Fund removals that affect Kudos
Following a recent review, two funds have been removed from the Kudos fund range.
We have recently reviewed the Invesco Income (UK) and Invesco High Income (UK) funds (collectively “the Funds”) following their recent downgrading by independent global investment research company Morningstar®, the company that powers our interactive fund centres, and have decided to remove the funds from the range with immediate effect. These funds are no longer available to new business policies or switches in from existing plan owners wishing to invest in the funds for the first time.
If clients are happy with our choice of receiving fund then they do not need to do anything and will have been switched automatically on 21 November 2019 (including any regular payment allocation where applicable). However, if they would prefer to switch to a different fund, it’s free of charge and very easy to do.
Switches can be submitted by completing and returning a Kudos fund switch instruction form or, if registered for online switching, conducting a switch online fast and efficiently.
The table below outlines the closing funds and the receiving funds we have automatically switched plan owners into.
Samples of the letters issued can be viewed opposite.
| Closing fund | OCF* | Receiving fund | OCF* |
|---|---|---|---|
| Sector: Global Managed | |||
| Invesco Income (UK) Acc GBP - GB0033031260 | 1.66% | Artemis Income R Acc GBP - GB0032567926 | 1.55% |
| Invesco High Income (UK) Acc GBP - GB0033031484 | 1.67% | Artemis Income R Acc GBP - GB0032567926 | 1.55% |
* Ongoing Charge (“OCF”) includes the Annual Management Charge plus other operational expenses, so better reflects the total costs applied to the fund.