• 28 January 2020

    LF Woodford Equity Income Fund - update on closure and distribution of money

    Link Fund Solutions (LFS), who administer the underlying fund will be making capital distributions in phases as and when they manage to sell assets. We’re expecting to receive the first proceeds, between 60% and 70% of the value of the fund on the day of release, on or around, 30 January 2020.

    What does this mean for customers invested in the Woodford Equity Income fund?

    We will calculate your share of the money sent to us by LFS and move it to another fund called the Artemis Income Fund. This fund has been chosen because it closely matches the characteristics of the LF Woodford Equity Income Fund.

    We’ll continue to do this as, and when, we get more money from LFS. We will complete each switch transaction into the Artemis Income Fund within a week of the funds being received. These will be effective from our date of receipt. We will confirm the switches by sending a fund switch statement each time.

    If you’re invested in the mutual fund directly through a self-invested policy we will retain it in the cash account until we receive instructions from you or your adviser. We will write to you or your adviser once this is in your cash account.

    We will continue to update you as and when LFS release further investments.

    There will continue to be restrictions on policy transactions for as long as you have investments in the LF Woodford Equity Fund, and we’ll contact you or your adviser where appropriate.

    Where can I find out more?

    Further information can be found by visiting the Link Fund Solutions website.

    You can always contact us if you have any questions. You can also view details of the funds you’re invested in online. To do this you’ll need to be registered for our online services. Registering is easy, just visit our registration page.

    Please note that the date and amounts quoted above are estimates and may change.

    A change to your fund can be significant and can affect the size of your pension pot when you retire. If you have any concerns, you should think about speaking to an adviser to discuss your options; you may be charged for any advice you receive.