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Why make these changes? We have identified a number of Fidelity funds which invest in a UK Open-Ended Investment Company (OEIC). There is a concern that a no-deal Brexit will lead to loss of the fund’s Undertakings for Collective Investments in Transferable Securities (UCITS) designation and potentially loss of all passporting rights in the EU. The funds in question are as follows:
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How will the changes be made?
We will be closing these funds in November 2019. After mid November, we automatically switch policyholder investments and any future payments from these funds into the Fidelity World Fund.
As the Fidelity World Fund is domiciled in Luxembourg its UCITS designation will be unaffected irrespective of the outcome of Brexit.
There will be no change to the annual management charge applicable.
On our volatility rating scale where 1 is very low risk and 7 is very high risk, the volatility rating for the Fidelity World Fund is a risk rating 6. The risk rating of the current funds is also risk 6.
A fund factsheet for the new fund is available here and will also be available in the Irish Life Corporate Business Investment Centre in due course.
What do I need to do?
There is no need for your clients to take any action. These changes will happen automatically.
We have communicated the changes to affected policyholders to make them aware of the changes outlined.
If you have any questions regarding this please do not hesitate to contact Irish Life Corporate Business Customer Support Team at Happytohelp@irishlife.ie or on 01 7042000 between 9am and 5pm.
