Closing Statement: Frequently asked questions
Yes, we’ve very carefully reconciled the units and values of every customer’s account to ensure that your closing balance at Legal & General is the same as your opening balance at Fidelity. There are a few things you should be aware of though:
- Due to the share class conversion, you may have a different number of units to the number you originally held at Legal & General. Please see further information below about this process, but be reassured that the value of your investment(s) is not adversely affected in any way
- The investment gain or loss you will see when you log onto your Fidelity account will be based on your opening balance following the transfer. If you don’t hold units in an ISA and need to know the original purchase price for any future capital gain calculations, please refer to your previous statements or contact us if you are unable to locate the information you need.
The statement you’ve received is the final closing statement from Legal & General following the transfer of your investments to Fidelity. You will be able to access your investment(s) details with Fidelity online (once you have set up your online account), by calling on 0800 414161*, or by writing to: Fidelity, PO Box 391, Tadworth, Surrey KT20 9FU.
Once your investment(s) has transferred to Fidelity, within two weeks of the Transfer Date, they will send you:
- Your Fidelity Account Number(s); and
- Your Customer Reference Number (CRN).
You will need these reference numbers to set up your online account and to deal on your account. If you require any support during this time you can call Fidelity for assistance on 0800 358 0751*.
*Opening hours are:
Monday to Friday 8am to 6pm
Saturdays 9am to 2pm.
During the week before the transfer of your investment(s) to Fidelity, if you previously held R, F or D Class units, we converted these units to the equivalent I Class units in the same fund. This did not change the amount invested or how your money is invested but reduces the investment charge you now pay.
Although the value of your investment(s) was not impacted, it may have led to a change in the number of units you hold. This is because different unit classes in the same fund often have a different unit price.
If you transferred money into your account earlier in the statement, before the transfer out to Fidelity, the statement will have calculated the ‘net’ transfer position.
For example, if you transferred £500 into your account, achieved £50 of investment growth and transferred out £550, your ‘Money out’ figure would be £50, and ‘Money In’ would be £0, reflecting the net position. You can see the underlying transactions that make up these figures in the ‘Transaction statement’ section.
On the ‘Transaction statement’ you will see a price and amount for any transactions where units have been bought or sold. During the share class conversion your units were directly exchanged at that day’s price, swapping units in one unit class for those in another. The unit price of different unit classes is often different, which is why you may have more or less units in the unit class you have been converted to.
The value of your investment(s) remains the same, with the number of units reflecting the different prices at which the units were converted. Please be assured that a detailed reconciliation process is followed to ensure that when units are converted from one unit class to another the value of your investments is not affected.