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SIP Property Fund update

Background
 

The aim of the SIP Property fund is to provide the opportunity to link benefits to the performance of a portfolio of UK commercial property. After the result of the EU Referendum we experienced an increase in the number and amount of withdrawal requests from this fund and over time this led to a substantial reduction in the cash reserves that are held to meet these withdrawals
 
A withdrawal deferral period was applied to the fund allowing us to increase cash reserves and protect the value of our customers’ investments. The cash reserve of the fund has now been replenished, and the uncertainty in the commercial property market that resulted from the EU Referendum vote has receded, for this reason from 12 noon on 01 February 2017 the withdrawal deferral will be lifted.
 
Sanlam Investment and Pensions UK are contractually committed to ensuring that the SIP Property Fund remains open to withdrawals for at least 12 months from12 noon on 01 February 2017.
 
What Happens Next
 
Affected customers have been notified in writing of our decision to end the deferral period.
 
Any redemptions or switches received since that notification was provided will be processed on the day the deferral period ceases. The order in which redemption requests will be completed is unaffected by the order in which they are received.
 
Once the deferral period has ended from12 noon 01 February 2017 redemption requests can be made as normal.
 
In Conclusion
 
This deferral of redemption requests has been successful in enabling us to provide fair and best value to our customers. We thank you for your patience and understanding during the deferral period.
 
Should you have any questions please speak to your Financial Adviser or contact our Client Services team on 0117 975 2355.

Investing involves risk and the value of investments and the income from them may fall as well as rise and are not guaranteed. Investors may not get back the original amount invested.