Irish Life websites

Changes to the UK Property Fund

Monday, October 24, 2016

In July 2016, we introduced a six-month delay (notice period) in cashing out or switching from the UK Property Fund.

The reason for this was that in the weeks leading up to the introduction of the delay, there had been an increase in the number of withdrawal and switch requests out of the UK Property Fund. As a result, we needed to ensure that property sales were managed in a controlled manner. To ensure the fair treatment of all investors in the fund, we introduced the six month notice period in cashing out or switching from the UK Property Fund with effect from 12 July 2016.

This notice period has now been removed from the UK Property Fund with effect from 21 October 2016. This means that any requests to cash out (partially or fully), or switch investments from this fund can be processed without delay.

Where a request to cash out or switch from the UK Property Fund was previously made but put on hold due to the six month notice period being in place, processing of these requests began immediately after the notice period was removed. 

Please note that a notice period may be reintroduced on this fund in the future. The length of any notice period in place in the future may vary 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 your product literature.

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.