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Fund Closure – Forsyth Franco International

We have taken the necessary steps to formally close the Forsyth Franco International Fund on 5 April 2012

Impacts on closed products with access to

Appointed liquidators PricewaterhouseCoopers have now advised that we have received as much of the liquidating proceeds that are available from the underlying asset. Therefore in the best interests of clients we have decided to take the necessary steps to formally close the Forsyth Franco International Fund on 5 April 2012, thereby allowing policyholders access to the recovered proceeds.


Upon closure of the Forsyth Franco International Fund we will transfer all unit holdings for each policy into the SPILA Deposit Fund (this will be either the GBP or USD class dependent on policy denomination). Policyholders will then have full access to the funds allowing them to make a new investment choice from the range of funds available to their policy or make a withdrawal (subject to normal policy conditions).


The closure affects products sold by Scottish Provident International Life Assurance (SPILA) prior to 2004 that could only access the SPILA internal fund range. A client communication has been issued to all affected policyholders, with a copy to their servicing financial adviser, notifying them of our intended course of action. Samples letters can be viewed opposite.