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Fund changes
Here you can keep up to date, and find everything you need to know about changes to our funds. This could be, for example, a change to a fund’s objective, risk rating or charges; or a change to the investment adviser, the fund’s name or underlying investment approach.
What's changing?
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The benchmark indices tracked by some Scottish Widows funds are changing. This change is happening because FTSE and Research Affiliates (RAFI) are ending their partnership. The old and new benchmarks are given below along with the funds that track them.
After reviewing a range of alternatives, we’ve selected a replacement benchmark index that is intended to provide a similar investment approach. There are no material changes to the nature or the risk profile of the funds.
We are writing directly to customers invested in these funds with further information about the change and what it means for them.
OEIC Funds
Customer notification for customers in our UK Life and Pension Funds Fund name
Old benchmark
New benchmark
Fund name
SWUTM Fundamental Index Global Equity Fund
Old benchmark
FTSE RAFI Developed 1000 Custom Screened Index
New benchmark
RAFI Fundamental Select Developed 1000 Custom Screened Index
Fund name
SWUTM Fundamental Index Emerging Markets Equity Fund
Old benchmark
FTSE RAFI Emerging Custom Screened Index
New benchmark
RAFI Fundamental Select Emerging Markets Custom Screened Index
Life and Pension Funds
Customer notification for customers in our UK Life and Pension Funds Fund name
Old benchmark
New benchmark
Fund name
Scottish Widows Fundamental Index Emerging Markets Equity CS8
Old benchmark
FTSE RAFI Emerging Custom Screened Index
New benchmark
RAFI Fundamental Select Emerging Markets Custom Screened Index
Fund name
SW Fundamental Index Emerging Markets Equity Life
Old benchmark
FTSE RAFI Emerging Custom Screened Index
New benchmark
RAFI Fundamental Select Emerging Markets Custom Screened Index
Fund name
SW Fundamental Index Emerging Markets Equity Pension (Series 1)
Old benchmark
FTSE RAFI Emerging Custom Screened Index
New benchmark
RAFI Fundamental Select Emerging Markets Custom Screened Index
Fund name
SW Fundamental Index Emerging Markets Equity Pension (Series 2)
Old benchmark
FTSE RAFI Emerging Custom Screened Index
New benchmark
RAFI Fundamental Select Emerging Markets Custom Screened Index
Fund name
SW Fundamental Index Emerging Markets Equity Pension (Series 4)
Old benchmark
FTSE RAFI Emerging Custom Screened Index
New benchmark
RAFI Fundamental Select Emerging Markets Custom Screened Index
Fund name
SW Fundamental Index Global Equity Life
Old benchmark
FTSE RAFI Developed 1000 Custom Screened Index
New benchmark
RAFI Fundamental Select Developed 1000 Custom Screened Index
Fund name
SW Fundamental Index Global Equity Pension (Series 1)
Old benchmark
FTSE RAFI Developed 1000 Custom Screened Index
New benchmark
RAFI Fundamental Select Developed 1000 Custom Screened Index
Fund name
SW Fundamental Index Global Equity Pension (Series 2)
Old benchmark
FTSE RAFI Developed 1000 Custom Screened Index
New benchmark
RAFI Fundamental Select Developed 1000 Custom Screened Index
Fund name
SW Fundamental Index Global Equity Pension (Series 4)
Old benchmark
FTSE RAFI Developed 1000 Custom Screened Index
New benchmark
RAFI Fundamental Select Developed 1000 Custom Screened Index
Fund name
Scottish Widows Fundamental Index Global Equity CS8
Old benchmark
FTSE RAFI Developed 1000 Custom Screened Index
New benchmark
RAFI Fundamental Select Developed 1000 Custom Screened Index
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Property funds which currently invest in the Scottish Widows Pooled Property ACS Fund 1 as an underlying fund will move on the 3rd of August, to instead invest into the UK Property Fund (a sub-fund of the HBOS Property Investment Funds ICVC). This is to help spread investments across a wider range of properties and aims to improve annual returns over the longer term.
We’ve written to pension schemes and customers who are invested in one or more of the affected funds. We’ve let them know which funds are affected, the change to the underlying fund used and if the impacted funds’ objective has changed. The Annual Management Charge will stay the same.
No action is required, the change will happen automatically on 3rd August 2026.
The affected funds will still invest in real estate properties, but they will now do so through a different underlying fund, the UK Property Fund. The UK Property Fund will be the only option in our range that invests directly in physical property.
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On 17th April 2026:
- the SW Baillie Gifford Defensive Growth Life Fund changed name to the SW Baillie Gifford Monthly Income Life Fund; and
- the SW Baillie Gifford Defensive Growth Pension Fund changed name to the SW Baillie Gifford Monthly Income Pension Fund.
On 24th April 2026:
- the SW Baillie Gifford Diversified Growth Fund changed name to the SW Baillie Gifford Monthly Income Fund.
These updates follow a merger of the Baillie Gifford Defensive Growth Fund and the Baillie Gifford Diversified Growth Fund into the Baillie Gifford Monthly Income Fund, after a review by Baillie Gifford.The funds’ aims and objectives, sector and benchmark have changed, and charges have reduced. You can find the latest charges on our Fund Information page. The monthly income from this Fund is reinvested.
You don’t need to do anything. These changes happened automatically.
You may still see the SW Baillie Gifford Defensive Growth Fund referred to as its original name, the SW Baillie Gifford Multi Asset Growth Fund, in some of the literature we send.