Civil Service Additional Voluntary Contribution Scheme (CSAVCS): dates of closure of Equitable Life funds

The tables below set out the unit-linked funds used by CSAVCS members and include details provided by Equitable Life of fund closure dates and fund charges, together with some brief commentary provided by Aon Hewitt Limited (professional advisers to the Cabinet Office, the Scheme Managers) about investment objectives and potential variability of returns.

A. Equitable Life Funds - Fund Closures

FundChange
Equitable Life Index Linked Gilt Fund This Fund closed on 24 May 2016.
Equitable Life transferred funds with effect from this date to the Gilt and Fixed Interest Fund, which has the same charge (0.5% p.a.), but it invests in fixed-rate rather than inflation-linked gilts and includes a small amount of investment in overseas fixed interest.
Equitable Life Deposit Account Fund* This Fund closed on 10 June 2016.
Investments in this Fund represent money on deposit and receive an interest rate which is linked to the bank base rate, currently 0.25% p.a.  There is no charge on this Fund.
Equitable Life transferred funds with effect from this date to the Equitable Life Money Fund, which invests in short-term deposits.  Returns on this Fund are likely to be more variable than those on the Deposit Account Fund as they will depend upon the growth of the Fund's investments after allowing for the charge on the Fund, which are 0.5% p.a.
Equitable Life Ethical Fund Fund charges on this Fund increased on 1 April 2016 from 0.5% p.a. to 1% p.a.
This Fund closed on 26 July 2016.
Equitable Life will transfer funds with effect from this date to the International Growth Fund, which does not have any ethical screening of investments and will have a lower charge of 0.75% p.a.
Equitable Life Smaller Companies Fund Fund charges on this Fund increased on 1 April 2016 from 0.5% p.a. to 1% p.a.
This Fund closed on 2 August 2016. 
Equitable Life will transfer funds with effect from this date to the Pelican Fund, which will have a lower charge of 0.75% p.a. and a slightly different investment objective (though it will still invest in UK equities).
Equitable Life High Income Fund Fund charges on this Fund increased on 1 April 2016 from 0.5% p.a. to 1% p.a.
This Fund closed on 16 August 2016. 
Equitable Life will transfer funds with effect from this date to the Pelican Fund, which will have a lower charge of 0.75% p.a. and a slightly different investment objective (though it will still invest in UK equities).
UK FTSE 100 Index – Tracking Fund This Fund is closing on 16 August 2016. Equitable Life will transfer funds with effect from this date to the UK FTSE All Share Index-Tracking Fund, which has the same charge of 0.5% p.a, and it invests in UK equities but it aims to track the FTSE All Share Index rather than the FTSE 100 Index.
Equitable Life Japanese Fund Fund charges on this Fund increased on 1 April 2016 from 0.5% p.a. to 0.75% p.a.
This Fund closed on 26 July 2016.
Equitable Life will transfer funds with effect from this date to the International Growth Fund, which will have that same charge of 0.75% p.a. and will not specifically invest in Japanese stocks and shares (as at 31 March 2016 the International Growth Fund invested 9% in Japanese stocks and shares).
Equitable Life Special Situations Fund Fund charges on this Fund increased on 1 April 2016 from 0.5% p.a. to 1% p.a.
This Fund closed on 2 August 2016.
Equitable Life will transfer funds with effect from this date to the Pelican Fund, which will have a lower charge of 0.75% p.a. and a slightly different investment objective, though it will still invest in UK equities.

B. Clerical Medical Funds - Fund Closures

FundChange
Clerical Medical Balanced Fund* This Fund is expected to close with effect from September 2016. 
Equitable Life will transfer funds to the Equitable Life Managed Fund, which invests in a very similar way to the Clerical Medical Balanced Fund but will have a higher charge (0.75% p.a. compared to current fund charge of 0.5% p.a.).
Clerical Medical With Profits Fund* This Fund is expected to close with effect from September 2016. 
Equitable Life will transfer funds to the Equitable Life Managed Fund.  The Managed Fund invests in similar assets to the Clerical Medical With Profits Fund but investments in the Managed Fund will fluctuate in line with the Fund's investments as this Fund does not smooth investment returns in the same way as the Clerical Medical With Profits Fund.
The Managed Fund has a higher charge (0.75% p.a. compared to current fund charge of 0.5% p.a.). 
Clerical Medical Adventurous Fund* This Fund is expected to close with effect from September 2016.
Equitable Life will transfer funds to the Equitable Life Managed Fund, which will have a higher charge (0.75% p.a. compared to current fund charges of 0.5% p.a.) and will have a lower exposure to stocks and shares (40 – 85% rather than up to 100%).
Clerical Medical Cautious Fund* This Fund is expected to close with effect from September 2016.
Equitable Life will transfer funds to the Equitable Life Managed Fund, which will have a higher charge (0.75% p.a. compared to current fund charges of 0.5% p.a.) and will tend to have a higher exposure to stocks and shares (40 – 85% rather than 20 – 60%).
Clerical Medical Ethical Fund* This Fund is expected to close with effect from September 2016.
Equitable Life will transfer funds to the Equitable Life International Growth Fund, which does not have any ethical screening of investments and will have a higher charge (0.75% p.a. compared to current Clerical Medical Ethical Fund charge of 0.5% p.a.).
Clerical Medical UK Growth* This Fund is expected to close with effect from September 2016.
Equitable Life will transfer funds to the Equitable Life Pelican Fund, which has the same investment objective but will have a higher charge (0.75% p.a. compared to current fund charge of 0.5% p.a.).
Clerical Medical Non-Equity Fund* This Fund is expected to close with effect from September 2016.
Equitable Life will transfer funds to the Equitable Life Gilt and Fixed Interest Fund, which has the same charge (0.5% p.a.) but will not invest in Property.

C. Equitable Life Funds - Remaining Open

FundChange
European Fund
Far Eastern Fund
Fund of Investment Trusts
Managed Fund
North American Fund
Pelican Fund
International Growth Fund
These Funds are remaining open but charges have been increased from 0.5% p.a. to 0.75% p.a. from 1 April 2016.
Property Fund
Money Fund
Gilt and Fixed Interest Fund
UK FTSE All Share Index Tracking Fund
This Fund is remaining open but the charges have been increased from 0.5% p.a. to 1.0% p.a. from 1 April 2016.
These Funds are remaining open with no change to current charges.
Charges are currently 0.5% p.a.

* Closed to new contributions from 1 April 2016.

As with any choice of investments, no one can predict which will offer the better return and past performance is not a guide to future performance. Any decision that you take will be a personal one, reflecting your financial circumstances, approach to investment and attitude to risk. If you are in any doubt about what action to take, you should seek independent financial advice. Neither your employer, the Scheme Managers, MyCSP nor Aon Hewitt Limited are authorised to give you independent financial advice and none of the information in this announcement constitutes financial advice or guidance.

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