RL360 - September 2021 - Changes to the protection fund ranges

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September 2021 - Changes to the protection fund ranges

RL360 are taking the opportunity to review the fund range available to our protection products to ensure they continue to be appropriate and to align them to those available to our regular and single premium products in our defined fund range. Impacts products: LifePlan, LifePlan Lebanon, Protected Lifestyle and Protected Lifestyle Lebanon.

Why we conduct reviews

By reviewing funds on a regular basis, using tools from independent global investment research company Morningstar®, the company that powers our interactive fund centres, we seek to identify and add funds that stand out in their respective peer groups for performance, risk/reward balance, objectives or investment style. We also look at funds that analysts at Morningstar believe will outperform their sector. Those funds you've asked to see in the range will be considered as long as they provide the necessary qualities and fit our parameters.


A review isn't just about adding funds. Importantly, we also take steps to remove funds we feel are no longer appropriate for the range. Our goal is to provide you with a best of breed range of quality funds covering a variety of sectors, regions and asset classes.


THE CHANGES FOR SEPTEMBER 2021


We've removed four funds (five including currency variants) with immediate effect and these are now closed to new business and switches in. Existing investors affected by the removals will be written to in September providing them with two months’ notice of our intention to switch their holding out and into an alternative fund. These clients can continue to invest in the closing funds until we switch them out. Switches will take place between 29 November and 14 December 2021. Samples of these letters can be viewed opposite.


If clients are happy with our choice of receiving funds then they do not need to do anything and will be switched automatically (including redirection of any regular payment allocation where applicable). However, if they would prefer to switch to a different fund it’s very easy to do. Switches can be submitted by completing and returning a Fund switch instruction form or, if registered for online switching, conducting a switch online fast and efficiently.



Click on the sliders below to see details of the changes for each product range.


REMOVALS - LifePlan

We've removed four funds (five including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the fund for the first time.


The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.


Sector: Global Managed


Closing fund

OCF**

Receiving fund

OCF**

Ashburton Sterling Asset Management R Acc GBP - GB0000532423

1.73%

BNY Mellon Multi-Asset Diversified Return Acc GBP - GB00B1GJ9N38

1.63%

Ashburton Sterling Asset Management R Acc USD - GB0000532530

1.73%

BGF Global Allocation A2 Acc USD - LU0072462426

1.77%

Ashburton Sterling Asset Management R Acc EUR - GB0032012865

1.79%

JPM Global Balanced A Acc EUR - LU0070212591

1.65%

Templeton Global Income A Acc USD - LU0211326755

1.70%

BGF Global Allocation A2 Acc USD - LU0072462426

1.77%

Templeton Global Income A Acc EUR - LU0211332563

1.70%

BGF Global Allocation A2 Acc EUR - LU0171283459

1.77%





REMOVALS - LifePlan Lebanon

We've removed one fund that no longer satisfies the requirements of the range. This fund is no longer available to new business plans or switches in from existing plan owners wishing to invest in the fund for the first time.


The table below outlines the closing fund and the receiving fund we will automatically switch plan owners into.


Sector: Global Managed


Closing fund

OCF**

Receiving fund

OCF**

Templeton Global Income A Acc USD - LU0211326755

1.70%

BGF Global Allocation A2 Acc USD - LU0072462426

1.77%





REMOVALS - Protected Lifestyle

We've removed one fund (two including currency variants) that no longer satisfy the requirements of the range. These funds are no longer available to new business plans or switches in from existing plan owners wishing to invest in the fund for the first time.


The table below outlines the closing funds and the receiving funds we will automatically switch plan owners into.


Sector: Global Managed


Closing fund

OCF**

Receiving fund

OCF**

Templeton Global Income A Acc USD - LU0211326755

1.70%

BGF Global Allocation A2 Acc USD - LU0072462426

1.77%

Templeton Global Income A Acc EUR - LU0211332563

1.70%

BGF Global Allocation A2 Acc EUR - LU0171283459

1.77%








Notes:

Information contained within these tables is sourced from Morningstar® and is correct as at 21 September 2021.


** Ongoing Charge (“OCF”) includes the Annual Management Charge plus other operational expenses, so better reflects the total costs applied to the fund.


Impacts on these defined fund range products

Fund guides and forms

Applicable to Protected Lifestyle



Applicable to LifePlan



Applicable to LifePlan Lebanon



Sample letters

Applicable to Lifeplan



Applicable to Lifeplan Lebanon



Applicable to Protected Lifestyle