Fund Maturity - SPILA Bonus Growth 2014
The Scottish Provident International Life Assurance (SPILA) USD and GBP Bonus Growth 2014 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 2014 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 2014 Funds have now reached this point and in aiming to maintain and, indeed, improve on the highest bid price achieved, the funds now hold 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 27 January 2015 they will qualify for an extra 1% unit allocation (please note that this 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. A sample policyholder letter can be viewed opposite.