First payment from the suspended M&G property funds

Fund manager M&G decided to suspend a number of property funds last year. They’ve since sent us a first payment from the suspended funds, which we’ve passed on to affected ReAssure customers.

If you’re one of these customers, you should have received a letter telling you how much has been paid into your policy.

What’s the background to this?

M&G suspended a number of property funds on 19 October 2023, and intends to close them at an unspecified date in the future.

After the suspension announcement, M&G began selling the properties that the funds were invested in so they could release investors’ money.

Will there be any more payments?

Yes. When they announced the fund suspensions (in October 2023), M&G stated that payments would be made from the suspended funds over the following 18 months (although it could take even longer). This means there will definitely be more payments from M&G, and we’ll notify customers when we pass any more money on to them.

What fund has my money been paid into?

We explain this in our letter.

What’s next?

You should be aware that some transactions may still be restricted or declined, depending on your circumstances. This will remain the case until M&G have released all the money from the fund. You can read more about this in our original story about the fund suspensions.

You should also review whether you’re happy for your money to stay invested in the replacement fund or whether you’d like to move into another fund.

You can read about our available funds here, and you can call us on 0800 073 1777 if you want to proceed with a switch.

Our lines are open between 8:30am and 5:30pm, Monday to Friday, not including bank holidays.

Where can I go to get help?

We recommend you get independent professional advice from a Financial Adviser if you’re unsure what to do. A Financial Adviser can make a personal recommendation based on your individual circumstances and the options available to you. If you don’t have an adviser visit MoneyHelper for further information. You may have to pay for any advice you receive.