Select Property Fund - important information

We have recently been advised of errors in the pricing of Standard Life Investments Select Property Fund. The Fund's price was overstated by an accounting error in the treatment of income from some of the Fund's direct property assets and also from the mispricing of a listed property security. These errors have been corrected and we are now in the process of updating our records and where appropriate, remediating our clients.

Impact on customers
In order to treat all customers fairly, we will correct records putting customers back into the position they would have been in had the error not occurred.

We are writing to customers who have received incorrect documentation and who will see an increase or decrease of more than £100 at the date of correction. The letter will notify them of the error and include details of their fund holdings. We are also writing to customers who have closed their policy or policies and been underpaid by £10 or more.

Since this error has come to light, we have put in place further rigorous controls and will continue to monitor and review our processes to minimise the likelihood of this happening again.

I regret this issue has arisen and apologise for any inconvenience we have caused. Standard Life remains committed to providing our customers with the levels of service they expect.

Customers or advisers can contact us on our dedicated numbers. (Calls may be recorded/monitored to help improve customer service. Call charges may vary.)

Individual Pensions
0845 279 8871

SIPP
0845 272 6646

Group Pensions
0845 279 8873

Life
0845 279 8872

Ronnie Collard
Managing Director, Customer Services