On 18 September 2020, the charges for the Scottish Equitable Cirilium funds reduced across our pension and Aegon Retirement Choices (ARC) fund ranges.
Investors may have noticed the reduction in charges on their plan statements or via their online account.
Why the charges have reduced
The underlying fund manager, Quilter Investors Limited, has reduced the cost of managing these funds. As a result, the Total Charges for the Scottish Equitable version of the funds has also reduced. The Fund Charges for the ARC versions of these funds have also reduced.
Pension investors
For pension investors, in our older products, the old and new Total Charges* are shown below:
| Fund name | Old Total Charge | New Total Charge |
|---|---|---|
| Scottish Equitable Cirilium Balanced | 2.24% | 2.15% |
| Scottish Equitable Cirilium Conservative | 2.09% | 2.05% |
| Scottish Equitable Cirilium Dynamic | 2.24% | 2.15% |
| Scottish Equitable Cirilium Moderate | 2.24% | 2.15% |
*This includes a standard 1% product charge, a fixed management fee and expenses that vary with the day to day costs of running the fund. You may pay a different product charge.
ARC investors
For ARC investors, the Fund Charge** also reduced and are now as follows:
| Fund name | Old Fund Charge | New Fund Charge |
|---|---|---|
| Scottish Equitable Cirilium Balanced (ARC) | 1.24% | 1.15% |
| Scottish Equitable Cirilium Conservative (ARC) | 1.09% | 1.05% |
| Scottish Equitable Cirilium Dynamic (ARC) | 1.24% | 1.15% |
| Scottish Equitable Cirilium Moderate (ARC) | 1.24% | 1.15% |
** This is on top of any product or adviser charge you pay and includes a fixed management fee plus expenses that vary with the day to day costs of running the fund. The fund charges may differ for Retiready (RR) or Aegon One Retirement (AOR).
What this means for investors
Existing investors don’t need to do anything. There are no other changes to the Scottish Equitable Cirilium funds and the charge reduction was applied automatically. The objectives and Aegon risk ratings of all the funds have remained the same.