In light of the current outbreak of coronavirus (COVID-19) and resulting uncertainty in global financial markets, the independent valuers of the LF Canlife UK Property ACS have advised it is not currently possible 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, has decided, in consultation with the independent valuers, to apply the full contractual 185-day notice period to sell units in the LF Canlife UK Property ACS. This is in order to protect investors during this time of significant market volatility. This means that all requests to sell units in the fund will be subject to a 185-day notice period.
As a result of this, we have decided to make changes to our linked Life and Pension funds, which invest mainly in the LF Canlife UK Property ACS:
- New requests to withdraw money or switch out of the Canlife UK Property and Canlife UK Property Income will be deferred for up to 6 months
- New investments or switches into the fund cannot be accepted at this time
- Existing regular withdrawals and adviser charges will continue to be paid
Questions and answers
We’ve taken this action because of the exceptional circumstances in the UK property market. We feel it’s important to protect investors by deferring redemptions in the linked Life and Pension funds while there’s uncertainty around how the assets should be valued.
For more information, visit Canlife UK Property Funds: questions and answers