Closing the PSPS Property Fund

For some time, the M&G Pooled Property Fund (the underlying fund for the Property Fund) has been suspended.

This has meant that members could not move money in or out of the Property Fund. In conjunction with this suspension of the Property Fund, Hymans Robertson, the DC Section investment consultant, downgraded their rating for this Fund and recommended that the Trustee close it, selling the units that members have built up in the Fund. The Trustee has been considering the future of the Property Fund and has taken the decision, following the advice from Hymans Robertson, that now is the right time to close this Fund.

All members who are currently invested in the Property Fund will have received either an email or a letter providing further details, including what will happen to the money they had invested in the Property Fund and where future contributions will be invested. Further information is also available to all members on the Scheme website and a related article can be found in the ‘News’ section.

The Trustee constantly monitors the performance of all the Funds available to members. As part of this continuous review process it also considers whether new Funds should be made available. The Trustee will now consider whether there is an alternative Fund that can be made available to members to replace the Property Fund. Further updates will be made available in due course.