Fund closure - RL360 Tranche Maturity Cash Fund
The fund will close on 21 September 2018 and all holdings transferred to an alternative cash deposit fund.
Impacts on
- Dollar Deposit Bonus Bond
- International Dollar Deposit Bonus Bond
- Deposit Bonus Bond Series 2
- Income & Growth Bonus Bond
- Income & Growth Bonus Bond Series 2, 3, 4, 5 and 6
- Protected Bonus Bond
- Protected Bonus Bond Series 2 and 3
- Select Income & Growth Bond
- Select Income & Growth Bond Series 2
The impacted products were limited issue bonds originally sold under our Scottish Life International brand. They provided access to a short term investment, the return of which was based on the performance of a particular stock market between a set commencement and maturity date (typically 5 or 6 years). The Tranche Maturity Cash Fund was made available as an alternative fund choice for those who did not want to encash their policy upon the maturity of that investment.
On 21 September 2018, the fund will be closed as part of a consolidation exercise and holdings will be transferred into an alternative daily traded RL360 cash deposit fund with a similar objective, which is to invest in short term money market instruments.
We have written to invested policyholders informing them of the action we will be taking. Policyholders can choose to surrender their policy after this date or remain invested in the alternative cash deposit fund.
Sample letters can be viewed opposite. Where an investment adviser has been appointed they have been written to instead of the policyholder. Servicing agents will receive a copy of the letter for their information.