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Old Mutual Generation Target 3:6 and 4:6 - Fund Closure details and Copy Client Correspondence


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Old Mutual Generation Target 3:6 and 4:6 - Fund Closure details and Copy Client Correspondence

Old Mutual Generation Target 3:6

1. Fund details  
Companies impacted Old Mutual Wealth Limited
Old Mutual Wealth Life & Pensions Limited
Old Mutual International Guernsey Limited
Old Mutual Wealth Life Assurance Limited
Fund Group Old Mutual Investment Management Limited
Fund Name Old Mutual Generation Target 3:6
Type of change Closure
Date fund closed to new business Thursday 22 October
Deadline for investors to provide revised fund choice Friday 20 November 2015
Date closure effective from Monday 23 November 2015
Default fund if no revised fund choice provided Cash Deposit (ISA, ISA formerly PEP, CIA)
BlackRock Cash (CRA, CIB, OCIB)
OMW Deposit (Old Mutual Wealth Life Assurance Limited)
Is the event subject to FCA approval? No
2. Closure details  
Will the phasing/rebalancing options automatically continue with the new fund replacing the closing fund? No
3. Fund objective  
Current fund objective The fund aims to achieve an annual return of 3% above the UK rate of inflation over rolling 5 year periods through a combination of the returns on income and capital by gaining exposure to a diversified range of asset classes. Out of this return the fund aims to provide a regular income of 6% per annum. 
4. Charging structure  
Bundled Fund  
Current AMC 1.25
Unbundled Fund  
Current AMC 0.50
WealthSelect Fund  
Current AMC 0.40
Old Mutual Wealth (OMW) Fund  
Current TER 1.52

 

Copy Client Correspondence

Old Mutual Generation Target 4:6

1. Fund details  
Companies impacted Old Mutual Wealth Limited
Old Mutual Wealth Life & Pensions Limited
Old Mutual International Guernsey Limited
Old Mutual Wealth Life Assurance Limited
Fund Group Old Mutual Investment Management Limited
Fund Name Old Mutual Generation Target 4:6
Type of change Closure
Date fund closed to new business Thursday 22 October 2015
Deadline for investors to provide revised fund choice Friday 20 November 2015
Date closure effective from Monday 23 November 2015
Default fund if no revised fund choice provided Cash Deposit (ISA, ISA formerly PEP, CIA)
BlackRock Cash (CRA, CIB, OCIB)
OMW Deposit (Old Mutual Wealth Life Assurance Limited)
Is the event subject to FCA approval? No
2. Closure details  
Will the phasing/rebalancing options automatically continue with the new fund replacing the closing fund? No
3. Fund objective  
Current fund objective The fund aims to achieve an annual return of 4% above the UK rate of inflation over rolling 7 year periods through a combination of the returns on income and capital by gaining exposure to a diversified range of asset classes. Out of this return the fund aims to provide a regular income of 6% per annum.
4. Charging structure  
Bundled Fund  
Current AMC 1.25
Unbundled Fund  
Current AMC 0.50
WealthSelect Fund  
Current AMC 0.40
Old Mutual Wealth (OMW) Fund  
Current TER 1.53

 

Copy Client Correspondence

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