Removal of UK Small-Cap Equity Funds
We regularly review the funds available to our unit-linked fund ranges to ensure that plan owners continue to have access to a high quality and diverse range of funds, to help them meet their investment goals.
ONLY IMPACTS THE DEFINED FUND RANGE PRODUCT LISTED OPPOSITE
Our review process considers the performance and risk profile of funds within the ranges to determine whether they continue to provide the right outcomes for investors and remain appropriate for the products. We have recently completed a review of the UK Small Cap Equity funds within the UK Equity sector of the Preference fund range, resulting in a decision to remove the following funds from the range:
- Invesco UK Smaller Companies Equity (UK) Acc GBP ("Closing Fund 1")
- Schroder UK Smaller Companies A Acc GBP ("Closing Fund 2")
(together the “Closing Funds”)
How this impacts plan owners invested in the Closing Funds
On 29 August 2025 (the “Switch Date”) holdings in the Closing Funds will be automatically switched into an alternative fund (the “Receiving Fund”) in the Preference range.
| Closing Fund 1 | Closing Fund 2 | Receiving Fund |
|---|---|---|
| Invesco UK Smaller Companies Equity (UK) Acc GBP - GB0033030528 | Schroder UK Smaller Companies Equity (UK) A Acc GBP - GB0007649535 | Schroder UK Mid 250 A Acc GBP - GB0008528696 |
We have now closed the Closing Funds to new business and switches-in, however, existing investors can remain invested in the Closing Funds until we switch them.
If plan owners are happy with our choice of Receiving Fund then they do not need to do anything, however, if they would prefer to switch to a different fund it is very easy to do, by completing and returning a Fund Switch Instruction form or, if registered for online switching, conducting a switch online fast and efficiently. If they wish to override the automatic switch to the Receiving Fund we must receive alternative instructions by 12noon (UK time) on 28 August 2025.
A table comparing the Closing Funds and Receiving Fund can be found in the relevant sample letter opposite. More information on the Closing Funds and Receiving Fund can be obtained from the Documents tab of the Preference fund centre. Documents include factsheet, prospectus and the key investor information document which details charges, fund objective and strategy and risks associated with the funds.
Impacted plan owners, or their appointed investment advisers or servicing agents have been contacted either by e-shot, or by letter if no valid email address is available. Sample letters can be found opposite.