Scottish Life makes changes to UK Equity Core Plus Fund

Scottish Life, the pensions specialist arm of the Royal London Group, has announced that from 7 May 2010 the underlying investment within the Scottish Life UK Equity Core Plus Pension Fund will change from JP Morgan Premier Equity Growth to Cazenove UK Growth & Income.  This change reflects Scottish Life's commitment to strong and effective investment governance. 

The process of replacing an underlying fund has been designed to be a seamless transition and includes proactive communication with advisers and policyholders prior to any change being made.

Nick Leitch, Head of Investment Marketing at Scottish Life, commented: "We take a proactive role in the governance of our investment fund range and we're committed to providing advisers and their clients with strong performing funds. 

"After rigorous analysis, it was decided that the style and process of the Cazenove UK Growth & Income fund make it better suited to delivering consistent performance in changing market conditions.  The fund has a long track record of strong performance and we are confident that this decision will have a positive impact for policyholders

"Effective governance lies at the heart of our investment proposition.  As part of the ongoing governance we also recently made asset allocation changes within our Governed Range.  The benchmarks for Governed Portfolios 4, 5, 7, 8 and 9, as well as the Balanced Short and Adventurous Short Managed Strategies changed with effect from 12 January 2010 to ensure they continue to remain appropriate for the relevant risk profiles.  All had exposure to equities reduced in favour of index linked and corporate bonds, except Governed Portfolio 7, where equity exposure was reduced in favour of property."

Further information about these changes is available at scottishlife.co.uk/iacfundchanges.