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Standard Life property funds update
03 November 2020
Suspension period lifted on the Standard Life Property Fund and the Standard Life Global Real Estate Fund
Earlier this year, Aberdeen Standard Investments introduced a temporary suspension period (also known as a delay period) on two property funds. This was due to the impact that COVID-19 was having on the property market.
As more certainty has returned to global property valuations, the suspension period on these two funds will be lifted on 16 November 2020 and monies will be permitted into and out of these funds on or after this date.
What does this mean for my customers currently invested in these funds?
From the 16 November 2020 :
- If a customer requested a switch, surrender or transfer during the suspension period that is currently queued, these will be processed effective 16 November with normal processing times being applied depending on the request type. They’ll get confirmation of this by post. For example, for switches, once the suspension period is lifted on 16 November and we are ready to process, we transact the switch two working days later (T+2) (this does not include bank holidays. For example, if received at 10am on Tuesday, the switch will be processed using Thursday’s prices.
- Customers can switch and transfer into and out of these funds as well as being able to make and increase regular premiums as normal.
- They can increase their regular withdrawals or take ad hoc withdrawals.
- If their regular premiums were redirected as result of the suspension period, we’ll redirect their future premiums back into the appropriate property fund along with any monies that have built up in the redirected fund.
- Retirement and death claims will continue to be unaffected by this change.
Does my customer need to do anything?
If your customer wants to take a different action other than what is detailed above, they should speak to you.
If we don’t hear anything back from your customers before 12 November, we will automatically process requests received during the suspension period when the suspension is lifted on 16 November 2020.
Where can my customers and I find out more?
We will be writing to customers informing them of the suspension period being lifted, and requesting for them to contact their financial adviser.
Customers can also contact us by email or by phone as usual. Wherever possible, we ask that they use our email services which they may also find quicker at this time.
You can also speak to your Standard Life Business Manager for more information.
We’ll continue to update this page as and when further information becomes available.