Notification of closure of L48 Invesco Global Targeted Returns (USD HDG)

05 Jan 2024

Notification of closure of L48 Invesco Global Targeted Returns (USD HDG) (the “Affected Mirror Fund”)

We have received notification from the directors and management company of Invesco Funds (the “Company”) that Invesco Global Targeted Returns Fund, the underlying fund of the Affected Mirror Fund, will merge into Invesco Sustainable Global Income Fund (the “Receiving Underlying Fund”) with effect from 16 February 2024, as part of the Company’s ongoing fund review process.

As the Receiving Underlying Fund is not part of the FPIL mirror fund range, we have therefore taken the decision to switch holdings and redirect future regular premiums from the Affected Mirror Fund into an alternative mirror fund in the range - J43 Ninety One GS Global Multi-Asset Income (the “Default Replacement Mirror Fund”). 

We select the Default Replacement Mirror Fund based on various factors which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.  

Please refer to the Appendix in the sample client communication opposite for comparative information between the Affected Mirror Fund and the Default Replacement Mirror Fund. 

Whilst appropriate due diligence has been carried out on the Default Replacement Mirror Fund, we do not accept any liability for the future performance of this, or any other FPIL fund.

Premiums will be redirected into the Default Replacement Mirror Fund from 8 January 2024 (the “Redirection Date”).  We will stop accepting any instructions to switch in, or request to increase regular premium payments, to the Affected Mirror Fund with immediate effect.

Unless we receive alternative instructions, holdings in the Affected Mirror Fund will be switched into the selected Default Replacement Mirror Fund on 7 February 2024 (the “Effective Date”).

These changes will happen automatically within affected policies and policyholders do not need to take any action if they agree with the stated changes.  We recommend that policyholders seek the advice of their usual financial adviser before making any investment decisions.  

Policyholders can however choose to switch their current holdings in the Affected Mirror Fund, and/or redirect premiums or contributions if applicable, into a different fund in the FPIL range, free of charge. Policyholders can do this at any time, but if they wish to override the switch of holdings to the Default Replacement Mirror Fund that we have selected, they must provide us with alternative instructions by 3pm UK time on 6 February 2024.

No FPIL charges will arise from these transactions.

Should you have any questions regarding these changes, please contact the Investment Marketing team.