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Canlife CF ARCH cru funds

We have been informed by Capita Financial Managers Ltd that all dealing in the CF ARCH cru funds has been suspended with effect from Friday 13 March 2009 until further notice.

This means that we are currently unable to accept or process any requests for business in to or out of the three Canlife linked life and pension funds; Canlife CF ARCH cru Balanced Fund, Canlife CF ARCH cru Income Fund and Canlife CF ARCH cru Global Growth Fund. The suspension effects all requests to deal in the Funds including new business, switches, surrenders, withdrawals and death claims on all products through which the funds were available.

The reason given by Capita for the suspension of dealing in the Funds is that there is a significant lack of market liquidity in the assets which comprise the Funds’ portfolios and that it is in the interests of all policyholders that dealing is suspended.

We will update this page as further information becomes available.

To view the latest Capita statement (26 February 2010) click here.

We are assessing the impact of the statement on our policyholders and will issue further details as soon as we are able.

Canlife CF ARCH cru fund suspension

Your questions answered

What does this mean for me/my investment/my money?
The funds are suspended which means that we cannot buy or sell any units in the funds until further notice. Capita Financial Managers Ltd took the decision to suspend the funds and have also stopped supplying prices with effect from Friday 13 March. This means that we cannot calculate prices on our funds until Capita begin pricing again so we are unable to calculate the value of your policy at this time.

Have I lost my money?
We do not know the current value of your investment as prices have not been published since the funds were suspended.  We will contact you when the suspension is lifted

Can I take my money out?
No, as the funds are suspended we cannot sell your holdings in the funds so you cannot access or withdraw money from these funds until further notice.

Can I sell or switch my holding?
No, as the funds are suspended we cannot sell your holdings in the funds so you cannot access or withdraw money from these funds until further notice.

What happens if I die?

Partial investment in ARCH funds
We will calculate the value of the funds you hold which are not in the affected funds and pay the value out. Because we cannot sell your holdings in ARCH funds, this proportion of your policy will be held back until we are able to calculate a price and sell the holding.

100% invested in ARCH funds
Because we cannot sell your holdings in the funds we are unable to pay out any death claims relating to investments in these funds until we are able to calculate a price and sell the holding.

I’m in a cancellation period; can I cancel and get my money back?
If you cancel your policy within the cancellation period then we will pay back your investment adjusted for any investment losses.  However, because we don’t know the current value of your ARCH cru investment we will not be able to pay back that part of your investment until we are able to calculate a price and sell the holding.

What will happen to my regular withdrawals?

Canada Life International policies (offshore)
In order for regular withdrawals to continue to be funded by your policy, we have adjusted the percentages proportionally across the other (non-ARCH) funds currently linked to your policy.

Canada Life policies (onshore)
We will write to policyholders and their advisers setting out their options;

Partially invested in ARCH funds
There are two options;
1. Stop the withdrawals
2. Continue the withdrawals at the same level by adjusting the percentages proportionally across the other (non-ARCH) funds currently linked to your policy.

100% invested in ARCH funds
Because we cannot sell your holdings in the funds we are unable to pay out any regular withdrawal payments until we are able to calculate a price and sell the holding.

What will happen if my policy matures?
Because we cannot sell your holdings in the ARCH funds we are unable to pay out any maturities relating to investments in these funds. If you have money invested in funds other than ARCH, then these will be paid out where possible.

How much is my investment worth?
Capita have suspended pricing these funds so we are unable to tell you what your investment is worth at this time.  We will contact you when the suspension is lifted.

Who’s who in these funds?
The fund you are invested in is the Canlife CF ARCH cru Income/Balanced/Global Growth fund.

• Canlife stands for Canada Life and means we have invested into the ARCH cru fund(s) through your Canada Life policy.
• CF stands for Capita Financial Managers Ltd who is the Authorised Corporate Director (ACD) of the CF ARCH cru funds. An ACD is typically a company given powers and duties under FSA (Financial Services Authority) regulations to operate a fund.
• ARCH represents ARCH Financial Products who are the investment manager; they make the day to day decisions about what the funds invest into.
• Cru is the company responsible for marketing and distributing the funds on behalf of ARCH.

Page last updated December, 2009 ID2904