Following the latest valuation of the LF CanLife UK Property ACS, we can confirm we are able to remove the 185-day notice period for trades, as the invested property valuations are no longer subject to material valuation uncertainty. which effectively means the funds have reopened with immediate effect.
In March, in light of the outbreak of coronavirus (COVID-19) and resulting uncertainty in global financial markets, the independent valuers of the LF Canlife UK Property ACS advised it was not possible at that time to provide accurate and reliable valuations for all the properties.
For this reason, Link Fund Solutions (LFS), which is the authorised contractual scheme manager of the LF Canlife UK Property ACS, decided at that time, in consultation with the independent valuers, to apply the full contractual 185-day notice period to sell units in the LF Canlife UK ACS. This was in order to protect investors during this time of significant market volatility. This meant that all requests to sell units in the fund were subject to a 185-day notice period. This deferral period has now been removed and trading in the LF Canlife Property ACS has resumed.
As a result of this, our linked Life and Pension funds, which invest mainly in the LF Canlife UK Property ACS have also now reopened:
- New requests to investment and withdraw money from the Canlife UK Property and Canlife UK Property Income funds will now be processed in line with your policy provisions
- Any pending trade requests with now be actioned
- Existing regular withdrawals and adviser charges will continue to be paid
Questions and answers
We took this action because of the exceptional circumstances in the UK property market. We felt it was important to protect investors by deferring redemptions in the linked Life and Pension funds while there was uncertainty around how the assets should be valued.
For more information, visit Canlife UK Property Funds: questions and answers