Current TER: 1.34%
New TER: 1.22%
Current TER: 0.87%
New TER: 0.76%
New Share Class: Threadneedle Lux – European High Yield Bond 3G (GBP ACC)
Old TER: 0.97%
New TER: 0.79%
New Name:Jupiter Merlin Conservative Select
New objective:
The objective of the Fund is to provide a return, through a combination of capital growth and income, net of fees, over the long term (at least five years). At least 70% of the Fund is invested in collective investment schemes, with typically between 40% to 70% and at least 25% in funds managed or operated by Jupiter or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable securities, cash and near cash. The Fund will have exposure (direct and/or indirect) of: (i) at least 60% to fixed interest securities; and (ii) up to 35% to shares of companies. The Fund will aim to achieve it’s investment objective by investing at least 70% of the Fund in collective investment schemes (such as unit trusts, OEICs, SICAVs, exchange traded funds (ETFs) and closed or open-ended funds) which may have exposure to shares of companies globally, fixed interest securities, derivatives (including for investment purposes), commodities or property.
New name: Jupiter Merlin Income and Growth Select
New objective:
The objective of the Fund is to provide a return, through a combination of income and capital growth, net of fees, over the
long term (at least five years). At least 70% of the Fund is invested in collective investment schemes, with typically between 40% to 70% and at least 25% in funds managed or operated by Jupiter or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable securities, cash and near cash. The Fund will have exposure (direct and/or indirect) of 40% to 85% (typically between 65% to 75%) to shares of companies. At least 25% of the Fund will (in aggregate) be invested directly or indirectly in i) shares issued by companies based in the UK and/or funds investing in such companies; and/or ii) transferable securities which are sterling-denominated or hedged back to sterling. The Fund may use derivative transactions for investment purposes. The Fund will aim to achieve it’s investment objective by investing at least 70% of the Fund globally in collective investment schemes and, exchange traded funds (ETFs) which give exposure to shares of companies, fixed interest debt securities, money market instruments, deposits and cash.
New name: OMR Jupiter Merlin Income and Growth Select
New objective:
The objective of the Fund is to provide a return, through a combination of income and capital growth, net of fees, over the long term (at least five years). At least 70% of the Fund is invested in collective investment schemes, with typically between 40% to 70% and at least 25% in funds managed or operated by Jupiter or an associate of Jupiter. Up to 30% of the Fund may be invested in other transferable securities, cash and near cash. The Fund will have exposure (direct and/or indirect) of 40% to 85% (typically between 65% to 75%) to shares of companies. At least 25% of the Fund will (in aggregate) be invested directly or indirectly in i) shares issued by companies based in the UK and/or funds investing in such companies; and/or ii) transferable securities which are sterling-denominated or hedged back to sterling. The Fund may use derivative transactions for investment purposes. The Fund will aim to achieve it’s investment objective by investing at least 70% of the Fund globally in collective investment schemes and, exchange traded funds (ETFs) which give exposure to shares of companies, fixed interest debt securities, money market instruments, deposits and cash. This fund invests in the underlying retail fund in order to track its performance, this means that fund performance may differ to the underlying fund.
Default Replacement Fund: L&G Life Close Sustainable Select Fixed Income Fund
Closing Fund TER: 0.52
Default Replacement Fund TER: 0.52
Objective of Default Replacement Fund: The investment objective of the fund is to generate income while maintaining its capital value over the medium term (i.e. more than 5 years). The Fund also seeks to maintain a weighted average carbon intensity (tonnes of Scope 1 and 2 CO2e per US$m of revenue) below a benchmark of the ICE BofA Global Corporate Index, targeting a level 50% below this benchmark by 2030 from 2019 baseline, and net zero by emissions by 2050.
Default Replacement Fund: L&G Pension Close Sustainable Select Fixed Income Fund
Closing Fund TER: 0.52
Default Replacement Fund TER: 0.52
Objective of Default Replacement Fund:
The investment objective of the fund is to generate income while maintaining its capital value over the medium term (i.e. more than 5 years). The Fund also seeks to maintain a weighted average carbon intensity (tonnes of Scope 1 and 2 CO2e per US$m of revenue) below a benchmark of the ICE BofA Global Corporate Index, targeting a level 50% below this benchmark by 2030 from 2019 baseline, and net zero by emissions by 2050.
The OMR Fidelity Emerging Europe Middle East & Africa fund invests in the Fidelity Emerging Europe Middle East & Africa, managed by Fidelity International (the Fund Manager). We previously notified investors in the OMR fund that this was suspended to purchases/new business last year as a result of the Ukraine and Russia conflict.
The Fund Manager has now advised us that they plan to re-open the non-Russia linked underlying assets of the fund fully. In order to do this, they will be setting up a new share class called the Fidelity Sustainable Emerging Markets Equity Fund, which will hold the non-Russian linked liquid assets. For investors in the OMR Fidelity Emerging Europe Middle East & Africa fund currently, this will mean that the fund you hold will change name to the OMR Fidelity Sustainable Emerging Markets Equity fund on or shortly after 29/03/2023. Additionally, the fund will be made fully open to purchases and sales at the same time. There will be no customer switch reflected on plans as the result of this change in underlying asset.
Following the conversion date policyholders will not be able to buy or sell shares in the Russian linked illiquid assets, as Fidelity International will take the necessary steps to close the underlying fund and sell these remaining assets when possible. In the current environment it is not possible to estimate how long this process might take to complete, or what the eventual value might be. Given that the Fund Manager is unable to accurately reflect a value of these assets currently, plans will not show any value held within these assets following the changes above.
A further letter to the policyholders will be issued shortly explaining what this means for them and what their options are.
Findlay Park Funds (the Fund Manager) will be changing the name of the shareclass that the Findlay Park American fund invests in.
Old Shareclass name: Findlay Park American Stg Unhgd GBP
New Shareclass name: Findlay Park American Class I GBP
