Changes to our fund range

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

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.

Recent fund changes

The following fund name changes took place in November:

Old Fund NameNew Fund Name
RLP UK Mid Cap Specialist (Franklin UK Midcap) RLP UK Mid Cap Spec (FTF Martin Currie UK Midcap)
RLL Index Linked RLL UK Index Linked
RLP Index Linked RLP UK Index Linked
RLP International Government Bond RLP Global Government Bond

Please note that the fund charges remain the same.

The following fund name changes took place in May:

Old Fund NameNew Fund Name
RLP/JPMorgan Global Macro RLP/JPMorgan Global Macro Sustainable 
RLP/Liontrust Global Equity RLP/Liontrust Global Innovation

Please note that the fund charges remain the same.

Royal London have made changes to the RLP Cash Plus and RLP Enhanced Cash Plus funds

The names of the funds will change as per below. This is as a result of RLAM changing the names of their equivalent funds to closer align to their investment process.

Old Fund NameNew Fund Name
RLP Cash Plus RLP Short Term Fixed Income 
RLP Enhanced Cash Plus RLP Short Term Fixed Income Enhanced

The description of the fund objectives will also change. The objectives themselves aren’t changing and the funds will continue to be managed with the same process they have previously, however the changes below provide more clarity around the process.

RLP Short Term Fixed Income

The Fund’s investment objective is to achieve a total return over rolling 12-month periods by mainly investing in cash and cash equivalents and government securities. The Fund’s performance target is to outperform, before the deduction of charges, the Bank of England Sterling Overnight Interbank Average (SONIA) by 0.5% per annum over rolling 12-month periods.

A minimum of 50% of the Fund will be invested in a combination of money market instruments, including cash, time deposits, certificates of deposit and commercial paper and floating rate notes. Government bonds are also included in this segment of the Fund. In exceptional circumstances the Fund may invest up to 100% in money market instruments.

The Fund will also invest in a range of securities, including corporate bonds and supranational & agency bonds, asset backed securities and/or transferable securities. The Fund may also make use of reverse repurchase agreements. 

The Fund may also hold a small amount of its portfolio in derivatives (investments that derive their value from another closely related underlying investment) for the purposes of efficient portfolio management.

RLP Short Term Fixed Income Enhanced

The Fund is actively managed, meaning that the manager will use their expertise to select investments to meet the objective. The Fund’s performance target is to outperform, before the deduction of charges, the Bank of England Sterling Overnight Interbank Average (SONIA) by 0.5% per annum over rolling 12-month periods.

The Fund will invest at least 70% in Short Term Fixed Income Securities. Short Term Fixed Income securities are instruments, which will have a duration of 0-18 months. In a normal market environment these instruments can be easily and quickly liquidated. Examples of these include money market instruments, government bonds and corporate bonds.

A minimum of 50% of the Fund will be invested in a combination of money market instruments, including cash, time deposits, certificates of deposit and commercial paper, floating rate notes and government bonds. In exceptional circumstances the Fund may invest up to 100% in money market instruments.

The Fund will also invest in a range of other securities, which includes corporate bonds and supranational & agency bonds, covered bonds and/or transferable securities. The Fund may also hold derivatives (investments that derive their value from another closely related underlying investment) for the purposes of efficient portfolio management.

 

The respective factsheets will be updated will be updated with these details soon

After discussions with Dimensional we are pleased to announce the following reductions to the Total Expense Ration of the following funds:

 OldNew
FundAMCInvestment ExpensesTERAMCInvestment ExpensesTER
RLP/Dimensional Emerging Markets Core Equity 1.33% 0.09% 1.42% 1.31% 0.09% 1.40%
RLP/Dimensional Global Targeted Value 1.40% 0.04% 1.44% 1.35% 0.04% 1.39%
RLP/Dimensional UK Core Equity 1.11% 0.05% 1.16% 1.10% 0.05% 1.15%

On 22 March 2022, we were notified by Fidelity that they were suspending new money being invested in their Emerging Europe, Middle East and Africa fund which the above Royal London pension fund links to. This is due to the ongoing situation in Ukraine affecting market trading conditions.

Fidelity note:

Due to the unprecedented situation regarding the war in Ukraine, normal market trading conditions have been significantly impaired. Fidelity International, like many other asset managers, has experienced challenges in terms of liquidity across a number of its impacted funds, including the proportion of securities currently not tradeable, which have been significantly marked down.

It is always our duty to act in the best interests of all investors and ensure fair treatment. To do this, we need to make sure that all assets continue to be valued appropriately and that all trading activity on behalf of clients is done at a fair price.

Given the current circumstances and having looked in-depth at the options available to us to protect the interests of existing shareholders, we have decided to temporarily close the Fidelity Emerging Europe, Middle East and Africa Fund (OEIC) to new subscriptions and switches-in. Existing clients in the Fund can continue to redeem or switch out of the Fund as usual.

The outcome of this is we must also suspend new money into the RLP/Fidelity Emerging Europe, Middle East and Africa fund until the suspension on the underlying fund is lifted. This delay does not apply to members looking to exit the fund.

For further details please refer to our Q&A

For details of the RLP/Fidelity Emerging Europe, Middle East and Africa Fund, please see the factsheet available on this page.

Please also see our RLP Deferral Alternate fund factsheet.

If you would like any further information on how this affects you, please contact us on 0345 605 0050.

On 28 February 2022, we were notified by JPM that they were suspending dealing on their Emerging Europe Equity fund which the above Royal London pension fund links to. This is due to having the majority of its’ investments in Russian stocks and shares and the country recently closing their stockmarket due to the current conflict with Ukraine.

What’s changing?

The outcome of this is we must also suspend trading on the RLP/JPMorgan Emerging Europe Equity fund until the suspension on the underlying fund is lifted. This means that some transactions will be temporarily restricted from the fund (for up to one month). This delay does not apply to normal retirement claims, death claims or income requirements in drawdown. 

Why JPMorgan are making this change:

Due to the escalating conflict between Russia and the Ukraine, local market trading conditions are not currently operating as they normally would do and accordingly, we are unable to manage the fund in accordance with the investment objective and policy. Given these current market conditions, and in order to protect the interests of existing shareholders, JPMorgan Funds Limited has suspended the JPM Emerging Europe Equity Fund. Unfortunately, we are unable to say how long the fund will be suspended for, but the decision will be reviewed on an ongoing basis.

Will the fund charges continue to be taken?

JPMorgan have removed the investment charge from the fund during the suspension period leading to a reduction of 0.75%. The Royal London product/admin charge will continue to be taken during this period as we continue to administer and price the fund on a daily basis.

For further details please refer to our Q&A

For details of the RLP/JPMorgan Emerging Europe Equity fund, please see the factsheet available on this page

Please also see our RLP Deferral Alternate fund factsheet

If you would like any further information on how this affects you, please contact us on 0345 605 0050.

The following fund changes took place in November/December:

Old Fund NameNew Fund Name
RLP/Schroder MM Diversity Balanced RLP/Schroder Blended Portfolio 6
RLP/Schroder MM Diversity Tactical RLP/Schroder Blended Portfolio 7
RLP/Schroder MM International RLP/Schroder Global Equity
RLP/Schroder MM UK Growth RLP/Schroder UK Multi-Cap Income
RLP/First State Global Listed Infrastructure RLP/First Sentier Global Listed Infrastructure
RLP Asia Pacific Core Plus (Stewart Investors Asia Pacific Leaders) RLP Asia Pacific Core Plus (Stewart Investors Asia Pacific Leaders Sustainability)
RLP/Ninety One Cautious Managed RLP/Ninety One Global Income Opportunities

Please note that the fund charges remain the same.

The following changes have been made below:

Fund ManagerOld Fund NameNew Fund ManagerNew Fund Name
First State First State Global Listed Infrastructure First Sentier First Sentier Global Listed Infrastructure
Stewart Investors Stewart Investors Asia Pacific Leaders N/A Stewart Investors Asia Pacific Leaders Sustainability
Ninety One Ninety One Cautious Managed N/A Ninety One Global Income Opportunities

Please note that the fund charges remain the same.

RLAM have made changes to some of their passive equity funds which directly impacts the RLP American, RLP Pacific, RLP Japan and the RLP Far East (Ex Japan) pension funds as well as the RLL American and RLL Pacific life funds.

You can find out more about these changes here.

The table below shows the new fund names:

Old Fund NameNew Fund Name
RLP American RLP American Tilt
RLL American RLL American Tilt
RLP Far East (Ex Japan) RLP Far East (Ex Japan) Tilt
RLP Japan RLP Japan Tilt
RLL Pacific RLL Pacific Tilt
RLP Pacific RLP Pacific Tilt

The following change has been made to the fund name and fund manager of this fund:

Old Fund ManagerOld Fund NameNew Fund ManagerNew Fund Name
Legg Mason Legg Mason IF Royce US Smaller Companies Franklin Templeton FTF Royce US Smaller Companies
Letter

Please see an example of the client letter here.

RLAM will make changes to some of their passive equity funds which will directly impact the RLP American, RLP Pacific, RLP Japan and RLP Far East (ex Japan) pension funds. The changes will start to take place from 9 August 2021.
The changes will improve the Responsible Investment profile of the funds, whilst continuing to deliver returns in line with the traditional benchmarks with no increase in charges.

What’s changing?

The funds will move to an active management style, all controlled within a tracking error limit 0.4% - 0.6% relative to the benchmark, with a maximum limit of 1%.
They will increase and reduce allocation to companies and sectors dependent on key ESG metrics such as carbon intensity, executive pay and social controversies.

What impact will this change have on the funds?

In the first instance, the carbon intensity of the funds will reduce by between 10% and 30%.  This is a significant step towards achieving the global climate ambitions of being net zero by 2050 whilst continuing to deliver returns within a controlled framework.

The benchmark will remain the same, with no increase in charges. The aim of the funds will be changing to deliver returns in line with the benchmark over a 3-year period whilst incorporating Responsible Investment and ESG considerations into the investment process.

Letter

Please see an example of the client letter here.

BlackRock are changing the benchmark for two of the underlying funds which make up the RLP BlackRock ACS Global Blend pension fund. The change will come into effect at the end of June 2021.

What’s changing?

The underlying funds will now move to track an Environmental, Social and Governance (ESG) screened index. We do not expect these changes to impact the fund aim, which is to provide returns in line with its benchmark.

Why are BlackRock replacing the benchmark?

The change will address broad sustainability related factors and reduce risks related to a low carbon transition of the global economy.

The new indices will screen out certain stocks that do not meet specific ESG criteria such as controversial weapons, small arms and United Nations Global Compact violators as well as two fossil fuel screens related to thermal coal and oil sands.

Letter

Please see an example of the client letter here.

BlackRock are changing the benchmarks of the following pension funds - RLP BlackRock ACS European Index, RLP BlackRock ACS Japanese Equity Index, RLP BlackRock ACS UK Equity Index, RL BlackRock ACS US Equity Index and RLP BlackRock ACS World (ex UK) Equity Index. The changes will come into effect at the end of June 2021.

What’s changing?

The benchmarks will move to an Environmental, Social and Governance (ESG) screened index. We do not expect the changes to impact the aim of the funds, which is to provide returns in line with their benchmark.

Why are BlackRock replacing the benchmark?

The changes will address broad sustainability related factors and reduce risks related to a low carbon transition of the global economy.

The new indices will screen out certain stocks that do not meet specific ESG criteria such as controversial weapons, small arms and United Nations Global Compact violators as well as two fossil fuel screens related to thermal coal and oil sands.

Historic fund changes

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

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.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

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. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.