Sanlam Investment and Pensions (SIP) have taken the decision to temporarily suspend the SIP Property Fund from 12 noon on 23 March 2020.
As a result of the unprecedented ramifications of the Covid-19 outbreak there is uncertainty over the values of the physical Properties held within the fund. Following government measures, valuers across the commercial property market have expressed valuation concerns and because of this material uncertainty, the value of the properties within the SIP Property fund cannot be reliably valued.
The Financial Conduct Authority (FCA) has been notified of this decision. The fund will resume trading as soon as the value of the underlying holdings can be reliably calculated. It is important to note that the value of the fund can fall as well as rise during the suspension period.
The maximum deferral period will be 6 months (as per our Terms and Conditions) and the decision to suspend the fund will be reviewed at least every 28 days. We will notify clients in writing when the fund suspension is lifted.
A letter was sent to customers today with investment exposure to the unit-linked SIP Property fund and this letter should provide you with all the information that you need.
If you have any queries please contact us.