Background
In January this year, in common with a number of other providers, we had to defer certain withdrawals from our property funds. A number of properties have now been sold, and we’ll shortly be able to start to settle the deferred transactions.
What happens now?
Where you’ve asked us to cash in (surrender or transfer) your plan, we started to make payments from Monday 11 August. The prices that apply will be those on the date we process your request.
Where we received a request to switch from the property to other funds before 1 August, as market conditions have changed since the request was made you may wish to reconsider. We’ll write to you, or your adviser if they made the request, to give you the opportunity to cancel your instructions or change the funds into which the property holdings should be switched. We’ll then process switches at the prices ruling on Monday 8 September.
Are withdrawals still deferred?
So we can process deferred requests in the order we received them, any new withdrawal requests will for the time being continue to be deferred, in line with policy conditions. Switch requests that we receive at our head office after Thursday 31 July and before close of business on Monday 29 September will be processed at fund prices applying on Wednesday 1 October.
Based on the current level of transactions, we anticipate lifting the deferment restrictions when we’ve processed all deferred requests. This means that, while we might not immediately process switch requests we receive at our head office on or after Tuesday 30 September, we’ll process each at the price date pertinent to our normal switch procedures.
More information
You can have a look at our latest quarterly factsheet here. If you have any questions about this, please contact your adviser in the first instance. Alternatively, please call our dedicated property number: 08456 100 003.
