Closure of Templeton Global Total Return and Templeton Global Bond ILP sub-funds

30 Nov 2022

Closure of the below Friends Provident International Limited ("FPIL") investment-linked policy ("ILP") sub-funds:

• R188 Templeton Global Total Return (EUR) (the “Affected ILP sub-fund 1”)
• R115 Templeton Global Total Return (USD) (the “Affected ILP sub-fund 2”)
• R124 Templeton Global Total Return (SGD HDG) (the “Affected ILP sub-fund 3”)
• R131 Templeton Global Bond (USD) (the “Affected ILP sub-fund 4”)
• R123 Templeton Global Bond (SGD HDG) (the “Affected ILP sub-fund 5”)

(together the “Affected ILP sub-funds 1-5”)

We continually monitor our ILP sub-fund range in order to achieve quality and diversity for our international investors. Following a review, we will be realigning the ILP sub-fund range that is available to policyholders. This action aims to provide an updated and comprehensive selection of ILP sub-funds to our policyholders.

As a result, FPIL has made the decision to remove the Affected ILP sub-funds 1-5 from the ILP sub-fund range with effect from 1 March 2023 (the “Effective Date”). We will stop accepting any new investment instruction to the Affected ILP sub-funds 1-5 from 30 November 2022.

Policyholders are free to re-direct future regular premiums and switch existing investments, without charge, to any other ILP sub-fund(s) available under their policy by completing a Switch/Redirect request form, a copy of which can be found opposite, and returning it to our office or through our online services portal on or before 3pm (UK time) on 22 February 2023 (the “Deadline”). If policyholders fail to submit an instruction by the Deadline, we will direct, without charge, all regular premiums and existing investments received after the Deadline for the Affected ILP sub-funds 1-5 to the Default ILP sub-funds listed in the table below.

We select the Default ILP sub-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 policyholder letter opposite for details of the Default ILP sub-fund. 

We have selected the Default ILP sub-funds as these show a high level of similarity in investment objective and portfolio allocation to the Affected ILP sub-funds 1-5.

Please refer to the Appendix found in the Sample policyholder letter opposite for comparative information between the Affected ILP sub-funds 1-5 and the Default ILP sub-funds.

Full details in relation to this notification can be found in the Sample policyholder letter opposite.

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

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