Fund sector review

15 Apr 2025

We regularly review the ILP sub-funds available in our Friends Provident International Limited ("FPIL") fund range to ensure that policyholders continue to have access to a high quality and diverse range of funds, to help them meet their investment goals. The review process considers the performance and risk profile of funds within the range to determine whether they continue to provide the right outcomes for investors and remain appropriate for our products. Within this process we will consider the closure of ILP sub-funds that no longer meet certain requirements and also the launch of new ILP sub-funds that will provide new investment opportunities.

Results of our recent review

We have recently completed a review of a number of the sectors with the Singapore ILP sub-fund range and as a result we are closing seventeen of our existing ILP sub-funds (together the “Closing ILP sub-funds”). These amendments to the range sit within the Asian Bond, Global Equity, Latin America Equity, Single Country Equity, USD Money Market and Global Managed sectors.

The Closing ILP sub-funds will be removed from the Singapore ILP sub-fund range on 17 July 2025 (the “Closure Date”). With effect from 17 April 2024, we will stop accepting any new instructions to switch into the Closing ILP sub-funds. 

What will happen to existing holdings in, and any regular premium payments being allocated into, the Closing ILP sub-funds?

When a FPIL fund is closed we select another fund from our internal fund range (a “Default Replacement ILP sub-fund”) to act as an alternative investment for the resulting proceeds being switched out and for any regular contributions that are currently being allocated into a closing ILP sub-fund. 

We select the Default Replacement 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 client communication opposite for details of the Closing Funds and the chosen Default Replacement ILP sub-funds. 

Whilst appropriate due diligence has been carried out on the Default Replacement ILP sub-funds we do not accept any liability for the future performance of these, or any other FPIL ILP sub-fund.

Only continuing regular premiums will be permitted into the Closing ILP sub-funds until the premium redirection date of 9 July 2025 (the “Redirection Date”) and may not be increased from their current level. On the Redirection Date, any regular premium allocation in the Closing ILP sub-funds will be redirected into the Default Replacement ILP sub-funds. 

All holdings in the Closing ILP sub-funds will be switched into the corresponding Default Replacement ILP sub-funds from the Closure Date.

These changes will happen automatically to policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement ILP sub-fund(s) that we have selected. If policyholders wish to override the transfer or premium redirection to the Default Replacement ILP sub-fund that we have selected, we must receive an alternative instruction by 3pm UK time on 8 July 2025. No FPIL charges will arise from these transactions. 

Additions to the Singapore ILP sub-fund range

We will be launching three new ILP sub-funds denominated in USD currency into our  Singapore ILP sub-fund range on 9 July 2025. These new additions to the range sit within the Global Equity and Asian Bond sectors. These ILP sub-funds will be used as Default Replacement ILP sub-funds for some of the Closing ILP sub-funds, as detailed in the Appendix. Please see table below for the names of our new funds:

Full information for the underlying funds to the ILP sub-funds is detailed in the relevant fund's prospectus, which can be found on the Product Highlights Sheets page of our website, including the newly launched ILP sub-funds. Factsheets for the current range of ILP sub-funds are available via now our interactive Fund Centre research tool and after 9 July 2025 for the new ILP sub-funds. 

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