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Fund impacts

How is COVID-19 affecting your pension fund and what measures has Legal & General put in place to manage the impact on your investments?

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Update: Property fund suspensions lifted

In March 2020, a number of commercial property funds were suspended in response to material uncertainty against the value of the properties held within the funds as a result of the COVID-19 pandemic.

As the property market has sufficiently normalised, we lifted the suspensions on the following L&G funds with effect from Thursday 1 October.

Fund Code

Fund Name

B8FY

L&G PMC Property Fund G25

B5N3

L&G PMC Property 3

B1CQ

L&G PMC Property Fund G17

NWM3

L&G PMC Managed Property 3

BN63

L&G PMC Hybrid Property (70:30) Fund 3

BYX3

This fund is only available to specific schemes

BO93

This fund is only available to specific schemes

BU23

This fund is only available to specific schemes

B8T3

This fund is only available to specific schemes

B2V3

This fund is only available to specific schemes

BK93

This fund is only available to specific schemes

We have also lifted the suspension on the following external funds, with effect from the dates noted. These funds are only available to certain schemes.

Fund Code

Fund Name

Date

SAE3

L&G PMC Threadneedle Pen Property 3

Monday 21st September

B1Q3

-

Monday 21st September

BVA3

-

Monday 22nd September

Why were the funds originally suspended?

Following the significant impact of the COVID-19 virus outbreak on global financial markets, the underlying property funds’ independent valuers applied a ‘Material Uncertainty Clause’ to their valuations. As a result the funds were suspended in order to protect investors’ interests.

Why are the suspensions being lifted?

As the UK property market has stabilised, the underlying funds’ independent valuers have removed the ‘Material Uncertainty Clause’.

How does this impact my contributions and current holdings?

During the suspension, we redirected your future contributions in suspended funds to the ‘Cash (Suspensions)’ fund.

Any existing or future contributions currently directed at the ‘Cash (Suspensions)’ fund have been redirected back to the original fund on the 1st of October.

We have not made any changes to any investment switch/redirect decisions you made during the suspension.

Could the funds suspend again?

Property funds always have the potential to suspend due to their illiquid nature. We cannot predict whether or when this will happen again.