Historic fund changes

View a list of older fund changes we've made as part of our ongoing governance reviews.

2020

We are replacing the above underlying investment and as a result, the Schroder fund will change to the Baillie Gifford Japanese Income Growth pension fund. This change will take place week commencing 7 December 2020.

What’s changing?

• The fund name will change to RLP Japan Core Plus (Baillie Gifford Japanese Income Growth) pension fund
• The Annual Management Charge (AMC) will reduce from 1.70% to 1.57%
• The Total Expense Ratio (TER) will reduce from 1.86% to 1.58%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Schroders coupled with the retirement of a fund manager with a proven track record. The Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.

We are replacing the above underlying investment and as a result, the Invesco fund will change to the Fidelity UK Opportunities pension fund. This change will take place week commencing 7 December 2020.

What’s changing?

• The fund name will change to RLP UK Equity Specialist (Fidelity UK Opportunities) pension fund
• The Annual Management Charge (AMC) will reduce from 1.60% to 1.34%
• The Total Expense Ratio (TER) will reduce from 1.76% to 1.51%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Invesco whereas the Fidelity  fund offers a strong performance track record and a significant reduction in charges.

We made the decision to restrict some transactions from our RLP Property fund effective from 30 March 2020. The decision has now been made to end this restricted period.

What’s changing?

The restricted period will end with effect from 29 September. If any of your transactions were affected by the restrictions then we will contact both you and your adviser to advise the next steps.

Why are we making this change?

The COVID-19 pandemic had caused the valuers of the properties owned by the fund to have more uncertainty in their valuations and to reflect this they attached a material uncertainty clause to their valuations. This clause has now been removed and this has allowed us to remove the restrictions that had been in place.
For more details on delayed transactions and more, read our list of questions and answers.

We are replacing the above underlying investment and as a result, the Stewart Investors fund will change to the Fidelity Emerging Markets pension fund. This change will take place week commencing 2 November 2020.

What’s changing?

• The fund name will change to RLP Emerging Markets Specialist (Fidelity Emerging Markets) pension fund

• The Annual Management Charge (AMC) will reduce from 1.80% to 1.70%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Stewart Investors, coupled with the fund being soft closed meaning no new Royal London customers could invest. The Fidelity fund offers a strong performance track record and opens the fund up to all members.

We are replacing the above underlying investment and as a result, the Schroder fund will change to the Baillie Gifford UK Equity Alpha pension fund. This change will take place week commencing 2 November 2020.

What’s changing?

• The fund name will change to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund

• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%

• The Total Expense Ratio (TER) will reduce from 1.86% to 1.51%

Why are we replacing the underlying fund?

The IAC raised concerns about the consistent underperformance from Schroders coupled with above average charges making it difficult to justify the fund from a value for money perspective. The Baillie Gifford fund offers a strong performance track record and a significant reduction in charges.

The following funds and fund managers changed their name in July. Please note that the fund charges remain the same.

Old Fund Manager Name Old Fund Name New Fund Manager Name New Fund Name
Investec RLP Global Managed Equity Specialist (Investec Global Strategic Equity) Ninety One RLP Global Managed Equity Specialist (Ninety One Global Strategic Equity)
Investec RLP UK Small Cap Specialist (Investec UK Smaller Companies) Ninety One RLP UK Small Cap Specialist (Ninety One UK Smaller Companies)
Investec RLP/Investec Cautious Managed Ninety One RLP/Ninety One Cautious Managed
Investec RLP/Investec Emerging Markets Local Currency Debt Ninety One RLP/Ninety One Emerging Markets Local Currency Debt
Investec RLP/Investec Emerging Markets Local Currency Debt Ninety One RLP/Ninety One Global Energy
Investec RLP/Investec UK Special Situations Ninety One RLP/Ninety One UK Special Situations
Neptune RLP/Neptune Balanced Liontrust RLP/Liontrust Balanced
Neptune RLP/Neptune Global Alpha Liontrust RLP/Liontrust Global Alpha
Neptune RLP/Neptune Global Alpha Liontrust RLP/Liontrust Global Equity
Neptune RLP/Neptune US Opportunities Liontrust RLP/Liontrust US Opportunities
Standard Life RLP/Standard Life Global Absolute Return Strategies Aberdeen Standard RLP/ASI Global Absolute Return Strategies

 

We’ve replaced the above underlying investment and as a result, the Rathbone fund has changed to the RLP Global Growth pension fund. This change took place week commencing 29 June 2020.

What’s changed?

• The fund name has changed to RLP Global Blend Core Plus (RLP Global Growth) pension fund

• The Annual Management Charge (AMC) reduced from 1.45% to 1.00%

• The Total Expense Ratio (TER) reduced from 2.2% to 1.87%

Why have we replaced the underlying fund?

The IAC raised concerns about the consistent underperformance from Rathbone coupled with above average charges making it difficult to justify the fund from a value for money perspective. After numerous engagements with Rathbones to discuss the reasons for performance the IAC agreed to bring the management of the fund in-house. This will result in a significant reduction in charges with no change to the fund objective.

After discussions with M&G we are pleased to announce the following reductions to the Total Expense Ratio (TER) of the following funds:

  Old New
Fund AMC Investment Expenses TER AMC Investment Expenses TER
RLP/M&G Corporate Bond 1.45% 0.16% 1.61% 1.60% 0.00% 1.60%
RLP/M&G Global Themes 1.70% 0.17% 1.87% 1.85% 0.00% 1.85%
RLP/M&G Global Dividend 1.70% 0.16% 1.86% 1.85% 0.00% 1.85%
RLP/M&G Global Dividend 1.58% 0.16% 1.74% 1.63% 0.00% 1.63%
RLP/M&G Optimal Income 1.58% 0.16% 1.74% 1.73% 0.00% 1.73%
RLP/M&G Recovery 1.70% 0.16% 1.86% 1.80% 0.00% 1.80%
RLP/M&G Strategic Corporate Bond 1.45% 0.16% 1.61% 1.60% 0.00% 1.60%

These changes will take place on the week commencing 18th May.

We've taken the decision to defer some transactions from our Property Fund as of 30 March 2020. This decision has been made in the long-term interest of our customers as a whole and we will continue to closely monitor the fund and provide updates throughout this restricted period.

What’s changing?

Some transactions which involve the Property Fund will be delayed for a period of up to six months. This delay does not apply to normal retirement claims, death claims or income requirements in drawdown.

Why are we making this change?

We've seen increasing uncertainty related to the valuation of property fund assets due to the impact of the Covid-19 virus. This has caused a number of Property funds across the industry to suspend dealing. Our property surveyors have confirmed that going forward their valuations will include a material uncertainty clause. This, combined with reduced transactions in the market, means there is an increase in the likelihood of unfair outcomes to customers and has led to our decision to suspend the fund for direct investment. Throughout this period our focus is on ensuring the best possible customer outcomes, keeping these in line with both customer expectations and fairness across customers in different situations.

Read the full list of all restricted transactions and to read our questions and answers.

We've replaced the above underlying investment and as a result, the Artemis fund will change to the Baillie Gifford UK Alpha pension fund. This change took place week commencing 23 March 2020.

What’s changed?

• The fund name changed to RLP UK Equity Specialist (Baillie Gifford UK Equity Alpha) pension fund

• The Annual Management Charge (AMC) will reduce from 1.70% to 1.50%

• The fund’s new underlying investment objective is to outperform (after deduction of costs) the FTSE All-Share Index by at least 2% per annum over rolling five-year periods. The performance objective stated is not guaranteed.

Why have we replaced the underlying fund?

The IAC raised concerns about the consistent underperformance of the Artemis fund over a significant period of time. After extensive analysis into alternative funds, the IAC decided it’s appropriate to replace the underlying fund with the Baillie Gifford UK Equity Alpha fund as it has a strong performance track record coupled with a robust investment process.

2019

The following funds and fund managers will change their name in October. Please note that the fund charges remain the same

Old Fund Manager Name Old Fund Name New Fund Manager Name New Fund Name
Newton RLP/Newton Multi-Asset Balanced BNY Mellon RLP/BNY Mellon Multi-Asset Balanced
Newton RLP/Newton Multi-Asset Balanced 'A' BNY Mellon RLP/BNY Mellon Multi-Asset Balanced 'A'
Newton RLP/Newton Global Income BNY Mellon RLP/BNY Mellon Global Income
Newton RLP/Newton Multi-Asset Growth BNY Mellon RLP/BNY Mellon Multi-Asset Growth
Newton RLP/Newton Multi-Asset Growth 'A' BNY Mellon RLP/BNY Mellon Multi-Asset Growth 'A'
Newton RLP/Newton Real Return BNY Mellon RLP/BNY Mellon Real Return

JPMorgan have made some changes to the JPM Global Macro Balanced Fund which is the underlying fund for the RLP/JPMorgan Global Macro Balanced pension fund.

What's changing?

  • The name of the fund will change to RLP/JPMorgan Global Macro
  • The benchmark will change to ICE 1 month GBP Libor.
  • The aim / objective of the fund will change to the following: the fund aims to provide positive investment returns over a rolling 3 year period in all market conditions by investing in securities globally, using Financial Derivative Instruments where appropriate, with a volatility level typically lower than two-thirds of the MSCI All Country World Index (Total Return Net). A positive return is not guaranteed over this or any time period and a capital loss may occur.

Why are we making this change?

The fund has moved to a more flexible investment strategy that makes greater use of derivatives for downside protection and has the potential for better performance in changing and adverse market conditions and therefore higher prospects for growth.  

 

 

We’re changing the name of the RLP Emerging Markets Equity Tracker fund to the RLP Emerging Markets ESG Leaders Equity Tracker fund. This change will take place week commencing 18 March 2019.

What’s changing?

  • The fund name will change to RLP Emerging Markets ESG Leaders Equity Tracker fund.
  • The investment objective has changed  to – “The Fund aims to track the net total return of the MSCI Emerging Markets ESG Leaders Index. The Fund will invest primarily in the securities that make up the MSCI Emerging Markets ESG Leaders Index and instruments that provide exposure to these securities. The Index provides coverage of companies in emerging markets which have high environmental, social and governance (ESG) scores relative to their sector peers.”

Why are we making this change?

The change in name has been made to reflect the name change to the MSCI index that the fund is benchmarked against. The fund will continue to track the same index but the name has been updated to include ‘Leaders’.

 

 

2018

On the 30th November the following funds and fund managers will change their name. Please note that the fund charges remain the same.

Old Fund Manager Name Old Fund Name New Fund Manager Name New Fund Name
BlackRock Aquila RLP/BlackRock Aquila Consensus Blackrock RLP/BlackRock Consensus 85
BlackRock Aquila RLP/BlackRock Aquila European Equity Index Blackrock RLP/BlackRock ACS European Equity Index
BlackRock Aquila RLP/BlackRock Aquila Global Blend Blackrock RLP/BlackRock ACS Global Blend
BlackRock Aquila RLP/BlackRock Aquila Global Equity Index (50:50) Blackrock RLP/Blackrock ACS Global Equity Index (50:50)
BlackRock Aquila RLP/BlackRock Aquila Global Equity Index (60:40) Blackrock RLP/BlackRock ACS Global Equity Index (60:40)
BlackRock Aquila RLP/BlackRock Aquila Japanese Equity Index Blackrock RLP/BlackRock ACS Japanese Equity Index
BlackRock Aquila RLP/BlackRock Aquila Long Gilt Index Blackrock RLP/BlackRock Long Gilt Index
BlackRock Aquila RLP/BlackRock Aquila Over 5 years Index linked Gilt Index Blackrock RLP/BlackRock Over 5 years Index linked Gilt Index
BlackRock Aquila RLP/BlackRock Aquila Pacific Rim Equity Index Blackrock RLP/BlackRock Pacific Rim Equity Index
BlackRock Aquila RLP/BlackRock Aquila UK All Stocks Corporate Bond Index Blackrock RLP/BlackRock UK All Stocks Corporate Bond Index
BlackRock Aquila RLP/BlackRock Aquila UK Equity Index Blackrock RLP/BlackRock ACS UK Equity Index
BlackRock Aquila RLP/BlackRock Aquila US Equity Index Blackrock RLP/BlackRock ACS US Equity Index
BlackRock Aquila RLP/BlackRock Aquila World (ex UK) Equity Index Blackrock RLP/BlackRock ACS World (ex UK) Equity Index
Schroder RLP/Schroder European Opportunities No Change RLP/Schroder European Recovery
Invesco Perpetual RLP Asia Pacific Core Plus (Invesco Perpetual Asian) Invesco RLP Asia Pacific Core Plus (Invesco  Asian)
Invesco Perpetual RLP Global Managed Equity Specialist (Invesco Perpetual Global Equity) Invesco RLP Global Managed Equity Specialist (Invesco  Global Equity)
Invesco Perpetual RLP Japan Specialist (Invesco Perpetual Japan) Invesco RLP Japan Specialist (Invesco  Japan)
Invesco Perpetual RLP UK Equity Specialist (Invesco Perpetual UK Growth) Invesco RLP UK Equity Specialist (Invesco  UK Growth)
Invesco Perpetual RLP/Invesco Perpetual Corporate Bond Invesco RLP/Invesco  Corporate Bond
Invesco Perpetual RLP/Invesco Perpetual Distribution Invesco RLP/Invesco  Distribution
Invesco Perpetual RLP/Invesco Perpetual Global Bond Invesco RLP/Invesco  Global Bond
Invesco Perpetual RLP/Invesco Perpetual High Income Invesco RLP/Invesco  High Income
Invesco Perpetual RLP/Invesco Perpetual Monthly Income Plus Invesco RLP/Invesco  Monthly Income Plus
Invesco Perpetual RLP/Invesco Perpetual UK Growth 'A' Invesco RLP/Invesco  UK Growth 'A'
Old Mutual Global Investors RLP US Core Plus (Old Mutual North American Equity) Merian Global Investors RLP US Core Plus (Merian North American Equity)
HSBC RLP/HSBC Amanah Global Index No Change RLP/HSBC Islamic Global Equity Index
HSBC RLP/HSBC Amanah Global Index 'A' No Change RLP/HSBC Islamic Global Equity Index 'A'
Baillie Gifford RLP/Baillie Gifford Worldwide Equity (60:40) No Change RLP/Baillie Gifford UK and Worldwide Equity
Baillie Gifford RLP/Baillie Gifford Worldwide Equity (60:40) ‘A’ No Change RLP/Baillie Gifford UK and Worldwide Equity ‘A’

We’re replacing the above underlying investments and as a result, the Schroder funds will change to the RLP UK Equity Core Plus (JPM UK Equity Growth) pension fund. This change will take place week commencing 3 December 2018.

Why are we making this change?

The Schroder funds have suffered poor performance and the Royal London Investment Advisory Committee (IAC) has raised concerns about the consistent underperformance of them over significant time periods.

The JPM UK Equity Growth fund has a strong performance track record coupled with a robust investment process.

The RLP/M&G Global Leaders fund will merge into the RLP/M&G Global Themes fund on Friday 25th May 2018.

What’s changing?

  • The fund name will change to the RLP/M&G Global Themes fund.
  • The benchmark will remain as MSCI AC World Index.
  • There is no change to the fund’s annual management charge (AMC).
  • The M&G Global Themes fund aims to provide a higher total return (the combination of capital growth and income) than that of the MSCI ACWI Index over any five-year period.
  • The M&G Global Themes fund policy is to invest at least 80% of its Net Asset Value in the equity securities of companies across any sectors and market capitalisations that are domiciled in any country, including emerging markets. The Fund may also invest in collective investment schemes, other transferable securities and may hold cash for liquidity purposes. Derivatives may be used for efficient portfolio management.

Why are M&G making this change?

Following a thorough review of the M&G Global Leaders fund, it was highlighted that it had similar characteristics to the M&G Global Themes fund. M&G consider the merger to be in the best interests of investors and the recent shareholder vote upheld the decision.

What other options are there?

If you wish, you can choose another investment option available to you. You can find full information on our fund range by visiting the investment options page. If you’re unsure about the best course of action you should speak to a financial adviser

We are removing the RLP US Specialist (JP Morgan US) pension fund from our fund range. As an interim measure by JPMorgan Funds Limited the RLP US Specialist (JPMorgan US) fund will be merged with the RLP US Specialist (JPMorgan US Select) fund on 28 April 2018.

Then on the 18 June 2018 all assets held in the RLP US Specialist (JPMorgan US Select) fund will be moved to the RLP US Core Plus (Old Mutual North American).

Why are we making the change?

The JP Morgan fund has suffered from poor long-term underperformance and the fund’s rating was downgraded by Morningstar. Our Investment Advisory Committee (IAC) has concerns around the level of risk and positions being adopted by the fund coupled with the performance issues

The AMC for the underlying Columbia Threadneedle Absolute Return Bond has been reduced, so we have reduced the AMC of our RLP Columbia Threadneedle Absolute Return Bond accordingly:

Fund name Old AMC New AMC Additional expense New Total Expense Ratio (TER)
RLP Columbia Threadneedle Absolute Return Bond  1.58% 1.38% 0.16% 1.54%

2017

Due to a change to clean share classes the following Fidelity funds have reduced their Annual Management Charge (AMC) as at 27 November 2017.

Fund name Old AMC New AMC Additional expense New Total Expense Ratio (TER) 
New Total Expense Ratio (TER)  1.95% 1.70% 0.22% 1.92%
RLP/Fidelity Emerging Europe Middle East and Africa 1.95% 1.70% 0.38% 2.08%
RLP/Fidelity Strategic Bond 1.45% 1.35% 0.19% 1.54%
RLP/Fidelity UK Select 1.95% 1.70% 0.20%  1.90%
RLP/Europe Core Plus (Fidelity European Blended)  1.95% 1.70% 0.21%  1.91%
RLP/Fidelity Special Situations Blended 1.95% 1.70% 0.19% 1.89%

We are making a change to the RLP UK Ethical pension fund, the fund name will change to the RLP Sustainable Leaders pension fund along with the investment process and fund objective. This change will take place week commencing 30 October 2017.

We have issued letters (PDF) and an insert Important changes to the RLP UK Ethical pension fund (PDF) to all our customers invested in the fund detailing the change and what this means for their investment.

Why are we making this change?

We are making this change because we believe this will lead to better risk adjusted return over the long-term.

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 (PDF) to all our customers invested in the fund detailing the change and what this means for their investment.

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.

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.

We are replacing the underlying fund held within the RLP Europe Specialist (Neptune European Opportunities) and as a result, the underlying fund will change to the Columbia Threadneedle Select fund. This change will  take place week commencing 30 October 207.

Why are we making this change?

The Neptune fund has suffered from poor performance and the Royal London Investment Advisory Committee (IAC) has raised concerns about the consistent underperformance of the fund over a significant time period.

The Columbia Threadneedle Select fund has a strong performance track record coupled with a robust investment process.