As a result of closures by the underlying fund provider, HBOS Investment Fund Managers (“HIFML”), on 20 May 2016 we will be closing 12 CMI Investment Solutions funds.
On 20 May 2016, we will transfer guided-architecture policyholders from the closing funds into an alternative from the available CMI fund ranges.
The same is true for the open-architecture policyholders, but with one exception, the Scot Wid (incl) Intl Fixed Inc Fund (IOM), all policyholders will be sold out and proceeds returned to their policy cash account.
The alternative funds have a broadly similar investment objective and in most instances have a lower annual management charge (AMC).
Policyholders invested in the closing funds have been written to. Full details, including which default fund we will transfer policy values into can be found in the sample letters opposite.
Should policyholders not wish to accept our default transfer option, they can choose to switch into any of the remaining Investment Solutions funds or any of the funds available to their policy by completing the relevant switch instruction or dealing recommendation form.
Capital Investor, Flexible Savings Plan, Flexible Funding Scheme, Guaranteed Equity Bond, International Premier Account, International Portfolio Bond, International Retirement Plan, International Savings Plan, Investment Account, Passport Range (Lifetime Choice, Lifetime Classic, Retirement Choice, Retirement Classic, Wealthmaster Choice, Wealthmaster Classic), Passport to Security, Personal Retirement Account, Premier Account, Premier Bond 1, Premier Bond 2, Premier Bond 3, UK Premier Bond, Secure Futures Plan, Worldwide Premier Account.