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The SF CL Property Funds and SF CL UK Property Funds are suspended from midday on 24 March 2020.

In light of the current outbreak of the coronavirus (COVID-19) and resulting uncertainty in the global financial market, the Independent Valuers of the LF Canlife UK Property ACS have informed the operator, Link Fund Solutions, that it is not currently possible to provide accurate and reliable valuations for all the properties the fund holds. For this reason Link Fund Solutions has decided to defer trades in the LF Canlife UK Property ACS fund.
 

What does this mean for the SF CL Property Funds and SF CL UK Property Funds?

The SF CL Property Funds and the SF CL UK Property Funds invest in the LF Canlife UK Property ACS fund. As a result of the deferral of trades by Link Fund Solutions in the LF Canlife UK Property ACS fund, Scottish Friendly have taken the decision to suspend the unit-linked property funds (SF CL Property Funds and SF CL UK Property Funds) from midday on 24 March 2020.  This means that no transactions can be accepted into or out of the fund for up to 6 months.
 

What happens to my premiums?

Scottish Friendly will continue to collect your policy premium on your behalf.  Where the premium is due to be invested in one of the affected property funds, they will instead be invested in the SF CL Money Fund.  If a proportion of your premium is due to be invested in another fund, this will continue as normal. 
This action reflects the exceptional circumstances in the UK property market and the need to protect client interests.
 

What happens next?

All affected policyholders will receive a letter in the post. For further information on the fund your money will be diverted to please click here.

UPDATE – SF CL BlackRock Fixed Income Global Opportunities Fund

The fund managers, BlackRock, have announced that they are closing the BlackRock Fixed Income Global Opportunities Fund from 1 June 2020.  This means that the unit-linked SF CL BlackRock Fixed Income Global Opportunities Fund will also close.
 

Reasons for closure

BlackRock have made the decision to close their fund due to insufficient demand for the fund which makes continuing with the fund uneconomical. 
 

What happens on closure

You do not have to do anything.  Scottish Friendly have identified a suitable alternative to the SF CL BlackRock Fixed Income Global Opportunities Fund.  Prior to the BlackRock Fixed Income Global Opportunities Fund closing on 1 June 2020, any investment that policyholders have in the SF CL BlackRock Fixed Income Global Opportunities Fund will be switched to the SF CL Corporate Bond Fund on 21 May 2020.  Further details on the SF CL Corporate Bond Fund can be found here. Scottish Friendly require to carry out the switch ahead of the BlackRock Fixed Income Global Opportunities Fund to ensure the units can be redeemed in good time.

Should you wish to switch to another fund, you can do so in writing by completing a fund switch form.  The form must be with us in time to process the switch no later than 20 May 2020.
 

Next steps

All impacted policyholders will receive a letter informing them of the changes and the fund they are switching to. Further details can be found here.

The MGM Property Fund is suspended with effect from midday on 23 March 2020.

This follows the suspension of the L&G Property Fund on 18 March 2020 in which the unit-linked MGM Property Fund invests. The COVID-19 outbreak has caused uncertainty in financial markets. Due to this, L&G are unable to accurately and reliably value the properties within the L&G Property Fund. As a result, they have suspended the Fund.
 

 How does this impact the MGM Property Fund

The MGM Property Fund has a significant holding in the L&G Property Fund.  As a result, Scottish Friendly have taken the decision to suspend the MGM Property Fund with effect from midday on 23 March 2020.   This means that no transactions can be accepted into or out of the fund for up to 6 months. 
 

What will happen to my policy premiums?

Scottish Friendly will continue to collect your policy premiums on your behalf.  Where they are due to be invested in the MGM Property Fund, they will instead be invested in the SF Guaranteed Cash Fund.  If a proportion of your policy premium is due to be invested in another fund, this will continue as normal. 

Latest investment information

Find the latest information on your investments, whether it's our latest fund prices or details of our bonus rates.

What can we help you with?

If you're looking for our latest fund prices, you'll find them here, alongside our fund value calculator that lets you see an illustrative value for the funds you hold.

For our latest fund reports and information about making additional investments. 

Find out how we manage our With-Profits funds to make sure that we're treating our customers fairly.

Information about the asset mix and investment returns of our With-Profits funds. 

Details of our bonus rates across each product type, including business acquired by Scottish Friendly.

Download the latest and previous Scottish Friendly Governance Advisory Arrangement Annual Reports. This was formerly the Mobius Life Governance Advisory Arrangement.

The value of my with profits investment has just fallen, why?

As an investor in our with profits fund your investment has two separate values. The first is your current value, and this is the one you will have noticed that as has fallen.

The second is your guaranteed future value, also known as your unit value. You will notice that this hasn’t actually fallen, indeed that is currently growing on a daily basis, currently 0.5% a year in the Scottish Friendly Unitised With Profits Fund used in My Plans.

This is the minimum value that your policy is guaranteed to be (no matter what the current value) if you cash in or switch out your with profits investment on a specified date in the future (usually 10 years from the date that you took out your plan).

Your current value has fallen as it broadly reflects the current values of the assets backing your with profits investment. Whilst we aim to smooth out the day to day volatility in the markets that can’t protect values from the dramatic and sustained falls we’ve recently seen in the stock, bond and property markets.

Clearly if the markets rebound in a sustained way then you will notice that, after the effects of our smoothing, your current investment value will increase. But equally if they continue to fall then this will be reflected in your current value.

However your future guaranteed value will not fall and you have the comfort of knowing that no matter what the position of the markets you will have the assurance of this guaranteed minimum value.

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