Notification of Closure of Fidelity Global Property Funds

31 Oct 2022

• P78 Fidelity Global Property (USD)
• P80 Fidelity Global Property (GBP)

(the “Affected Mirror Funds”)

We have been notified by the board of directors of Fidelity Funds (the “Company”) that Fidelity Funds Global Property Fund (the “Merging Underlying Fund”), the underlying fund of the Affected Mirror Funds (in both USD and GBP currency variants), will merge into Fidelity Funds Sustainable Global Dividend Plus Fund (the “Receiving Underlying Fund”) with effect from 12 December 2022 (the “Underlying Fund Merger Effective Date”), as part of the Company’s fund review programme.

As the Receiving Underlying Fund is not part of the FPIL mirror fund range, we have therefore taken the decision to switch holdings and redirect future regular premiums from the Affected Mirror Funds into alternative mirror funds in the range. Please see the table below for the selected Default Replacement Mirror Funds:

We select the Default Replacement Mirror Funds based on various factors which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.  Please refer to the Appendix in the Sample policyholder letter opposite for comparative information between the Affected Mirror Funds and the Default Replacement Mirror Funds. 

Unless we receive alternative instructions by, regular premiums will be redirected and/or current holdings will be switched into the selected Default Replacement Mirror Fund(s) on 30 November 2022. We will stop accepting any instructions to switch in, or request to increase regular premium payments, to the Affected Mirror Funds with immediate effect. 

These changes will happen automatically within policies or contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement Mirror Fund that we have selected.  

Policyholders can however choose to switch their current holdings in the Affected Mirror Fund(s), and/or redirect premiums or contributions if applicable, into a different fund in the FPIL range, free of charge. Policyholders can do this at any time, but if they wish to override the transfer and/or redirection to the Default Replacement Mirror Fund that we have selected, they must provide us with alternative instructions by 3pm UK time on 28 November 2022.

No FPIL charges will arise from these transactions.

Whilst appropriate due diligence has been carried out on the Default Replacement Mirror Fund we do not accept any liability for the future performance of this, or any other FPIL fund.   

Should you have any questions regarding these changes, please contact the Investment Marketing team.