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Fund Prices

Check our up-to-date fund prices

We update our fund prices each working day. Choose one of the following options to see the current fund prices available in that category. You can also view or download factsheets, including past performance, for most funds by selecting the Fund Information icon.

Fund prices chart

Check fund prices for:

  • Life Funds
    These life funds are available to existing customers who are already invested in a Scottish Widows life product. New customers should contact their adviser or Scottish Widows for information on product availability.
  • OEICS and ISA Funds
    These OEIC and ISA funds are available to existing customers who already hold shares in the funds listed. New customers should contact their adviser or Scottish Widows for information on fund availability.

The Monthly Investment Update (pdf 1.4 MB) also gives current information about all our funds, including launch date, size of fund, performance figures, as well as updates on world markets.

For information on Scottish Widows’ investment approaches, including which funds are currently listed under each investment approach, and to see what changes have been made in past reviews, visit our Investment approaches section.

The value of an investment is not guaranteed and may go up and down depending on investment performance (and currency exchange rates where a fund invests overseas). You may get back less than your original investment. In addition any income from shares in an OEIC or ISA fund can go down as well as up. Past performance is not a reliable indicator of future results.

Important Changes to Scottish Widows Pension Investment Approaches and Governed Investment Strategies

We offer three core investment strategies to our Individual and Corporate Pension customers. These strategies are called our Pension Investment Approaches (PIAs) for Corporate Pensions, and our Governed Investment Strategies (GIS) for Retirement Account, our main Individual Pension product.

At the heart of these strategies is our ongoing and robust governance process, which uses analysis provided by independent financial risk specialists Barrie and Hibbert. Part of our governance commitment is to regularly review the underlying asset allocations and investment funds used for these strategies and, if necessary, make any changes which will help us continue to meet our customers’ needs.

As a result of our most recent review, we are now announcing changes to the PIA and GIS underlying asset allocations and the funds they are invested in. We firmly believe that these changes will be of benefit to our customers, offering higher potential returns for broadly the same levels of risk, and without any increase in charges.

Background

Our GIS and PIA strategies are portfolios of funds that are regularly rebalanced and gradually move our customers’ pension investments into lower risk areas as they approach their selected retirement date (using Lifestyle Switching).

Each of our three strategies offers an investment selection appropriate to a different level of investment risk: Adventurous has the highest risk rating, followed by Balanced and Cautious. The strategies are designed to make it easier for customers to invest in a mix of funds that suits their attitude to risk and the length of time until their selected retirement date, without the need to choose individual funds.

Each of the strategies is invested in one or a combination of underlying pooled vehicles, the four Pension Portfolio funds, until the customer is five years from retirement. In these last five years, their investment is progressively switched into lower risk funds, our Pension Protector Fund and Cash Fund.

Each year we review the Pension Portfolios’ strategic asset allocation. We use outputs from Barrie and Hibbert’s modelling tool within our analysis, which helps us to select what we consider to be the most effective balance between risk and reward for each strategy. This approach aims to identify any changes which we believe will ensure that our strategies continue to meet our customers’ investment goals.

What are we changing?

We are making the following changes to the Pension Portfolio asset allocations:

  • We are increasing the Overseas equity content and decreasing the proportion of UK equities. The equity components of all four Pension Portfolios are changing from 50% UK: 50% Overseas to 30% UK: 70% Overseas
  • For the first time, a small part of the equity component (8%) will be invested in Emerging Markets (for Pension Portfolios One, Two and Three).
  • For Pension Portfolio Four, the equity content is reducing by 10% and the Corporate Bond allocation is increasing by 10%, which reduces the overall expected risk.
  • This means that for Balanced and Cautious investors we are reducing their strategy’s overall level of expected risk during the 5 to 10 years leading up to their retirement
  • All the fixed income assets will be invested on a passive basis, rather than on an active basis. This means we will be asking the relevant fund managers to track the returns of appropriate Corporate Bond and Index Linked Gilt indices going forward.
Here is a summary of the underlying Pension Portfolios, showing their investment mix ‘before and after’ the changes:
  UK Equities Overseas Equities (Developed Markets) Emerging Market Equities Corporate Bonds Index Linked Gilts
  Before After Before After Before After Before After Before After
Pension Portfolio 1 50.0% 30.0% 50.0% 62.0% 8.0%
Pension Portfolio 2 42.5% 25.5% 42.5% 52.7% 6.8% 15.0%
(Active)
15.0%
(Passive)
Pension Portfolio 3 35.0% 21.0% 35.0% 43.4% 5.6% 22.5%
(Active)
22.5%
(Passive)
7.5%
(Active)
7.5%
(Passive)
Pension Portfolio 4 25.0% 12.0% 25.0% 28.0% 37.5%
(Active)
47.5%
(Passive)
12.5%
(Active)
12.5%
(Passive)

It is important to note that there will be no additional costs to customers as a result of these changes, and there are no material changes to the Pension Portfolios’ overall investment objectives or risk profiles.

Why are we doing this?

We are making these changes because we are confident that they are in the interests of our pension customers.  

Barrie and Hibbert completed their latest analysis of the Pension Portfolios during 2013. The results of this indicated that over a 25 year period, the 30:70 UK to Overseas equity ratio could deliver a higher expected retirement income than the 50:50 split, and at a broadly similar level of risk.

In addition, we had recognised that the Pension Portfolios could benefit from more diversification, so the review assessed if any other types of assets should be added. We analysed the likely benefits of adding Emerging Market equities, Commodities and UK Property, again using a 25 year projection. Our review found that introducing a small Emerging Market component could improve the expected risk/return profiles of Pension Portfolios One, Two and Three.

We are aware that introducing Emerging Markets equities and increasing the level of Overseas equity may make the strategies appear riskier than previously. However, we firmly believe that allocating more of the equity exposure across international markets can actually be expected to maintain or reduce the current level of risk, whilst enhancing expected returns.

We are confident that over a long time period an investment strategy which is mainly invested in equities in the earlier years, followed by a gradual lowering of the strategy’s overall risk, will result in better outcomes for our customers. In addition, our strategies have a relatively long run-in to retirement: we start to switch our customers’ assets out of equities 15 years before retirement, instead of a more typical 10 years. 

What will be the impact of these changes?

We are committed to completing all these changes with minimal disturbance to our customers, and it is worth noting again that there will be no increase in charges or changes to any fund’s risk profile as a result of what we are doing.

The increase to Overseas equities means we can no longer use the SW SSgA 50:50 Global Equity Index Fund for the strategies’ equity investments. This fund is being replaced with direct holdings in the SW SSgA target regional equity index funds which are already available within the Scottish Widows fund range. 

All Fixed Income investment will be managed by SWIP on a passive basis following the launch of a new Scottish Widows Corporate Bond Tracker Fund in 2014. This means that going forward:

  • All Corporate Bond Assets will be invested in the new Scottish Widows Corporate Bond Tracker Fund
  • All Index Linked Gilts will be invested in the Scottish Widows Indexed Stock Fund.

How are we communicating these changes to customers?

Customers will find details of these changes in their annual Pension Benefit Statements, and we will direct them to this announcement if they would like more information. The changes will also start to be reflected in the factsheets produced for the period to 31 March 2014.

Please read our fuller summaries of the 2013 PIA review and the 2013 GIS review for more details about what we are changing and why we are making these changes now.

UPDATE – July 2014

Please note that by mid-July 2014 we had completed the following changes:

  • We have increased the Overseas equity content and decreased the proportion of UK equities. The equity components of all four Pension Portfolios are now 30% UK: 70% Overseas.
  • 8% of the equity component is now invested in Emerging Markets (for Pension Portfolios 1, 2 and 3).
  • All the fixed income assets are now invested on a passive basis, following the launch of the Scottish Widows Corporate Bond Tracker Fund in June and the successful transition of all existing Corporate Bond elements in the Pension Portfolios.

For Pension Portfolio 4, the reduction in equity content by 10% and the increase to the Corporate Bond allocation by 10% is planned to take place during the second half of 2014 when market conditions permit.

CM BNY Mellon American Fund and CM UBS UK Smaller Companies life and pension funds

July 2014

We have changed two of our Clerical Medical ‘CM’ life and pension fund names, to reflect changes made by two of our Investment Partners:

  • The CM BNY Mellon American life and pension funds have been renamed as the CM Boston Company US Opportunities Fund.
  • The CM UBS UK Smaller Companies life and pension funds have been renamed as the CM UK Smaller Companies Fund.

BNY Mellon has changed the name of the underlying fund which we link to: the BNY Mellon American Fund has been renamed as The Boston Company US Opportunities Fund. We are simply changing our fund names to reflect this. There has been no significant impact on how the BNY Mellon fund is invested, and there has been no change to the fund aims. There have been no changes to the CM funds’ general risks.

As we announced in November 2013, UBS closed their UBS UK Smaller Companies fund on 29th August 2013. As a result of this the CM UBS UK Smaller Companies life and pension funds are instead now invested wholly in an alternative underlying fund, the Scottish Widows UK Smaller Companies Fund. The aims, specific risks and charges of the CM UBS UK Smaller Companies life and pension funds were unchanged despite the change of fund manager, and we wrote to all customers invested in the affected funds and their advisers to explain the changes. We have now taken the opportunity to change the CM fund names to reflect the change of manager.

Customers and advisers do not need to do anything as a result of these changes, but please note that when searching for up to date factsheets you will now need to use the new fund names.

SW BlackRock UK Dynamic and SW JPM Cautious Total Return Life and Pension Funds

On 10 March 2014, we changed two of our Scottish Widows life and pension fund names. This was because two of our Investment Partners have changed the names of funds which we link to through the Scottish Widows life and pension fund ranges.

The Scottish Widows funds that have changed are:

  • SW BlackRock UK Dynamic Life and Pension Funds
  • SW JPM Cautious Total Return Life and Pension Funds

This announcement follows on from our earlier communication about changes to some SW JPM funds.

Please note that there has been no significant impact on how these funds are invested. There has been no change to the Scottish Widows Investment Approach for any of these funds, and no changes to the funds’ general risks.

However, we are now making a change to the fund aim for the SW BlackRock UK Dynamic Life and Pension Funds.

Customers do not need to do anything, but please note that when searching for up to date factsheets you will now need to use the new fund name.

The table below details the effect of these changes, in particular the changes to fund names and the SW BlackRock funds’ aims. For further details, factsheets can be viewed online using the links for Pension Funds and Life Funds located towards the top of this webpage.

Original Life and Pension Fund Names New Life and Pension Fund Names from 10 March 2014
SW BlackRock UK Dynamic Fund SW BlackRock UK Fund
SW JPM Cautious Total Return Fund SW JPM Cautious Managed Fund
Original Fund Aim New Fund Aim from 10 March 2014

SW BlackRock UK Dynamic Life and Pension Funds:

The fund aims for long-term growth from a portfolio consisting mainly of quoted UK company shares. Investment is solely through the BlackRock UK Dynamic Unit Trust.

SW BlackRock UK Life and Pension Funds:

BlackRock describe their fund’s aim as follows: to achieve long-term capital growth for investors. The Fund invests primarily in the shares of larger companies incorporated or listed in the UK. The Fund may also invest in collective investment schemes.

SW JPM Cautious Total Return Life and Pension Funds:

The Fund aims to provide income and long-term capital growth by investing in a global portfolio of assets. The Fund will primarily invest in Debt Securities, Convertible Bonds, Equity securities and short-term securities. Issuers of securities may be located in any country, including Emerging Markets and the Fund may invest in assets denominated in any currency. The Fund will have a bias towards Bonds. Asset and country allocations may vary over time to reflect market conditions and opportunities. Please note: The Scottish Widows unit-linked funds aim to provide long term growth in the price of units. Any income generated will not be distributed, but added to the fund value.

SW JPM Cautious Managed Life and Pension Funds:

No change to fund aim.

Changes to some SW and CM Invesco Perpetual funds

Invesco Perpetual have made changes to a number of their funds, and these changes have had an impact on the following Scottish Widows and Clerical Medical Life and Pension funds:

  • SW Invesco Perpetual Corporate Bond Fund
  • CM Invesco Perpetual Corporate Bond Fund
  • SW Invesco Perpetual Distribution Fund
  • CM Invesco Perpetual Distribution Fund
  • SW Invesco Perpetual Global Bond Fund
  • CM Invesco Perpetual Global Bond Fund
  • CM Invesco Perpetual Monthly Income Plus Fund

The main changes are to the funds’ aims and the investment risks associated with them, and you’ll find full details of these changes in the table below. There are no changes to the charges on the SW and CM funds.

Invesco Perpetual have made the following changes to the relevant underlying funds:

  • The Invesco Perpetual Corporate Bond Fund, Invesco Perpetual Global Bond Fund, Invesco Perpetual Distribution Fund and Invesco Perpetual Monthly Income Plus Fund may all now use derivatives* for investment purposes. Other than this, there will be no changes to the way these funds are managed, and neither their investment strategy nor their risk reward profiles are changing.
  • In addition, the Invesco Perpetual Distribution Fund and Invesco Perpetual Monthly Income Plus Fund will continue to be managed as bond funds in much the same way as they are now, but their scope for investing in equities has been extended. To give the funds greater flexibility, the equity holdings within the funds will no longer be restricted to UK equities.
  • The Invesco Perpetual Global Bond Fund will invest in debt securities denominated in a range of currencies globally, for example US Dollar, Euros and Sterling. The use of derivatives may include managing any currency exposure by using currency hedging techniques.

*A derivative is a contract between two or more parties, and is essentially a type of security whose price is dependent upon (or derived from) underlying assets such as stocks and bonds.  A derivative’s value will fluctuate as its underlying assets rise and fall in value.

For further details, factsheets can be viewed online using the links for Pension Funds and Life Funds located towards the top of this webpage.

We are writing to all customers invested in the affected funds and their advisers to explain what has happened, using a phased approach. Please note that customers who have more than one product that’s affected may receive more than one letter from us.

Details of fund aims and risks
  Fund name Fund aim Fund risks

Old fund details

SW Invesco Perpetual Corporate Bond Fund (Life and Pension versions)

 

The fund aims for long-term growth by investing mainly in fixed interest securities. The Fund Manager may also include other investments he considers appropriate. The fund invests solely through the Invesco Perpetual Corporate Bond OEIC fund.

FI, FIG, OS

Old fund details

CM Invesco Perpetual Corporate Bond Fund (Life and Pension versions)

To achieve a high level of overall return, with relative security of capital by primarily investing in fixed interest securities.

FI, FIG, OS

New Fund details

SW Invesco Perpetual Corporate Bond Fund (Life and Pension versions)

 

AND

CM Invesco Perpetual Corporate Bond Fund (Life and Pension versions)

 

Invesco Perpetual describe their fund’s aim as follows: The fund aims to achieve a combination of income and capital growth over the medium to long term by investing primarily in investment grade corporate debt securities.  The fund may also invest in government, unrated and sub-investment grade debt securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management.

Please note: The Scottish Widows and Clerical Medical unit-linked funds aim to provide long term growth in the price of the units.  Any income generated will not be distributed but added to the fund value.

FI, FIG, OS, 
DV, HY

  Fund name Fund aim Fund risks

Old fund details

SW Invesco Perpetual Distribution Fund (Life and Pension versions)

The fund aims for long-term growth from a balance of income (which is added to the fund) and capital growth through a portfolio of primarily UK fixed interest securities and equities. A significant proportion of the fund will be in higher risk non-investment grade securities. The fund managers may include other investments that they consider appropriate, which may include units in collective investment schemes, warrants and other permitted investments and transactions. Investment is solely through the Invesco Perpetual Distribution Fund.

EQ, FI, HY, OS

Old fund details

CM Invesco Perpetual Distribution Fund (Life and Pension versions)

To achieve a balance of income and capital growth through a portfolio of primarily UK equity and fixed interest securities.

EQ, FI, HY, OS

New Fund details

SW Invesco Perpetual Distribution Fund (Life and Pension versions)

AND

CM Invesco Perpetual Distribution Fund (Life and Pension versions)

Invesco Perpetual describe their fund’s aim as follows: The fund aims to achieve a combination of income and capital growth over the medium to long term by investing primarily in corporate and government debt securities globally (which may be unrated or sub-investment grade) and equities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management.

Please note: The Scottish Widows and Clerical Medical unit-linked funds aim to provide long term growth in the price of the units.  Any income generated will not be distributed but added to the fund value.

EQ, FI, HY, OS, DV

  Fund name Fund aim Fund risks

Old fund details

SW Invesco Perpetual Global Bond Fund (Life and Pension versions)

The fund aims for long-term growth by investing mainly in international bonds of differing interest yields and maturities – and may include debentures, loan stock and other instruments that the Fund Manager considers appropriate. The fund invests solely through the Invesco Perpetual Global Bond OEIC Fund.

EM, FI, FIG,OS

Old fund details

CM Invesco Perpetual Global Bond Fund (Life and Pension versions)

To achieve a good overall investment return in the medium to long term with relative security of capital. The fund intends to invest primarily in international bonds of differing interest yields and maturities.

EM, FI, FIG,OS

New Fund details

SW Invesco Perpetual Global Bond Fund (Life and Pension versions)

 

AND

CM Invesco Perpetual Global Bond Fund (Life and Pension versions)

Invesco Perpetual describe their fund’s aim as follows: The fund aims to achieve a combination of income and capital growth over the medium to long term by investing primarily in debt securities and currencies globally. Debt securities include government bonds, as well as securities issued by supranational bodies, local authorities, national public bodies and corporate issuers.  The Fund may also invest in high yield, unrated, convertible, sub-investment grade debt securities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management.

Please note: The Scottish Widows and Clerical Medical unit-linked funds aim to provide long term growth in the price of the units.  Any income generated will not be distributed but added to the fund value.

EM, FI, FIG,OS, DV

  Fund name Fund aim Fund risks

Old fund details

CM Invesco Perpetual Monthly Income Plus Fund (Life and Pension versions)

To achieve a high level of income whilst seeking to maximise total return through investing in high yielding corporate and government bonds, together with UK equities.

EQ, FI, HY, OS

New Fund details

CM Invesco Perpetual Monthly Income Plus Fund (Life and Pension versions)

Invesco Perpetual describe their fund’s aim as follows: The fund aims to achieve a high level of income together with capital growth over the medium to long term by investing primarily in primarily in corporate and government high yielding debt securities globally (which may be unrated or sub-investment grade), and equities. Financial derivative instruments can be used for investment purposes and for efficient portfolio management.

Please note: The Clerical Medical unit-linked funds aim to provide long term growth in the price of the units.  Any income generated will not be distributed but added to the fund value.

EQ, FI, HY, OS, DV

Fund Risks

FI (Fixed Interest)

Some of the securities in which this fund invests might default or their credit rating might fall. The value of those investments will usually fall should an issuer default or receive a reduced credit rating. Fluctuations in interest rates are likely to affect the value of the securities held by the fund. If long-term interest rates rise, the value of the units is likely to fall and vice versa.

FIG (Fixed Interest Government)

This fund may invest more than 35% in government or public securities issued by a single issuer. There could be a risk, for example, that they can’t repay the amount borrowed. If they don’t repay, the value of the fund will fall.

OS (Overseas)

Exchange rate changes might cause the value of any overseas investment to go up or down.

DV (Derivatives)

This fund uses derivatives and forward transactions for specific investment purposes, as well as for hedging and other efficient portfolio management purposes. Their use may lead to higher volatility.

HY (High Yield)

This fund invests in high yielding fixed interest securities, which carry an increased risk of default and, for which, there is a higher risk that the issuer’s credit rating may fall. The value of these investments will usually fall should an issuer default or receive a reduced credit rating or should the likelihood of these events increase.

EQ (Equity)

This fund invests in company shares (often referred to as ‘equities’). Investing in company shares generally has the potential for higher capital growth over the longer term than investing in say, corporate bonds and other fixed interest securities. However there might be considerable fluctuations in equity prices and there is a greater risk that the value of the investment will fall.

EM (Emerging Markets)

This fund invests in emerging markets so might invest in stockmarkets which are generally less well regulated than those in the UK. This may result in a greater risk that the value of the units might go down. The investments in these markets might also be bought and sold infrequently therefore resulting in large changes in their prices.

The value of an investment is not guaranteed and may go up and down depending on investment performance (and currency exchange rates where a fund invests overseas). You may get back less than your original investment.

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