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

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.

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 1.50% 0.12% 1.62% 1.33% 0.09% 1.42%
RLP/Dimensional Global Core Equity 1.25% 0.05% 1.30% 1.17% 0.04% 1.21%
RLP/Dimensional Global Targeted Value 1.45% 0.05% 1.50% 1.40% 0.04% 1.44%
RLP/Dimensional UK Core Equity 1.12% 0.08% 1.20% 1.11% 0.05% 1.16%

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.