• 02 February 2024

    M&G Property Portfolio funds - update on distribution of money

    Following the announcement of the closure of the M&G Property Portfolio fund (and its feeder fund), M&G will be making a series of capital payments, as and when they manage to sell the funds’ assets. We’re expecting to receive an initial payment from M&G between 8 -13 February 2024. Here’s an update on when and how the first payments will be paid out.

    What’s happening?

    Following the announcement of the closure of the M&G Property Portfolio funds, M&G will make an initial payment, between 8 - 13 February 2024. M&G intend to make further payments as asset sales are completed, and anticipate these capital payments to take place on a quarterly basis. M&G expect it will take approximately 18 months for the majority of the portfolio to be sold, but this could take longer.

    What do you need to do?

    When we receive a capital payment from M&G, we'll calculate your share of the money and will pay it into your policy. To do that, we need you or your adviser to tell us which fund you would like us to invest these payments into as soon as possible. Your adviser will know how to send us your instructions.

    If you don't have an adviser, here's what you'll need to do:

    For non self-invested policies

    • Please send us your instruction by email to drawdown@phoenixwealth.co.uk or write to us at Phoenix Wealth, PO Box 1393, Peterborough, PE2 2TP.

    For self-invested policies

    • Please write out your instructions specifically stating that you'd like us to pay your share of the M&G Property Portfolio fund sale proceeds into the [full name of the fund of your choice]. Please include your policy number.
    • Sign your instructions, then scan and email them to isd@sipp-phoenixwealth.co.uk

    If we don’t get an instruction from you or your adviser, or if we don’t get it before we receive the first payment from M&G, we will pay it into the Phoenix Wealth L&G UK Property fund.

    We strongly recommend that you discuss this with your financial adviser who will be able to review your investments and advise you. If you don’t have an adviser you can find one by visiting Unbiased.

    What happens next?

    We will continue to update this ‘News and views’ section of our website, as and when M&G release further investments. Please check back regularly for any further updates.

    Where can I find out more?

    • Fund research: you can find details of alternative funds and the Phoenix Wealth L&G UK Property fund, performance and a factsheet through our fund information centre.
    • Your existing fund portfolios: you can view the funds you’re invested in online. To do this, you'll need to be registered for our online services. Registering is easy - for non self-invested policies, just visit our registration page here.

    You can also contact us - we’re here from 8.30am to 5.30pm, Monday to Friday.