Fund maturity - SPILA Bonus Growth 2012
The Scottish Provident International Life Assurance (SPILA) USD and GBP Bonus Growth 2012 funds have now reached the end of their maturity year.
Impacts on closed products with access to
The Scottish Provident International Life Assurance (SPILA) USD and GBP Bonus Growth 2012 funds have now reached the end of their maturity year.
The Bonus Growth Funds promise that in a particular year, the 'guarantee year', the fund value will be calculated using the highest ever bid price achieved since the fund was launched. The 2012 Fund has now reached this point and in aiming to maintain and, indeed, improve on the highest bid price achieved, the fund now holds deposit based investments.
Policyholders should now choose whether to encash their fund or switch into an alternative fund from the choices available to their policy. Should they choose to switch into an alternative fund before 6 February 2013 they will qualify for an extra 1% unit allocation (excludes the SPILA Deposit funds).
Affected policyholders have been written to, notifying them of their options. Servicing advisers have been sent a copy for their information. Sample letters can be viewed opposite.