Standard Life Pooled Property Fund – Important information
As a result of the current COVID-19 crisis, Standard Life has announced that it is temporarily suspending trading in the Standard Life Pooled Property Fund. This is because of the difficulty in providing an accurate valuation of the Fund's property holdings during this period of heightened market uncertainty and lockdown restrictions. Currently, no timescale is available for how long this suspension will be in place, however as the situation becomes clearer, we will provide further information to members.
As a result of this suspension, Standard Life will currently not accept any new contributions into the Fund or any disinvestment requests to switch or withdraw money out of the Fund. This action is in line with a number of other property funds in the market. Standard Life has confirmed that the suspension is a temporary measure and does not reflect any fundamental underlying concerns with the Fund.
Additionally, the Trustee, and its advisers, remain comfortable offering this Fund on a self-select basis.
If you are actively contributing into this Fund, you are currently unable to invest further contributions in the Fund. A separate communication will be sent to you which contains further information on what the Fund suspension means for you and action required from you.
If you have savings in the Fund but are not actively contributing to the Fund, you are currently unable to access or switch any of your savings out of the Fund. Unfortunately this will be the case until the suspension is lifted.
You can view where your current pension savings are invested via the 'My Pension' area of the Scheme website at www.myallenoverypension.com
None of the other investment options available to you through the Scheme are affected.
The Trustee recommends that you regularly review your pension investments. It is important that you review the details of the funds that you are invested in to ensure they remain appropriate for your retirement plans. You may also wish to seek advice from an authorised independent financial adviser. You should note that neither the Trustee nor their advisers are authorised to provide you with independent financial advice. You can find information about financial advisers by going to www.fca.org.uk and searching for ‘finding an adviser’. Please remember that a financial adviser will charge you for providing advice, but they will discuss the cost of this with you before you use their services.
Please also be extra vigilant in respect of potential pensions scams. Scammers may see the coronavirus outbreak as an opportunity to take advantage of people’s uncertainty and potential vulnerability during this time. For more information please visit
If you have any questions, please contact Capita on AllenOvery@Capita.com
SL Investec Diversified Growth Pension Fund – Change in name
With effect from Monday 27 April 2020 the SL Investec Diversified Growth Pension Fund changed its name to the SL Ninety One Diversified Growth Pension Fund.
This change is purely a cosmetic alteration (with no underlying changes to the fund itself) resulting from the demerger of Investec Asset Management (the Fund manager) from the wider Investec Group.
None of your pension savings invested in the Fund are affected by this change.
Reduction in Management Charges for the Standard Life Pooled Property Fund
Standard Life have offered the Trustee a reduction in the management charge for the above fund for the period 1 August 2019 to 1 August 2020. As a result, members who are invested in or opt to invest in this fund will pay a reduced management charge of 0.40% p.a. over this period (usually 0.50%). Note, additional expenses will continue to apply and may fluctuate over time. More information on individual fund charges can be found in the Fund Details section of the website and also on the fund factsheets on the Standard Life website.
Annual Trustee Chair's Statement for the Defined Contribution section
The annual Trustee Chair's Statement for the Defined Contribution section covering the year to 31 December 2018 is now available. This can be viewed in the 'Member Communications' section of the Library.
Reduction in Fund Management Charges
The Trustee has been made aware of a reduction in fund charges for the Schroders Diversified Growth Fund and the Majedie UK Equity Fund. Note, additional expenses will continue to apply and may fluctuate over time. Further information on fund charges can be found on the Individual Funds section of the website or on the ‘Daily Fund prices’ section of the Standard Life Website.
Schroders Diversified Growth Fund
Schroders Investment Management have reduced the fee on the Fund by 0.05%, meaning members of the Allen & Overy Pension Scheme can invest in this Fund at a reduced management charge of 0.70% p.a with effect from 10 September 2019.
Majedie UK Equity Fund
Majedie have reduced the fee on the Fund by 0.10%, meaning members of the Allen & Overy Pension Scheme can invest in this Fund at a reduced management charge of 0.80% p.a. with effect from 1 October 2019.