|Welcome to your regular email update from Standard Life where you’ll find:
- Important property funds update, and
- How we’re servicing you and customers through the coronavirus pandemic
Important information about Standard Life funds
We’ve introduced a delay period on some of our property funds
Standard Life Property Fund
Standard Life Global Real Estate Fund
With the spread of coronavirus continuing to have a significant impact on financial markets, Aberdeen Standard Investments has suspended dealing on their property funds.
This decision has been made as they are unable to get accurate valuations for the physical properties and land (assets) they hold in their funds due to the ongoing market uncertainty.
As a result, we are introducing a deferral period on requests to take money out of the Standard Life UK Property Fund and the Standard Life Global Real Estate Fund or to switch from these funds to another fund.
Why is this happening?
Properties held by these funds are regularly valued by surveyors. Due to the ongoing uncertainty in financial markets at this time, surveyors are unable to provide a high level of certainty on the valuations. The fund managers are therefore allowed to suspend transactions in their funds until such time as market conditions improve.
By suspending the funds, these managers aim to protect existing investors from being disadvantaged by those who are looking to either buy or sell holdings in the funds while valuations are uncertain.
How long will this last?
It is not known how long this will last as the impact of the coronavirus is constantly changing.
These funds will remain in deferral until the investment manager lifts the suspension.
What happens next?
We’ll continue to update this note as and when further information becomes available.
We will be writing to investors to confirm what’s happening and how it affects them.
We’ll also let you know once the delay period has been lifted. Thank you for your patience and understanding in these difficult times.
|Our plans are in place to continue to service you
COVID-19 is an ever-evolving situation, and we’re working hard to maintain our service to you and customers.
We are open for business. You can continue to use Client View and contact your Business Manager or service teams as usual.
We have business continuity plans in place to ensure critical services can be maintained. During this time you may experience some delays or interruptions to our telephone service. Remember, you can contact us by email if you can’t find the answer to your query on Brokerzone, the Service Support site or Client View:
General queries and premium alterations: email@example.com.
Switch requests: firstname.lastname@example.org.
If your query relates to a claim: email@example.com.
Processing applications and requests
We know that working conditions are very different now with remote working and limited face to face contact. If you’re unable to complete some requirements, let us know, and we’ll do our best to accommodate you. And don’t forget you can scan and email signed new business application forms.
Adviser and customer supports
Visit the Coronavirus Update page on Brokerzone where you’ll find an article that you might find useful to share with your clients. We’ve also created a sample letter, which you can send to your clients to help alleviate any concerns they may have amid uncertain markets.
Our charity partner, ALONE, has created a dedicated helpline to answer any queries about COVID-19. We urge you to consider the more vulnerable, older members of your community and if you have concerns about their wellbeing, encourage them to contact the ALONE helpline on 0818 222 024. Calls are charged at local rates and the support line is available 8am to 8pm.
Stay safe and well in these challenging times.
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Standard Life International dac is regulated by the Central Bank of Ireland. Standard Life International dac is a designated activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin 2. Standard Life International dac is part of the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group.
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