Hard Closure of P55 Invesco UK Equity (GBP) & J73 Invesco UK Equity (USD)

06 November 2020

We continually monitor our fund range according to the parameters set out in the FPIL Fund Facts sheets. Following a review, we will be realigning the fund range that is available to our unit-linked products. This will result in the closure of some of our FPIL funds, as well as the selection of new FPIL funds that we feel are appropriate to achieve the quality and diversity required by our international investors.

Consequently, the funds named above (the “Closing Funds”) into which you are currently invested into one or both and/ or into which you are making ongoing contributions will be closing. These Closing Funds will be removed from the FPIL mirror fund range from 12 February 2021 (the “Closure Date”). From the Closure Date no new single or regular contributions will be permitted into the Closing Funds, whether from new or existing investors. From the date of this letter, only continuing regular contributions will be permitted into the Closing Funds until the Closure Date. These ongoing contributions into the Closing Funds may not be increased from their current level.

When an FPIL fund is closed we select another fund from our internal fund range (the “Default Fund”) to act as an alternative investment for the resulting proceeds being switched out of the Closing Fund and for any future contributions that may be directed into the Closing Fund.

Details of the Closing Funds and the Default Fund are set out below.

	Closing Fund	Default Fund
Fund name	Invesco UK Equity (GBP)	BlackRock United Kingdom (GBP)
Fund code	P55	L83
Currency	GBP	GBP
Investment objective of the underlying fund	The Fund aims to achieve capital growth. The Fund seeks to achieve its objective by investing primarily (at least 70% of the net asset value of the Fund) in equity securities issued by (i) companies having their registered office in the United Kingdom, (ii) companies and other entities located outside the United Kingdom carrying out their business activities predominantly in the United Kingdom, or (iii) holding companies, the interests of which are predominantly invested in subsidiary companies with a registered office in the United Kingdom. Up to 30% of the net asset value of the Fund may be invested in cash and cash equivalents, money market instruments, equity and equity related securities or debt securities issued by companies carrying out business in the United Kingdom without meeting the above requirements. For the avoidance of doubt, less than 30% of the net asset value of the Fund may be invested in debt securities.	The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom. The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Ongoing Charges Figure (OCF) of the underlying fund	1.94%	1.83%
Risk profile (determined by Friends Provident International for reference only)	4	4

	Closing Fund	Default Fund
Fund name	Invesco UK Equity (USD)	BlackRock United Kingdom (GBP)
Fund code	J73	L83
Currency	USD	GBP
Investment objective of the underlying fund	The Fund aims to achieve capital growth. The Fund seeks to achieve its objective by investing primarily (at least 70% of the net asset value of the Fund) in equity securities issued by (i) companies having their registered office in the United Kingdom, (ii) companies and other entities located outside the United Kingdom carrying out their business activities predominantly in the United Kingdom, or (iii) holding companies, the interests of which are predominantly invested in subsidiary companies with a registered office in the United Kingdom. Up to 30% of the net asset value of the Fund may be invested in cash and cash equivalents, money market instruments, equity and equity related securities or debt securities issued by companies carrying out business in the United Kingdom without meeting the above requirements. For the avoidance of doubt, less than 30% of the net asset value of the Fund may be invested in debt securities.	The Fund aims to maximise the return on your investment through a combination of capital growth and income on the Fund’s assets. The Fund invests at least 70% of its total assets in the equity securities (e.g. shares) of companies incorporated or listed in the United Kingdom. The investment adviser (IA) may use financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets) for investment purposes in order to achieve the investment objective of the Fund, and/or to reduce risk within the Fund’s portfolio, reduce investment costs and generate additional income. The Fund may, via FDIs, generate varying amounts of market leverage (i.e. where the Fund gains market exposure in excess of the value of its assets).
Ongoing Charges Figure (OCF) of the underlying fund	1.94%	1.83%
Risk profile (determined by Friends Provident International for reference only)	4	4

* Policyholders should note that while the Affected Investment-linked Fund is priced in USD, the Default Investment-linked Fund is priced in GBP. This means there will be a difference in foreign exchange risk exposure, and that any exchange rate movements between these two currencies may affect the policy performance. If your policy currency is not in GBP, your investment will be subject to foreign exchange risk when switching into the Default Investment-linked Fund.

Whilst appropriate due diligence has been carried out on the Default Fund we do not accept any liability for the future performance of this, or any other FPIL fund.

Should you have any questions regarding these changes, please contact International Funds & Investments.