Canlife UK Property Income Pension Fund (available in the Retirement Account only)
All of these funds invest mainly in the LF Canlife UK Property ACS, which is now applying a 185-day notice period on trade requests. This has meant that we have, in turn, had to delay withdrawals from these funds for up to six months.
Your policy will continue to perform in line with the performance of the property fund held. If you wish to switch funds or cash in all or part of your policy, then we will hold your request in a queue and postpone the request for up to six months until we have sufficient certainty of the value of property assets and enough cash in the fund to meet the demand for these withdrawals.
Any regular withdrawals that are already set up will continue, but new withdrawals requests from the property funds will not be possible until the deferral period is lifted.
In six months’ time or sooner if there is sufficient certainty of value of property assets and cash within the fund to meet requests.
At the time the policy was sold to you, your professional adviser should have assessed your investment objectives, your appetite for investment risk, and your ability to absorb potential loss. The adviser should have used the information to recommend funds appropriate to your investment needs. The circumstances in which Canada Life may delay valuations, fund switching, and paying claims are set out in your policy provisions.
Due to the nature of unit-linked investments your investment can fall as well as rise in value and you may not get back the full amount you invested. The amount you get back will depend on the timing of the withdrawals and the applicable unit price.
If you make a request to withdraw from one of the property funds we will place your request in a queue, for up to six months, and the price you receive will be that of the units on the day the actual encashment takes place, which could be very different to the price on the date of the request.
The funds will continue to be actively managed. The application of the 185-day notice period will give the LF Canlife UK Property ACS’s Independent Valuers time to provide accurate and reliable valuations for all the properties.
Any switches or surrenders that are received will be actioned at the end of the deferral period. If you subsequently decide that you don’t not want to proceed, you will have 5 days from when we receive your request to tell us to stop. If we don’t hear from you within the 5 days, your request will be placed in a queue after which it will not be possible to cancel your request. We will not contact you again before we process your request. However, if you decide after the 5 days that you wish to remain invested in the property fund we can arrange for your money to be switched back into the property fund once the six month deferral period has expired (or if the deferral is lifted) and we are able to process requests again. [Note, this will mean that your request to switch out of the property fund and your request to reinvest in the property fund will be actioned successively on the same day].
No, we are not allowing new investments into the fund until further notice.
Because of the unprecedented uncertainty caused by the coronavirus (COVID-19) it currently is not 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 per the Limited Redemption Arrangement clause in the prospectus). As the Canlife UK Property Life Fund, Canlife UK Property Pension Fund and Canlife UK Property Income Pension Fund invest mainly in the LF Canlife UK Property ACS, we have, in turn, had to delay withdrawals from these funds for up to six months.
We will continue to review the situation and keep in close contact with LFS and the valuers and, of course, you our customers. Applying the 185-day notice period is necessary in the current market conditions to ensure the fair treatment of both exiting and remaining investors while the value of units is uncertain.
LFS is the authorised contractual scheme manager of the LF Canlife UK Property ACS and carries out all fund administration, which includes placing dealing instructions, providing statutory literature and taking calls in relation to the LF Canlife UK Property ACS.