Closure of Robeco Global Gender Equalities Fund
We have been informed by Robeco Capital Growth Funds (“Robeco”) that it will be closing its Robeco Global Gender Equality Fund (the “Merging Fund”) and merging the value into its Robeco Global SDG Equities Fund (the “Receiving Fund”) on 25 June 2025 (the “Merger Date”).
IMPACTS OUR DEFINED FUND RANGE PRODUCTS LISTED OPPOSITE
Background to the merger
Robeco has advised that the decision to merge the Merging Fund into the Receiving Fund has been taken due to the lack of expected future growth in the Merging Fund, to provide economies of scale benefits, better expected future growth prospects, and better investment diversification potential associated with the Receiving Fund.
Action RL360 will be taking in regard to the merger
Although the Receiving Fund is currently not featured in our Savings and Investments fund range, we will be accepting the merger and therefore will be adding the Receiving Fund into our Savings and Investments fund range.
Robeco will operate a suspension period on the Merging Fund from 18 June 2025 to 25 June 2025 (inclusive) which means it will not accept any redemptions or subscriptions during this period. From 18 June 2025, the portfolio of the Merging Fund will be mirrored with the portfolio of the Receiving Fund in order to facilitate the merger.
As the Merging Fund and Receiving Fund portfolios will be aligned with effect from 18 June 2025, we have taken the decision to switch all plan owner holdings, and redirect any regular premium allocation where applicable, from the Merging Fund into the Receiving Fund (matching currency denomination), with effect 17 June 2025 (the “Switch Date”), rather than waiting for the effective Merger Date. This also ensures that should we receive any regular premium payments from plan owners during the suspension period, these can be fully invested and are not caught up in the suspension period.
There are some differences between the Merging Fund and the Receiving Fund. This includes some differences in the investment objective and policy and the sustainability features. For comparison details of the Merging Fund and Receiving Fund, please refer to the Appendix in the sample plan owner letter which can be found opposite.
We have now closed the Merging Fund to new business and switches in with immediate effect. However, existing investors can continue to invest in the Merging Fund until we switch them.
Options for switching to an alternative fund
Plan owners do not need to do anything if they are happy with the Receiving Fund. However, if they would prefer to switch their holdings, and redirect any regular premium allocation if applicable, to a different fund, it is free of charge and very easy to do.
To override the switch, and any premium redirection, to the Receiving Fund we must receive alternative instructions by 3pm (UK time) on 15 June 2025.
A notification has been sent to affected plan owners, or their appointed investment adviser, primarily by email, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post. Servicing agents have also been notified.