 26 May 2025.

What’s changing? 

• RLP UK Opportunities fund will close w/c 26/05 and policyholder investment in the fund will move to the RLP UK Equity fund.   
• The Annual Management Charge (AMC) will remain at 1.00%.
• The RLP UK Equity fund includes a similar range of assets and has the same geographical split with a focus on UK equities.
• The RLP UK Equity fund is also in the same ABI sector as the RLP UK Opportunities fund - the ABI UK All Companies sector. 

About the funds  

Both the RLP UK Opportunities fund and the RLP UK Equity fund have a similar investable asset range and use the same geographical benchmark.

An example of the letter issued to customers can be found here.

For further details of the RLP UK Equity fund please refer to the RLP UK Equity fund factsheet. 

If you would like any further information on how this affects you, please contact us on 0345 605 0050. 

Effective from 27 March 2025, the following fund has changed name:

Why is this change happening?

JP Morgan have made the change in order to comply with new regulatory rules known as UK Sustainability Disclosure Requirements.

The name of the fund has been changed to replace “Sustainable” with “ESG”, which stands for Environmental, Social and Governance.

Effective from 20 March 2025, the following changes to the RLP Fidelity Sustainable Emerging Markets Equity & RLP Fidelity MoneyBuilder Income funds have taken place: 

Why are we making these changes? 

These rules are intended to enhance transparency and assist investors in identifying funds with sustainability credentials. Fund charges remain the same. 

Effective from 7 March 2025, the following changes to the RLP UK Small Cap Specialist (Ninety One UK Smaller Companies) fund have taken place. This includes a name change to RLP UK Small Cap Specialist (Artemis UK Smaller Companies): 

Please note that fund charges remain the same.

Why are we making these changes?

The RLP UK Small Cap Specialist (Ninety One UK Smaller Companies) Fund is one of our Matrix Funds – a group of equity funds categorised by sector and risk relative to a benchmark index. It currently invests in the Ninety One UK Smaller Companies Fund. However, Ninety One has advised us that it’s closing this fund. 
After extensive analysis into alternative funds, our independently led Investment Advisory Committee, which oversees our investment range, has supported our proposal to replace it with the Artemis UK Smaller Companies Fund. 
This change will take place on 7 March 2025. 

We’ve changed the structure of some of our Target Lifestyle Strategies to ensure we can operate more efficiently as the Governed Range grows. 
 
One of the key benefits of our Governed Range is Royal London Asset Management’s ability to make tactical changes in response to market developments. But additional scale could restrict this, so the changes we’ve made support the efficient management of the Governed Range going forward. 
 
What changed?

Since November 2020, it’s been possible to access fund versions of each of our Governed Portfolios that use the RLP Global Managed Fund as the equity component. Following the restructure our Target Lifestyle Strategies now use these funds in place of our previous portfolio structure. Tactical positions in these funds are taken in line with the portfolio versions – meaning there’s full alignment between the different versions of the Governed Portfolios and Governed Portfolio funds. And the changes won’t have any direct impact on you if you’re invested through a Target Lifestyle Strategy other than the way in which your investment option is presented. 

What’s not changed? 

There’s no impact to the overall objective or risk level for any of the impacted lifestyle strategies as a result of these changes. The way we manage the investments in the Governed Portfolio funds is in line with how we’ve managed the portfolios to date and we’ll continue to do this under the fund structure.    
  
This change only impacts the Target Lifestyle Strategies that use the RLP Global Managed Fund for equity content. There’s no impact to Tracker or Active versions of lifestyle strategies or any Flexible Lifestyle Strategy arrangement that makes use of our overcode functionality.  
  
Additionally, there’s no impact you directly invest in a Governed Portfolio or Governed Retirement Income Portfolio.  
 
When did the changes take place?

Over the weekend of 7 February 2024, we completed the final phase of impacted strategies, which included moving the Royal London Workplace Default – the Balanced Lifestyle Strategy (Target Drawdown). 
 
How we describe the investment options has not changed, but you may see a reduction in the number of funds shown in our communications, online services, and mobile app. 
 
What lifestyle strategies were impacted?

Only the Target Lifestyle Strategies that use our RLP Global Managed Fund were impacted by these changes. 
 
Target drawdown factsheets

• Adventurous Lifestyle Strategy (Drawdown)
• Moderately Adventurous Lifestyle Strategy (Drawdown)
• Balanced Lifestyle Strategy (Drawdown)
• Moderately Cautious Lifestyle Strategy (Drawdown)
• Cautious Lifestyle Strategy (Drawdown) 

Target annuity factsheets

• Adventurous Lifestyle Strategy (Annuity)
• Moderately Adventurous Lifestyle Strategy (Annuity)
• Balanced Lifestyle Strategy (Annuity)
• Moderately Cautious Lifestyle Strategy (Annuity)
• Cautious Lifestyle Strategy (Annuity) 

 
Target cash factsheets

• Adventurous Lifestyle Strategy
• Moderately Adventurous Lifestyle Strategy
• Balanced Lifestyle Strategy
• Moderately Cautious Lifestyle Strategy
• Cautious Lifestyle Strategy