Notification of closure of various Mirror Funds - Rest of the World Fund Review Phase 1
03 Jul 2026
Only impacts the fund range for Rest of the World designated policyholders
- R86 Amundi Volatility World
- L72 BlackRock SF - MyMap Plus Defensive (GBP)
- P14 Canaccord Genuity Growth (GBP)
- P17 Canaccord Genuity Growth (USD)
- R16 CT Select European Equity (GBP)
- J84 Fidelity Europe Equity ESG (EUR)
- R27 Fidelity Global Multi-Asset Growth & Income (EUR)
- R26 Fidelity Global Multi-Asset Growth & Income (USD)
- P51 Franklin Mutual European
- P61 Janus Henderson Horizon Asia-Pacific Property Income
- P83 Schroder Global Cities (EUR)
(together the Closing Mirror Funds)
To ensure that policyholders continue to have access to a high quality and diverse range of funds, to help them meet their investment goals, we regularly review the mirror funds available in our FPIL fund range. The review process considers the performance and risk profile of funds within the range to determine whether they continue to provide the right outcomes for investors and remain appropriate for our products. Within this process we will consider the closure of mirror funds that no longer meet certain requirements and also the launch of new mirror funds that will provide new investment opportunities.
Results of Fund Sector Review Phase 1
As a result of a recent review of the European Equity, Global Managed USD, Hedged/Structured Products, and Property fund sectors, the Closing Mirror Funds will be removed from the FPIL Rest of the World designated fund range from 2 October 2026 (the “Effective Date”).
With immediate effect, we will stop accepting any new instructions to switch into the Closing Mirror Funds, whether from new or existing investors.
What will happen to existing holdings in, and any regular premium payments being allocated into, the Closing Mirror Funds?
When a FPIL fund is closed we select another fund from our internal fund range (a “Default Replacement Mirror Fund”) to act as an alternative investment for the resulting proceeds being switched out, and for any regular premiums that are currently being allocated into a closing mirror fund.
We select the Default Replacement Mirror Fund based on various factors which include but are not limited to (1) investment objective and strategy, (2) assets mix, (3) risk profile and (4) currency denomination.
Please refer to the Sample Client Communication and Appendix opposite for details of the Default Replacement Mirror Funds we have selected for each of the Closing Mirror Funds.
Whilst appropriate due diligence has been carried out on the Default Replacement Mirror Funds we do not accept any liability for the future performance of these, or any other FPIL mirror fund.
Only continuing regular premiums will be permitted into the Closing Mirror Funds until the premium redirection date of 1 October 2026 (the “Redirection Date”) and may not be increased from their current level. From the Redirection Date any regular premium allocation to the Closing Mirror Funds will be redirected into the relevant Default Replacement Mirror Funds.
All holdings in the Closing Mirror Funds will be switched into the corresponding Default Replacement Mirror Funds as of the Effective Date, unless alternative instructions are received by 3pm UK time on 30 September 2026.
Additions to the FPIL Rest of the World designated mirror fund range
We are also adding four (4) new funds across the European Equity and Global Managed sectors, and these will be available for new investment from the Redirection Date, as well as being the Default Replacement Mirror Funds for several of the Closing Mirror Funds.
| New Mirror Fund | Underlying Fund Name | FPIL Fund Sector |
|---|---|---|
| L114 BlackRock Continental European Flexible (EUR) | BGF Continental European Flexible A2 EUR Acc | European Equity |
| L115 JPM Europe Dynamic (EUR) | JPM Europe Dynamic A (acc) EUR | European Equity |
| L116 M&G (Lux) European Strategic Value (EUR) | M&G (Lux) European Strategic Value A EUR Acc | European Equity |
| L105 BlackRock Global Allocation (USD) | BGF Global Allocation A2 USD Acc | Global Managed USD |
The changes above will happen automatically within affected policies/contracts and policyholders do not need to take any action if they agree with the choice of Default Replacement Mirror Funds that we have selected. No FPIL Charges will arise from these transactions. We recommend that policyholders seek the advice of their usual financial adviser before making any investment decisions.
We have contacted impacted policyholders and their financial advisers to notify them of the fund closures; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.
Should you have any questions regarding this notification, please contact the Investment Marketing Team.
