In January 2009 we introduced a queuing system for customers wishing to surrender, transfer or switch money out of our UK unit linked life and pension property funds.
This queuing system was introduced to manage requests to withdraw money from the funds in difficult market conditions where selling property at a reasonable price became more difficult to achieve. The queuing process was designed to help us control the process of selling properties and achieve a better price for our customers.
More recently, conditions in the commercial property market have improved with signs of confidence beginning to return to the market. Also, a reduction in the number of requests to withdraw money from the funds means that we no longer need to sell properties to release cash to customers.
As a result, we are pleased to announce that the queue has now been cleared and any new requests to surrender, switch or transfer money from the funds will be processed in line with our usual service standards.
We want to thank our customers for their patience during this period.
Although the economic climate has recently improved, it is important to remember that exceptional market conditions at any time in the future could lead to the reintroduction of a queuing system for these funds.
Whilst it is difficult to be certain that the commercial property market is undergoing a sustained recovery, investor sentiment towards commercial property has improved. Looking ahead, opportunities exist to purchase new property at an attractive price, leading us to feel more optimistic about the medium to long-term outlook for the funds. You should remember, however, that the value of any investment in these funds can go down as well as up.
Despite the recent downturn, we believe that commercial property will continue to have an important role to play in a well-balanced investment portfolio.
For more information about the funds and their performance, please refer to the fund prices tool available on this website.
We strongly recommend that you speak to a financial adviser before making any investment decision, whether you plan to increase or withdraw your investment in the funds.
If you wish to make a change to your investment, or discuss the options available to you, please contact us on one of the following numbers according to the type of plan you have.
Individual Pensions
0845 6060 100
SIPP
0845 0845 000
Group Pensions
0845 6060 075
Life
0845 6060 100
Wrap
0845 279 1001
Telephone lines are open between 9am and 5pm, Monday to Friday. Call charges may vary.
