Notification of closure of various Mirror Funds - Rest of the World Fund Review Phase 2

09 Jul 2026

Only impacts the fund range for Rest of the World designated policyholders

• L93 AB Sustainable Global Thematic (USD)
• L94 CT Responsible Global Equity (GBP)
• L47 Fidelity America
• L89 HSBC Global Equity Climate Solutions (USD)
• J57 Invesco Global Health Care Innovation
• J95 JPMorgan Pacific Technology
• L88 Ninety One Global Enviroment (USD)
• L90 Pictet Timber (USD)
• L97 Robeco Healthy Living (USD)
• L91 Robeco Smart Energy (USD)
• R97 Templeton Asian Bond
• J60 Templeton Emerging Markets
• L51 Value Partners Greater China High Yield Income

(together the "Closing Mirror Funds")

To ensure that policyholders continue to have access to a high quality and diverse range of funds, to help them meet their investment goals, we regularly review the mirror funds available in our FPIL fund range. The review process considers the performance and risk profile of funds within the range to determine whether they continue to provide the right outcomes for investors and remain appropriate for our products. Within this process we will consider the closure of mirror funds that no longer meet certain requirements and also the launch of new mirror funds that will provide new investment opportunities.

Results of Fund Sector Review Phase 2

As a result of a recent review of the Fixed Interest - Asia, Equity - Emerging Markets, Equity - North America, Responsible Investing, and Specialist fund sectors, the Closing Mirror Funds will be removed from the FPIL fund range from 9 October 2026 (the Effective Date). 

With immediate effect, we will stop accepting any new instructions to switch into the Closing Mirror Funds, whether from new or existing investors.

What will happen to existing holdings in, and any regular premium payments being allocated into, the Closing Mirror Funds?

When an FPIL fund is closed we select another fund from our internal fund range (a “Default Replacement Mirror Fund”) to act as an alternative investment for the resulting proceeds being switched out, and for any regular premiums that are currently being allocated into a closing mirror fund.

We select the Default Replacement Mirror Fund based on various factors which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.

Please refer to the Sample Client Communication and Appendix opposite for details of the Default Replacement Mirror Funds we have selected for each of the Closing Mirror Funds.

Whilst appropriate due diligence has been carried out on the Default Replacement Mirror Funds we do not accept any liability for the future performance of these, or any other FPIL mirror fund.

Only continuing regular premiums will be permitted into the Closing Mirror Funds until the premium redirection date of 8 October 2026 (the “Redirection Date”) and may not be increased from their current level. From the Redirection Date any regular premium allocation to the Closing Mirror Funds will be redirected into the relevant Default Replacement Mirror Funds

All holdings in the Closing Mirror Funds will be switched into the corresponding Default Replacement Mirror Funds as of the Effective Date, unless alternative instructions are received by 3pm UK time on 7 October 2026.

Additions to the FPIL Rest of the World designated mirror fund range

We are also adding three (3) new funds across the US Equity and Specialist sectors, and these will be available for new investment from the Redirection Date, as well as being the Default Replacement Mirror Funds for several of the Closing Mirror Funds.

The changes above will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement Mirror Funds that we have selected.  No FPIL Charges will arise from these transactions. 

We have contacted impacted policyholders and their financial advisers to notify them of the fund closures; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.

Should you have any questions regarding this notification, please contact the Investment Marketing Team.