Changes to fund management

Changes to the management of Friends Provident International funds

Questions and answers for customers We recently wrote to you about some 4 Do I need to be concerned about my changes that are going to be made to some investment? of the Friends Life funds. No, it is normal practice for us to review the management of funds to ensure we meet our The questions and answers below provide customers’ and members’ needs. We are keen for more information about these changes. members to benefit from Investors’ expertise. You do not need to take any action. 5 Why Aviva Investors? 1 What is happening? Aviva Investors is a global asset management business dedicated to delivering investment outcomes that are We have reviewed some funds managed by external central to the well-being and success of customers. It fund managers to a mandate set by Friends Provident invests over £289 billion (as at 31 December 2015) across International and have decided to transfer the a range of funds and offers investment strategies that management of these funds from the external fund balance risk and reward, drawing from expertise across managers to Aviva Investors. We believe this change will global markets. Employing over 1,000 people, it has deliver better outcomes for our customers and members. operations in 15 financial centres around the world. 2 Which funds are being transferred? Aviva Investors has leading real estate expertise having launched the UK’s first authorised property unit trust in The funds being transferred are: 1991. It has professionals dedicated to managing property • FL Property Fund funds and the properties owned by the fund, together with a strong investment governance, strategy and FPI UK Property Fund • research team providing insight and oversight to the For a summary of the changes please visit: investment decisions taken on behalf of customers. We fpifundmanagers.com. are keen that our customers benefit from Aviva Investors’ expertise in property investment and management. 3 Why am I affected by these changes? 6 Will there be any change to the Customers affected by this change will be mainly those who bought their policy originally through Friends charges of the funds? Provident. There will not be any changes to fund management charges of the funds as a result of these changes in management. 7 Will the names of the funds be If you have any additional queries, you can contact us changing as a result of this review? as follows: By phone on: The funds’ names will not change at this time. If a fund’s Icelandic customers +44 1722 326 785 name does change, we will provide a separate update Swedish customers +44 1722 415 580 with details and the effective date of the change. Other countries +44 1722 415 088 8 Will the risk ratings of the funds be Our lines are open Monday to Friday, 8.00 am to changing as a result of this review? 5.00pm (GMT). The risk ratings of these funds will not change as By email at [email protected] a result of this review. By post at Friends Provident International, PO Box 1550, , SP1 2TW 9 Will the objectives of the funds be changing as a result of this review? The wording of the objectives of these funds is unchanged at this time.

10 What if I no longer wish to remain in the fund after the changes? These changes will happen automatically within the funds and you do not need to take any action. However, you can choose to switch existing units and/ or redirect any regular premiums to a different investment choice from our range of available funds should you wish to do so. We will not make a charge for this transaction, but there may be dealing costs incurred when switching into or out of another fund. Please note that in certain circumstances we may delay carrying out requests to redeem or switch units. For Property funds in particular this can occur during periods of high levels of redemptions as it can take some time to sell properties within the fund in order to meet redemption requests. Further details on this can be found in your Policy terms and conditions.

11 Where can I obtain further information? If you have any additional queries about these changes please speak to your financial adviser.

Friends Provident International is a trading name of Friends Life Limited for business conducted outside the . Friends Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Pixham End, Dorking, RH4 1QA England. Incorporated company limited by shares and registered in England and Wales, number 4096141. Friends Life Limited is authorised by the Prudential Regulation Authority to carry on Class I and Class III business in Cyprus and Malta. Friends Provident International is a registered trade mark of the Aviva group.

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