Recent fund changes

Our range of funds are subject to change. If you are directly affected by any changes we will write to you in advance.

We are replacing the above underlying investment and as a result, the Rathbone fund will change to the RLP Global Blend Core Plus pension fund. This change will take place week commencing 29 June 2020.

What’s changing?

• The fund name will change to RLP Global Blend Core Plus pension fund

• The Annual Management Charge (AMC) will reduce from 1.45% to 1.00%

• The Total Expense Ratio (TER) will reduce from 2.2% to 1.87%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Rathbone coupled with above average charges making it difficult to justify the fund from a value for money perspective. After numerous engagements with Rathbones to discuss the reasons for performance the IAC agreed to bring the management of the fund in-house. This will result in a significant reduction in charges with no change to the fund objective.

After discussions with M&G we are pleased to announce the following reductions to the Total Expense Ratio (TER) of the following funds:

 

Old New

Fund

AMC Investment Expenses TER AMC Investment Expenses TER
RLP/M&G Corporate Bond 1.45% 0.16% 1.61% 1.60% 0.00% 1.60% 
RLP/M&G Global Themes 1.70% 0.17% 1.87% 1.85% 0.00% 1.85%
RLP/M&G Global Dividend 1.70% 0.16% 1.86% 1.85% 0.00% 1.85% 
RLP/M&G Global High Yield Bond 1.58% 0.16% 1.74% 1.63% 0.00% 1.63%
RLP/M&G Optimal Income 1.58% 0.16% 1.74% 1.73% 0.00% 1.73% 
RLP/M&G Recovery 1.70% 0.16% 1.86% 1.80% 0.00% 1.80% 
RLP/M&G Strategic Corporate Bond 1.45% 0.16% 1.61% 1.60% 0.00% 1.60% 

These changes will take place on the week commencing 18th May.

We've taken the decision to defer some transactions from our Property Fund as of 30 March 2020. This decision has been made in the long-term interest of our customers as a whole and we will continue to closely monitor the fund and provide updates throughout this restricted period.

What’s changing?

Some transactions which involve the Property Fund will be delayed for a period of up to six months. This delay does not apply to normal retirement claims, death claims or income requirements in drawdown.

Why are we making this change?

We've seen increasing uncertainty related to the valuation of property fund assets due to the impact of the Covid-19 virus. This has caused a number of Property funds across the industry to suspend dealing. Our property surveyors have confirmed that going forward their valuations will include a material uncertainty clause. This, combined with reduced transactions in the market, means there is an increase in the likelihood of unfair outcomes to customers and has led to our decision to suspend the fund for direct investment. Throughout this period our focus is on ensuring the best possible customer outcomes, keeping these in line with both customer expectations and fairness across customers in different situations.

Read the full list of all restricted transactions and to read our questions and answers.

We are replacing the above underlying investment and as a result, the Artemis fund will change to the Baillie Gifford UK Alpha pension fund. This change will take place week commencing 23 March 2020.

What’s changing?

• The fund name will change to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund

• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%

• The fund’s new underlying investment objective is to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods. The performance objective stated is not guaranteed.

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance of the Artemis fund over a significant period of time. After extensive analysis into alternative funds, the IAC decided it’s appropriate to replace the underlying fund with the Baillie Gifford UK Equity Alpha fund as it has a strong performance track record coupled with a robust investment process.

The following funds and fund managers will change their name in October. Please note that the fund charges remain the same

Old Fund Manager Name

Old Fund Name

New Fund Manager Name

New Fund Name

Newton RLP/Newton Multi-Asset Balanced BNY Mellon RLP/BNY Mellon Multi-Asset Balanced
Newton RLP/Newton Multi-Asset Balanced 'A' BNY Mellon RLP/BNY Mellon Multi-Asset Balanced 'A'
Newton RLP/Newton Global Income BNY Mellon RLP/BNY Mellon Global Income
Newton RLP/Newton Multi-Asset Growth BNY Mellon RLP/BNY Mellon Multi-Asset Growth
Newton RLP/Newton Multi-Asset Growth 'A' BNY Mellon RLP/BNY Mellon Multi-Asset Growth 'A'
Newton RLP/Newton Real Return BNY Mellon RLP/BNY Mellon Real Return

JPMorgan have made some changes to the JPM Global Macro Balanced Fund which is the underlying fund for the RLP/JPMorgan Global Macro Balanced pension fund.

What's changing?

  • The name of the fund will change to RLP/JPMorgan Global Macro
  • The benchmark will change to ICE 1 month GBP Libor.
  • The aim / objective of the fund will change to the following: the fund aims to provide positive investment returns over a rolling 3 year period in all market conditions by investing in securities globally, using Financial Derivative Instruments where appropriate, with a volatility level typically lower than two-thirds of the MSCI All Country World Index (Total Return Net). A positive return is not guaranteed over this or any time period and a capital loss may occur.

Why are we making this change?

The fund has moved to a more flexible investment strategy that makes greater use of derivatives for downside protection and has the potential for better performance in changing and adverse market conditions and therefore higher prospects for growth.  

 

 

We’re changing the name of the RLP Emerging Markets Equity Tracker fund to the RLP Emerging Markets ESG Leaders Equity Tracker fund. This change will take place week commencing 18 March 2019.

What’s changing?

  • The fund name will change to RLP Emerging Markets ESG Leaders Equity Tracker fund.
  • The investment objective has changed  to – “The Fund aims to track the net total return of the MSCI Emerging Markets ESG Leaders Index. The Fund will invest primarily in the securities that make up the MSCI Emerging Markets ESG Leaders Index and instruments that provide exposure to these securities. The Index provides coverage of companies in emerging markets which have high environmental, social and governance (ESG) scores relative to their sector peers.”

Why are we making this change?

The change in name has been made to reflect the name change to the MSCI index that the fund is benchmarked against. The fund will continue to track the same index but the name has been updated to include ‘Leaders’.