Changes to our fund range

View the fund changes we've made as part of our ongoing governance reviews.
Important note

While we make every effort to contact all affected customers about these changes, it's important that you check if any of your clients are invested in these funds and discuss any changes they may want to make as a result.

Funds on our range are subject to change. If the change significantly affects what the fund can invest in or the specific risks associated with the fund then we will write to you and your client in advance.

All other changes will be updated in the fund factsheet and our marketing material.

You'll find information on the latest changes below:

Recent fund changes

On the 25 August 2017 the RLP/Baillie Gifford (50:50) Worldwide Equity pension fund has changed its name to the RLP/Baillie Gifford (60:40) Worldwide Equity pension fund. Please note that the fund charges remain the same.

Historic fund changes

For older fund changes go to our page of Historic fund changes.

Upcoming fund changes

The RLP UK Ethical pension fund is changing its name to the RLP Sustainable Leaders pension fund along with the  investment and stock selection process and fund objective This change will take place week commencing 30 October 2017.

We have issued letters and an insert - Important changes to the RLP UK Ethical pension fund to all our customers invested in the fund detailing the change and what this means for their investment. We have also written to all advisers with clients invested in the fund with a list of those clients affected by the change

What’s changing?

  • The fund name will change to the RLP Sustainable Leaders fund
  • The investment and stock selection process will change. Every holding within the fund will now have to meet strict ESG criteria and there will be active engagement with the companies in which we invest to champion best practise and challenge companies on ESG matters.
  • The fund’s objective will now change to the following – A UK growth fund focusing on the core themes of the environment, human welfare and sustainability to generate superior investment returns. The fund aims to provide first quartile performance over a rolling three year period measure against the UK All Companies sector. The Fund also aims to outperform the FTSE All-Share index.
  • The fund can now hold up to 20% in overseas holdings.
  • There is no change to the fund’s annual management charge (AMC), benchmark or sector.

Why are we making this change?

ESG issues such as corporate governance, board structure and management incentives arebecoming an increasingly more important aspect for ethical investors. Environmental risksand opportunities are growing and social issues such as taxation are becoming financial and reputational risks. Companies managing these ESG risks well will provide the best risk adjusted returns over the long-term in our view.

You should be mindful that the value of your client's investment can go down as well as up, which may mean they could get back less than the amount invested

We’re replacing the above underlying investment and as a result, the fund will change to RLP US Core Plus (Old Mutual North American Equity) pension fund. This change will take place week commencing 30 October 2017.

We have issued letters to all our customers invested in the fund detailing the change and what this means for their investment. We have also written to all advisers with clients invested in the fund with a list of those clients affected by the change.

What’s changing?

  • The Annual Management Charge (AMC) will reduce from 1.95% to 1.70% and the Total Expense Ratio (TER) will reduce from 2.15% to 1.90%.
  • The investment description of the underlying fund will change to the following - The fund’s investment objective is to seek to achieve long term capital growth, through the active management of a diversified portfolio invested primarily in North American stock markets. It is not proposed to concentrate investments in any one industry or sector.

Why are we making this change?

The Fidelity fund has suffered from poor long-term underperformance as well as a series of fund manager changes. Our Investment Advisory Committee (IAC) has concerns around the level of risk and positions being adopted by the fund coupled with the performance issues. After extensive analysis into all the alternative solutions available, the IAC has decided it is appropriate to replace the underlying investment with the Old Mutual North American Equity Fund. This fund is bronze rated by Morningstar and has a strong performance track record coupled with a robust investment process. We believe this fund is a more appropriate offering for a US core plus fund.

You should be mindful that the value of your client's investment can go down as well as up, which may mean they could get back less than the amount invested.

We’re replacing the above underlying investment and as a result, the fund will change to RLP Europe Specialist (Columbia Threadneedle European Select) pension fund. This change will take place week commencing 30 October 2017.

We have issued letters to all our customers invested in the fund detailing the change and what this means for their investment. We have also written to all advisers with clients invested in the fund with a list of those clients affected by the change.

What’s changing?

  • The Annual Management Charge (AMC) will reduce from 1.70% to 1.65% and the Total Expense Ratio (TER) will reduce from 1.80% to 1.73%.
  • The investment description of the underlying fund will change to the following - The fund’s investment objective is to grow the amount you invested. The fund invests at least two thirds of its assets in shares of companies in Continental Europe or companies that have significant operations there and that have growth prospects. The fund’s investment approach means it can invest significantly in particular companies, industries and countries. This means it will typically hold fewer investments than other funds.

Why are we making this change?

The Neptune fund has suffered from very poor performance over the last five years. The Royal London Investment Advisory Committee (IAC) has raised concerns with the magnitude of risk taken within the fund. In addition, Morningstar have lost confidence in the manager’s ability to add value over and above the benchmark.

After extensive analysis into alternative funds, the IAC has decided it is appropriate to replace the underlying fund with the Columbia Threadneedle European Select Fund. This fund has a strong bottom-up approach and will tend to perform better in a falling market.  Itis bronze rated by Morningstar and we believe this is a better fit for the European specialist category.

You should be mindful that the value of your client's investment can go down as well as up, which may mean they could get back less than the amount invested.

Last updated: 13 Sep 2017

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.