Notification of closure of various Invesco funds

19 Jun 2024

•    A35 / B35 Invesco UK Investment Grade Bond
•    A51 / B51 Invesco Global Bond
•    A33 Invesco USD Ultra-Short Term Debt
•    A45 / B45 Invesco Pan European Equity Fund A
•    A53 / B53 Invesco Asia Opportunities Equity
•    A44 Invesco Japanese Equity Advantage
(the "Closing Mirror Funds")

We continually monitor our fund range in order to achieve the quality and diversity for our international investors. Our review, which may include the addition or removal of funds, aims to provide an updated and comprehensive selection of investment-linked funds to our policyholders. As a result of a recent review, the Closing Mirror Funds will be removed from the FPIL fund range from 25 September 2024 (the “Effective Date”). 

For each Closing Mirror Fund, we have selected another fund from our internal fund range (the “Default Replacement Mirror Funds”) to act as an alternative investment for the resulting proceeds being switched out of the closing funds.  Please see the table below for the selected Default Replacement Mirror Funds:

Closing Mirror FundDefault Replacement Mirror Fund
A35 / B35  Invesco UK Investment Grade BondP75 Invesco Sterling Bond
A51 / B51 Invesco Global BondL33 PIMCO Global High Yield Bond
A33 Invesco USD Ultra-Short Term DebtL60 Fidelity Funds US Dollar Cash (USD)
A45 / B45 Invesco Pan European Equity Fund AJ76 Principal European Responsible Equity (USD)
A53 / B53 Invesco Asia Opportunities EquityJ02 Invesco Asian Equity
A44 Invesco Japanese Equity AdvantageR63 Allianz Japan Equity

We will stop accepting any instructions to switch in, or request to increase regular premium payments, to the Closing Mirror Funds with immediate effect.

Unless we receive alternative instructions, regular premiums will be redirected and/or current holdings will be switched into the selected Default Replacement Mirror Fund(s) on the Effective Date.

We select a Default Replacement Mirror Fund 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 comparison details between the Closing Mirror Funds and the Default Replacement Mirror Funds. 

Please note that distributions will no longer be applicable following the closure, as the Default Replacement Mirror Funds, in line with the rest of the FPIL mirror fund range, are not distribution funds.

Whilst appropriate due diligence has been carried out on the Replacement Mirror Funds we do not accept any liability for the future performance of these, or any other FPIL mirror funds.

These changes will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Mirror Fund(s) that we have selected.  

Policyholders can choose to switch their current holdings, and/or redirect regular contributions if applicable, into a different fund in the FPIL range.  This can be done at any time, however in order to override the transfer and/or redirection to the Default Replacement Mirror Fund(s)  that we have selected, will require alternative instructions by 3pm UK time on 23 September 2024.

Factsheets for the available FPIL funds can be found via our interactive Fund Centre research tool.  Full details on the underlying funds of the mirror funds can be found in the fund prospectus, which is available on request.

We have contacted impacted policyholders and their financial advisers to notify them of the closures; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.

We recommend that policyholders seek the advice of their usual investment adviser before making any investment decisions.

Should you have any questions regarding this notification, please contact the Investment Marketing Team.