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Update on Standard Life property funds on executive pensions
Legislation recently introduced means that from 22 April 2021 no more than 50% of total investments in an executive pension can invest in unregulated markets such as direct property.
As a result of this legislation, Standard Life has decided to close both the Standard Life Property Fund and the Standard Life Global Real Estate Fund to new investments on the Synergy Executive Pension and the Executive Pension Plus from 6 September 2021.
These funds continue to be available on all other Synergy Products.
What this means for customers
From 6 September 2021, customers can no longer make any new investments into the Standard Life Property Fund or the Standard Life Global Real Estate Fund. This means
- they can’t make single contributions, transfer payments, or new regular investments into either property fund,
- they can’t switch or redirect regular premiums into either property fund,
- they can’t increase their regular premiums into either property fund.
We are seeking clarification from the Pensions Authority about what this means for those customers already making a regular contribution into either property fund.
We will contact them if they are required to make any changes to their regular premium investments.
We are writing to all customers invested in the fund, notifying them of these fund closures to new investments. We’ll be asking them to speak to their financial adviser for advice.
Please note that these funds continue to be available on all other Synergy Products.
If you have any queries on this fund closure to new investments, please speak to your Standard Life Business Manager.