Fund Closures - SPI USD & GBP Global Managed Funds
Following a review, RL360 will be closing both the SPI USD Global Managed and SPI GBP Global Managed Funds on 9 September 2014.
Impacts on closed products with access to
The closures affect our closed products that have access to the SPILA internal fund range such as Momentum, Quantum (pre 2010), Eclipse, Capital Investment Portfolio, International Investment Portfolio, Bonus Growth Portfolio and International Investors Choice.
With immediate effect, the fund will be closed to new investors (no fund switches or single premium injections accepted).
Policyholders who currently invest in either fund by way of an existing unit holding or by regular premium contributions will be able to keep their existing unit holding in the fund/continue to pay in premiums until 5pm on 9 September 2014.
Policyholders (or their appointed investment adviser) have been written to providing them with 3 months notice of the closures. A sample letter has also been sent to their servicing agent for information.
Policyholders/investment advisers have the option to switch into an alternative fund of their choice from the SPILA internal fund range. We must receive their instructions by 5pm on 9 September 2014 by returning a completed fund switch instruction form or by conducting a switch online.
In the absence of alternative instructions
Where we have not received a policyholders' revised fund choice by 9 September 2014, any existing investment allocation and existing premiums into the funds will be automatically switched to an alternative Balanced Managed fund from the SPILA internal fund range as detailed in the tables below (fund variant will depend on policy type and currency):
a) For Momentum, Quantum, Eclipse, Capital Investment Portfolio (CIP) & Bonus Growth Portfolio (BGP) policies
| If holding | Will switch into |
|---|---|
| SPI GBP Global Managed Fund | Sterling Balanced Managed (Series 1) Fund |
| SPI USD Global Managed Fund | USD Balanced Managed (Series 1) Fund |
b) For International Investment Portfolio (IIP) policies
| If holding | Will switch into |
|---|---|
| SPI GBP Global Managed Fund | Sterling Balanced Managed (Series 2) Fund |
| SPI USD Global Managed Fund | USD Balanced Managed (Series 2) Fund |
c) For International Investors Choice (IIC) policies
| If holding | Will switch into |
|---|---|
| SPI USD Global Managed Fund | USD Balanced Managed IIC Fund |
The risk profiles of the Global Managed funds and the Balanced Managed funds are the same, each having a risk rating of 3.
SPILA internal fund range literature
Investment Fund Guides which provide more detailed information about the funds including the risk ratings, a client fund performance bulletin and a fund switch request form can be found on our website at www.rl360.com/row/downloads/funds.htm or located alongside the sample policyholder letters opposite.