Irish Life websites

UK Property Fund

Tuesday, July 12, 2016

In recent weeks, there has been an increase in the number of withdrawal and switch requests out of the UK Property Fund. As a result, we need to ensure that property sales are managed in a controlled manner. Therefore, to ensure the fair treatment of all investors in the fund, we have made the following change to the UK Property Fund with effect from 12 July 2016.

We have introduced a six-month delay (notice period) in cashing out or switching from the UK Property Fund.

This means that any requests to cash in (partially or fully), or switch investments from this fund will be processed using the fund price at the end of the six-month notice period after the request and not the fund price on the date of the request to switch or withdraw. The six month notice period does not apply to death claims, or to customers taking retirement benefits from a pension plan. These are the only exceptions to the notice period.

We have previously highlighted the possibility of this happening in product literature.

The length of any notice period in place in the future may vary from the current six-months depending on the length of time required to make whatever property sales are necessary to fund exits. Where this is subject to a maximum, the maximum length of any notice period is stated in product literature. The notice period will be removed from the fund when conditions allow.

However, if you have any questions or would like to discuss this further, please contact your financial adviser or call our Customer Service team on 01 704 1010.