From 7 November 2024, the funds our Retiready ISA Solutions 2-5 invest in are closing. The funds invest directly in BlackRock Volatility Strategy funds, managed by BlackRock.
BlackRock is closing the funds from the above date which means the investments used for our Retiready ISA Solutions 2-5 will no longer be available.
We’re writing to all those affected to let them know about the closure.
The funds affected:
Closing fund |
|
|---|---|
Retiready Solution 2 |
BlackRock Volatility Strategy I (E share class) |
Retiready Solution 3 |
BlackRock Volatility Strategy II (E share class) |
Retiready Solution 4 |
BlackRock Volatility Strategy III (E share class) |
Retiready Solution 5 |
BlackRock Volatility Strategy IV (E share class) |
What this means for investors
When the funds close, we’ll move all existing customers investments into their cash facility. Any payments intended for these funds after 31 October 2024 will also go into their cash facility. When this happens, they’ll no longer be invested in stocks and shares. There’s no annual charge for remaining in the cash facility.
When savings are held in cash over the long-term, the value and level of income investors can take from them may not keep up with inflation.
Going into the cash facility means any existing customers investment remains in their ISA, and they won’t lose their current tax benefits. They can transfer to another ISA product without impacting their ISA allowance for the current year.
The value of any tax benefits will depend on individual circumstances. The favourable tax treatment of ISAs may not be maintained in the future.
Next steps
We’re writing again soon to existing investors about how they can reinvest the cash in their cash facility into new investment solutions. The table below has some initial information about the new investment solutions we’re working to make available after the closure (links to the funds factsheets and Key Investor Information Documents (KIIDS)):
Affected Retiready ISA Solution |
New fund (available after closure) |
More information |
|---|---|---|
Retiready Solution 2 |
WS Aegon Risk-Managed 3 |
|
Retiready Solution 3 |
WS Aegon Risk-Managed 4 |
|
Retiready Solution 4 |
WS Aegon Risk-Managed 5 |
|
Retiready Solution 5 |
WS Aegon Risk-Managed 6 |
|
Source: Aegon UK
Please remember that the value of investments may go down as well as up and you may get back less than you invest.
What current investors need to do
If you’re invested in these funds, you should read the email we’ve sent carefully and consider your options. Please speak to a financial adviser if you’re not sure what these changes mean for you. There may be a charge 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.