On 20 February 2025, we’re closing the Scottish Equitable Somerset Global Emerging Markets fund available as part of our insured Pension and Aegon Retirement Choices (ARC) fund ranges.
When the fund closes, we’ll move investors into the Global Emerging Markets Equity Select Portfolio fund, unless they tell us to move it to a different fund before then.
We’re writing to all those affected to let them know about the closure.
Why we’re closing the fund
As part of our fund governance process, we constantly monitor and refine our fund ranges. The Scottish Equitable Somerset Global Emerging Markets fund hasn’t grown in size as we’d expected, so we’ve decided to close the fund.
What this means for investors
Until the fund closes, investors can stay invested and carry on paying into it. Then, on 20 February 2025, we’ll move their investment and all future investment into the alternative fund, free of any switch charge.
There’s more information about the alternative fund in the table below:
| Closing fund | Alternative fund |
|---|---|
| Scottish Equitable Somerset Global Emerging Markets | Global Emerging Markets Equity Select Portfolio |
| Total Charge1 (for Pension investors) | |
| 2.16% | 1.83% |
| Fund Charge2 (for ARC investors) | |
| 1.16% | 0.88% |
| Global Emerging Markets Equity Select Portfolio fund | |
| This multi-manager portfolio aims to provide a good level of long-term capital growth by investing in a number of high-quality emerging market equity (shares in companies) funds from different managers by targeting a return above the IA Global Emerging Markets sector median over rolling three-year periods. The underlying funds and the weightings held in the portfolio may change and the additional charges/ expenses may change when funds are replaced, added or removed from the portfolio or weightings between funds are changed. | |
Source: Aegon UK
1This includes a standard 1% product charge, a fixed management fee and expenses that vary with the day-to-day costs of running the fund.
2This is on top of any product or adviser charge and includes a fixed management fee, plus expenses that vary with the day-to-day costs of running the fund.
You can find more information about this fund in the fund factsheet on the ‘Fund prices and performance’ page of our website and viewing ‘Other fund ranges’ or ‘Aegon Retirement Choices (ARC)’.
There’s no guarantee the fund will meet its objectives. The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they’ve paid in.
What current investors need to do
If current investors are happy for their investment to move to the alternative fund, they don’t need to do anything. However, if investors feel that this fund isn’t suitable for them, they can move their investment with no switch charge, into a different fund or funds they choose by logging into their online account.
If you’re invested in this fund you should speak to your financial adviser, if you have one, about your options before making any decisions. There may be a cost for this. If you don’t have a financial adviser, you can visit moneyhelper.org.uk/choosing-a-financial-adviser to find the right one for you.