Fund descriptions, their charges and risk warnings

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1 Fund descriptions, their charges and risk warnings This document was produced in March 2015 and is accurate at that date. When reviewing your fund choices you should refer to up-to-date information, available online at or by calling the helpdesk on To help you choose your investment fund(s) we have detailed the full fund descriptions, their charges and their associated risk warnings in this document. The funds are ordered by risk rating, then alphabetical order. Please see the table on the next page for more information on risk ratings. You can choose more than one fund to invest in, up to a maximum of 10 funds. You can switch your existing investments from one fund choice to another, or redirect future contributions into different fund choices, whenever you choose. In certain circumstances we may delay this switching. Please read your Choosing your investment funds brochure for further information and guidance on fund selection. The value of an investment is not guaranteed and can go up and down. You could get back less than you have paid in. If you feel you would like advice, you can pay for financial advice from a financial adviser. If you don t have an adviser, you can contact the following organisations: Unbiased: Institute of Financial Planning: or at GOV.UK provides impartial UK Government information on pensions at workplace-personal-pensions

2 Approaches to investment risk Friends Life calculates its risk ratings using historical performance data, based upon the methods set by European Union rules. We also carry out further research using information from the fund s investment manager(s). We review each fund s risk rating annually and these may change over time. The timing of your investment decisions is very important and you should consult a financial adviser. Past performance is not a guarantee of future performance. Our risk ratings go from 1 to 7, with 1 being the lowest and 7 the highest. As a point of reference, a fund with a risk rating of 4 (medium ) would typically experience the you would expect from a fund invested in a range of different investments (for example shares, property and bonds) without any bias to a particular investment type. Remember that all investment funds carry some element of risk but this varies from fund to fund. Risk rating 7 Highest 6 High 5 Medium to high 3 Low to medium 2 Low 1 Lowest Risk rating description the highest of all the funds Friends Life has rated. This means that these funds have the highest potential for substantial changes in value compared with other Friends Life funds. high compared with other funds Friends Life has rated. This means that these funds have a high potential for substantial changes in value compared with other Friends Life funds. medium to high compared with other funds Friends Life has rated. This means that these funds have a medium to high potential for substantial changes in value compared with other Friends Life funds. medium compared with other funds Friends Life has rated. This means that these funds have a medium potential for substantial changes in value compared with other Friends Life funds. low to medium compared with other funds Friends Life has rated. This means that these funds have a low to medium potential for substantial changes in value compared with other Friends Life funds. low compared with other funds Friends Life has rated. This means that these funds have a low potential for substantial changes in value compared with other Friends Life funds. the lowest of all the funds Friends Life has rated. This means that these funds have the lowest potential for substantial changes in value compared with other Friends Life funds. Please note These investment risk ratings are based on our interpretation of investment risk and are only meant as a guide. These levels of investment risk are not guaranteed and may change in the future. The colours in this table may be different to those used online, however, the ratings and approach to investment risk remain the same. 2

3 Fund risk warnings There are risks associated with investing in funds, or types of funds. In this document we show which risk warning or warnings apply to each fund. These are all explained below. Please note that not all of these warnings apply to each fund and there is no direct relationship between the number of fund risk warnings and the investment risk rating for each fund shown on the previous page. Risk warning code A B C D E F G Risk warning description Investment is not guaranteed: The value of an investment is not guaranteed and can go down as well as up. You could get back less than you have paid in. Price: At times, the way a fund s price is calculated may need to change to ensure that those moving into and out of the fund and existing unitholders/shareholders are treated fairly and are not disadvantaged by any large cash flows. Suspend trading: Fund managers have the ability, in certain circumstances, to suspend trading in their funds for as long as necessary. When this occurs we will need to delay the cashing in or switching of units in the relevant fund. You may not be able to access your money during this period. The circumstances in which we may delay a switch, withdrawal or transfer can include but are not limited to the following: If a large number of customers want to take money out of the same fund at the same time. If there are practical problems selling the assets in which a fund is invested. If the fund (or part of it) is managed by an external company, they may insist on a delay. Stock lending: Where a fund is involved in the temporary transfer of securities, there is a risk that the borrower may not be able to return the security to its owner. This may have a negative effect on the performance of the fund. Derivatives: Most funds can invest in derivatives for the purpose of efficient portfolio management or risk reduction. For funds that also use derivatives for investment purposes, we apply an additional risk warning due to the possible increase in the risk and of the fund. Currency risk: Where a fund invests in share classes or securities priced in currencies other than the fund s base currency, changes in exchange rates can contribute to the value of the investment going up or down. Emerging markets: Where a fund invests in emerging markets, it is likely to be more volatile than one that invests in developed markets. These markets may not be as strictly regulated and securities may be harder to buy and sell than those in more developed markets. These markets may also be politically unstable, which can result in the fund carrying more risk. Smaller companies: Where a fund invests in the shares of smaller companies, these shares can be more volatile and may be harder to buy and sell than larger company shares, which can result in the fund carrying more risk. Fixed interest: Where a fund invests in fixed interest securities, such as corporate or government bonds, changes in interest rates can contribute to the value of the investment going up or down. If interest rates rise, the value is likely to fall. Bonds with a lower credit rating are known as sub-investment grade or junk bonds. These carry an increased risk that the issuer of the bond will be unable to continue the interest payments or return the capital at maturity. Specialist: Where a fund invests only in a specific or limited range of industry sectors, it may carry more risk than funds that invest across a broader range or variety of sectors. These funds can be more volatile and carry higher risk due to their lack of diversification. Derivatives: Where a fund uses derivatives for investment purposes, there may be an increase in the risk and of the fund. Some derivative investments also expose investors to counterparty or default risk where another party is unable to meets its obligations and pay what is due. This could result in the loss of the value of the derivative itself. 3

4 Risk warning code H I J K L M N O Risk warning description Cash/Money market funds: These are not cash deposit accounts but invest in money market instruments and short-term bonds and can fall in value. In a low interest rate environment, the charges applied to a cash fund may be greater than its return, so you could get back less than you have paid in. Physical property: Where a fund directly invests in physical property, these properties are not easy to buy or sell. In exceptional circumstances, we may need to delay the cashing in or switching of units in the fund and you may not be able to access your money during this period. The value of properties held is generally a matter of the valuer s opinion rather than fact. Index-linked: Where a fund invests in index-linked bonds, changes in inflation rates can contribute to the value of the investment going up or down. If inflation falls, the value is likely to fall. High cash levels: Due to the way some funds are managed there may be periods when they have large cash holdings. This can be a deliberate asset allocation decision or while suitable investment opportunities are researched and selected. A fund s growth potential may be less during this period. Reinsured funds: Where a fund invests in an underlying fund operated by another insurance company through a reinsurance agreement, if the other insurance company were to become insolvent, you could lose some or all of the value of your investment in this fund. Ethical: Where a fund invests only in sectors and securities that meet its agreed ethical criteria, it may carry more risk than funds which are free from these restrictions. The ethical companies invested in can be involved in new and innovative technologies or new markets and can therefore have a higher risk profile than organisations involved in more mainstream activities. Alternative investments: Where a fund invests in alternatives, it may carry more risk, as these instruments are generally priced less regularly and may be harder to buy and sell than investments in more conventional asset classes. Alternatives include commodities, hedge funds, private equity, Convertible bonds: Where a fund invests in convertible bonds, it will experience the risks associated with holding bonds until conversion, at which point it will experience the risks associated with holding equities. To compensate for having additional value through the option to convert from a bond to an equity, a convertible bond typically has a coupon rate lower than that of a similar, non-convertible bond. 4

5 Fund charges The funds you can choose from To help you get a better understanding of the funds available to choose from, we have outlined some high-level details below. Please take note of the following points before reading the table: The annual management charge (AMC) that applies to your funds is based on regular contributions. If the AMC of your chosen fund changes, we will notify you. The level of annual management charge (AMC) is taken from each fund over the lifetime of your account. This charge covers expenses such as administration costs and investment charges and may change over time. The AMC is made up of two parts: a scheme annual management charge which is taken out of the value of your pension plan over its lifetime to cover administration costs and investment charges and may change over time. Please refer to your scheme information for details of the scheme annual management charge. for certain funds, an annual fund manager charge applied by fund managers for managing the fund. The charge varies according to the funds you invest in. The extra AMC is shown in the fund tables on pages 6 to 8. The additional expenses charge is shown as a fixed percentage, but this will normally vary from day to day. The percentage shown is to give you an indication of the additional expenses that may be incurred by a particular fund, but you should be aware that on any given day it may be slightly more or less than this percentage. Please note there may be circumstances when the fund managers decide to increase the level of AMC. If this happens, you can switch to another fund with an AMC at or below the previous level at no extra cost. We may even choose to close the fund concerned, but please be assured that whatever action we take, we will write to you to inform you and explain the choices you have at the time. Important Information Please also take note of the following points before reading the table: The risk rating is an indication of how volatile the fund is likely to be, and how much the value of the fund may vary from day to day. We have also included the appropriate fund type alongside each fund. These are explained in the Choosing your investment funds brochure. 5

6 Funds Fund 7 Highest Fund type Extra AMC Additional expenses FL BlackRock Emerging Markets Equity Index 0.18% 0.06% 6 High FL BlackRock European Equity Index Index 0.00% 0.00% FL BlackRock Japanese Equity Index Index 0.00% 0.00% FL BlackRock Pacific Rim Equity Index Index 0.00% 0.00% FL Legal & General (PMC) Global Real Estate Equity Index Index 0.35% 0.00% FL UK Smaller Companies Actively managed 0.00% 0.00% FL BlackRock (40:60) Global Equity Index Index 0.00% 0.00% FL BlackRock (50:50) Global Equity Index Index 0.00% 0.00% FL BlackRock Long Term Fund Index 0.00% 0.00% FL BlackRock UK Equity Index Index 0.00% 0.00% FL BlackRock US Equity Index Index 0.00% 0.00% FL BlackRock World ex UK Equity Index Index 0.00% 0.00% FL Global Equity Actively managed 0.00% 0.00% FL HSBC Amanah Global Equity Index Index 0.30% 0.00% FL Legal & General (PMC) Ethical UK Equity Index Index 0.20% 0.00% FL Stewardship Actively managed 0.00% 0.00% FL Stewardship Income Actively managed 0.00% 0.00% FL Stewardship International Actively managed 0.00% 0.00% FL UK Equity Actively managed 0.00% 0.00% FL Balanced Index Fund of Funds Fund of funds 0.00% 0.02% FL BlackRock Consensus Index 0.00% 0.00% FL BlackRock Over 15 Year Corporate Bond Index Index 0.00% 0.00% FL BlackRock Overseas Bond Index Index 0.00% 0.00% FL Cautious Managed Actively managed 0.00% 0.00% FL Property Actively managed 0.00% 0.00% FL Stewardship Managed Actively managed 0.00% 0.00% 3 Low to medium FL BlackRock Over 15 Year Gilt Index Index 0.00% 0.00% FL BlackRock Over 5 Year Index-Linked Gilt Index Index 0.00% 0.00% FL Cautious Index Fund of Funds Fund of funds 0.00% 0.02% FL Fixed Interest Actively managed 0.00% 0.00% FL Pre-retirement Fixed Interest Actively managed 0.00% 0.00% 6

7 Fund 1 Lowest FL Cash Actively managed 0.00% 0.00% With-profits Fund type FL FP With Profits Fund With-profits 0.00% 0.00% Extra AMC Additional expenses 7

8 Funds FL BlackRock Emerging Markets Equity 7 Highest BlackRock state that the fund's objective is to achieve a return that is consistent with the return of the MSCI Emerging Markets Index. Risk warnings A, B, C, D, L FL BlackRock European Equity Index 6 High BlackRock state that the fund invests in the shares of companies in Europe and aims to achieve a return that is consistent with the return of the FTSE All World Developed Europe ex UK Index. Risk warnings A, B, D, L FL BlackRock Japanese Equity Index 6 High BlackRock state that the fund invests in the shares of Japanese companies and aims to achieve a return that is consistent with the return of the FTSE All World Japan Index. Risk warnings A, B, D, L FL BlackRock Pacific Rim Equity 6 High Index BlackRock state that the fund invests in the shares of companies in the Pacific Rim and aims to achieve a return that is consistent with the return of the FTSE All World Developed Asia Pacific ex Japan Index. Risk warnings A, B, D, L FL Legal & General (PMC) Global 6 High Real Estate Equity Index Legal & General state that the fund aims to track the Sterling total return (less withholding tax) of the FTSE EPRA/NAREIT Global Real Estate Index. This index captures the performance of a wide range of listed real estate companies and real estate investment trusts (REITs). The fund invests in the shares of listed real estate companies. These companies are primarily involved in the ownership, development or disposal of income producing property assets. Risk warnings A, B, C, D, E, F, N FL UK Smaller Companies 6 High The fund's objective is to provide capital growth. The manager seeks to achieve this by investing mainly in equities of UK smaller companies. This will normally mean that the UK's largest companies by market capitalisation are excluded from the fund. A proportion of the assets may comprise convertible stocks and other permitted investment vehicles which are linked to UK smaller companies. Risk warnings A, B, D FL BlackRock (40:60) Global Equity Index BlackRock state that the fund invests primarily in equities in both the UK and overseas markets. The fund has approximately 40% invested in the shares of UK companies. The remaining 60% is invested in overseas companies. The fund aims to provide returns consistent with the markets in which it invests and provides broad exposure to countries around the world. Risk warnings A, B, C, D, L FL BlackRock (50:50) Global Equity Index BlackRock state that the fund invests primarily in equities in both the UK and overseas markets. The fund has approximately 50% invested in the shares of UK companies. The remaining 50% is invested in overseas companies. The fund aims to provide returns consistent with the markets in which it invests and provides broad exposure to countries around the world. Risk warnings A, B, C, D, L FL BlackRock Long Term Fund BlackRock state that the fund invests primarily in equities in both the UK and overseas markets, with approximately 60% in the UK and 40% overseas. The fund aims to provide returns broadly consistent with the markets in which it invests. Risk warnings A, B, C, D, L Risk warning codes (see pages s 3 and 4) A Investment is not guaranteed; Price; Suspend trading; Stock lending; Derivatives B Currency risks C Emerging markets D Smaller companies E Fixed interest F Specialist G Derivatives H Cash/Money market funds I Physical property J Index linked K High cash levels L Reinsured funds M Ethical N Alternative investments O Convertible bonds 8

9 FL BlackRock UK Equity Index BlackRock state that the fund invests in the shares of UK companies and aims to achieve a return that is consistent with the return of the FTSE All-Share Index. Risk warnings A, D, L FL BlackRock US Equity Index BlackRock state that the fund invests in the shares of US companies and aims to achieve a return that is consistent with the return of the FTSE All World USA Index. Risk warnings A, B, D, L FL BlackRock World ex UK Equity Index BlackRock state that the fund aims to achieve returns in line with global equity markets, excluding the UK. Within each of those markets, the fund aims to generate returns consistent with those of each country s primary share market. The fund aims to achieve a return in line with the FTSE All World Developed ex UK Index. Risk warnings A, B, C, D, L FL Global Equity The fund aims to achieve capital growth, with some income generation, by investing mainly in listed global equities. The fund may also invest in other equities, warrants, convertibles, derivatives, money market instruments and short-term bonds. The fund may invest directly or indirectly. Risk warnings A, B, C, D, E, O FL HSBC Amanah Global Equity Index HSBC state that the fund's objective is to grow money in line with the performance of the 100 largest global companies engaged in Shariah compliant activities. The fund adopts a passive equity investment strategy that mirrors and tracks the Dow Jones Islamic Market Titans 100 Index. The Islamic Market Titans Index consists of Shariah compliant companies that have been endorsed by the Dow Jones Shariah Supervisory Committee. There is a rigorous investment process to ensure adherence to Shariah principles, which HSBC Amanah s Central Shariah Committee closely monitors. The committee has approved investment in listed companies whose activities do not contravene the tenets of Islam and where any non Shariah compliant revenue that might be earned is purified. Risk warnings A, B, C, F, L, M FL Legal & General (PMC) Ethical UK Equity Index Legal & General state that the fund aims to track the Sterling total return of the FTSE4Good UK Equity Index (including reinvested income, less withholding tax) to within +/- 0.5% per annum for two years in three. Risk warnings A, B, D, F, I, L, M, N FL Stewardship The fund aims to provide exposure to an ethically screened portfolio of assets in order to produce capital growth. The fund will mainly be invested in UK equities. The ethical screening criteria of the fund will mean that its investments are more restricted than a non-ethical fund. The fund may also invest in other equities, warrants, convertibles, money market instruments and short-term bonds. Risk warnings A, B, D, F, M, O FL Stewardship Income The objective of the fund is to generate income with the prospect of capital growth. The manager seeks to achieve this by investing mainly in an ethically screened and diversified spread of UK equities. The ethical screening applied to the fund means that a number of the UK's largest companies are screened out on ethical grounds. As a result, the fund will usually include significant exposure to medium and smaller companies. The manager may also invest in other investments such as corporate bonds and derivatives. Investment is concentrated in UK companies whose products and operations are considered to be of long-term benefit to the community both at home and abroad, and will generally exclude those considered to be involved with harmful products and practices or which trade extensively with oppressive regimes. Risk warnings A, D, E, F, M FL Stewardship International The fund's objective is to provide capital growth. The manager seeks to achieve this by investing mainly in an ethically screened and diversified spread of global equities. The ethical screening applied to the fund means that a number of the largest companies are screened out on ethical grounds. The fund does not normally hedge currency exposure. Investment is concentrated in companies in any market whose products and operations are considered to be making a positive contribution to society and seeks to avoid companies which, on balance, are felt to be harming the world, its people, or its wildlife. Risk warnings A, B, C, D, E, F, M Risk warning codes (see pages s 3 and 4) A Investment is not guaranteed; Price; Suspend trading; Stock lending; Derivatives B Currency risks C Emerging markets D Smaller companies E Fixed interest F Specialist G Derivatives H Cash/Money market funds I Physical property J Index linked K High cash levels L Reinsured funds M Ethical N Alternative investments O Convertible bonds 9

10 FL UK Equity The fund aims to achieve capital growth by mainly investing in UK listed equities. The fund may also invest in other equities, warrants, convertibles, derivatives, money market instruments and short-term bonds. Risk warnings A, B, D, O FL Balanced Index Fund of Funds This fund aims to provide returns in excess of inflation. It invests between 40% and 85% in equity index tracking funds of multiple regions (including emerging markets), with the remainder invested in fixed interest index tracking funds, cash funds and other money market instruments. The holdings in fixed interest and cash help to diversify risk and provide stability within the fund. Assets held by fixed interest index tracking funds can include UK and overseas corporate and government bonds. Risk warnings A, B, C, D, E, L FL BlackRock Consensus BlackRock state that the fund provides a low-cost alternative to traditional balanced fund management. It aims to produce consistent investment performance in line with the average UK pension fund and to avoid any violent swings between the upper and lower ends of the pension fund performance league tables. Risk warnings A, B, C, D, E, J, L FL BlackRock Over 15 Year Corporate Bond Index BlackRock state that the fund invests in investment grade corporate bonds denominated in Sterling. The fund aims to achieve a return consistent with the Markit iboxx Non-Gilts Over 15 Years Index. This index consists of bonds with maturity periods of 15 years or longer. Risk warnings A, E, L FL BlackRock Overseas Bond Index BlackRock state that the fund invests in fixed interest securities issued by foreign national governments. The fund aims to achieve a return consistent with JPMorgan GBI Global ex UK Index. Risk warnings A, B, E, L FL Cautious Managed The fund aims to provide exposure to a diversified portfolio of assets in order to generate capital growth and income. The fund may invest in equities, warrants, bonds, convertibles, money market instruments, short-term bonds, commodities, private equity, hedge funds and direct property. The fund may invest directly or indirectly. Risk warnings A, B, C, D, E, I, J, N, O FL Property The fund aims to generate capital growth and income by investing mainly in UK commercial property. The fund may also invest in UK listed property equities, including real estate investment trusts, shares issued by companies that own, develop or manage direct property and property index certificates. The fund may also invest in money market instruments, short-term bonds, derivatives and in other direct property funds. Risk warnings A, F, I, N FL Stewardship Managed The fund aims to provide exposure to a diversified portfolio of ethically screened assets in order to generate capital growth and income. The ethical screening criteria of the fund will mean that its investments are more restricted than a non-ethical fund. The fund may invest in UK and international equities, warrants, bonds, convertibles, money market instruments and short-term bonds. The fund may invest directly or indirectly. Risk warnings A, B, C, D, E, F, M, N, O FL BlackRock Over 15 Year Gilt Index 3 Low to medium BlackRock state that the fund invests in UK Government fixed income securities (gilts) that have a maturity period of 15 years or longer. The fund aims to achieve a return consistent with the FTSE UK Gilts Over 15 Years Index, which is widely regarded as the benchmark for UK pension fund investment in the longer dated end of the UK gilt market. Risk warnings A, E, L Risk warning codes (see pages s 3 and 4) A Investment is not guaranteed; Price; Suspend trading; Stock lending; Derivatives B Currency risks C Emerging markets D Smaller companies E Fixed interest F Specialist G Derivatives H Cash/Money market funds I Physical property J Index linked K High cash levels L Reinsured funds M Ethical N Alternative investments O Convertible bonds 10

11 FL BlackRock Over 5 Year Index-Linked Gilt Index 3 Low to medium BlackRock state that the fund invests in UK Government index-linked fixed income securities that have a maturity period of 5 years or longer. The fund aims to achieve a return consistent with the FTSE UK Index-Linked Gilts Over 5 Years Index, which is widely regarded as the benchmark for UK pension fund investment in the longer dated end of the UK index-linked gilt market. Risk warnings A, E, J, L FL Cash 1 Lowest The fund aims to provide short-term liquidity by investing in money market instruments, bonds and cash. It may invest in short-term bonds issued or backed by the UK Government or supranational agencies as well as commercial paper, cash and near cash assets such as deposits and certificates of deposit. Risk warnings A, E, H FL Cautious Index Fund of Funds 3 Low to medium This fund aims to provide returns in excess of inflation while providing stability and diversification of risk. It invests between 20% and 60% in equity index tracking funds of multiple regions (including emerging markets), with the remainder invested in fixed interest index tracking funds, cash funds and other money market instruments. Assets held by fixed interest index tracking funds can include UK and overseas corporate and government bonds. Risk warnings A, B, C, D, E, L FL Fixed Interest 3 Low to medium The fund aims to achieve long-term growth from a combination of income generation and capital growth. The fund invests mainly in UK Government securities and other Sterling denominated fixed interest and index-linked securities. Non-Sterling bonds may also be held with any foreign currency exposure typically hedged back to Sterling. The fund can also invest in money market instruments and short-term bonds. Risk warnings A, B, E, J, O FL Pre-retirement Fixed Interest 3 Low to medium The fund aims to achieve long-term growth from a combination of income generation and capital growth. The fund invests mainly in UK Government and UK Government backed index-linked securities and Sterling denominated overseas government backed index-linked securities. The fund may also invest in other Sterling denominated fixed interest securities and non-sterling bonds with any foreign currency exposure typically hedged back to Sterling. The fund can also invest in money market instruments and short-term bonds. Risk warnings A, E, J, O FL FP With Profits Fund With-profits The Friends Life FP With Profits Fund aims for longer-term growth by investing in a broad and diverse mix of securities. The unit price increases in line with the rate of regular bonus we declare. This rate is reviewed at least once a year and may go down or up at any time. We show the bonus series and the current rate of unit price increase in your personal illustration. After a year s continuous investment in the fund, we may pay a final bonus when we cash in units to provide benefits on death, at retirement, if there is a transfer to another approved arrangement or if you switch all your investments out of the fund. The performance of the FL FP With Profits Fund depends on the investment profits and losses the fund makes and on the decisions we take about their distribution. We don t guarantee future bonuses. Please see Cost of guarantees and Market Value Reduction below. Before investing, it s important you read our With-Profits Summary. If you haven t received this, please contact us now. The summary explains the main points about with-profits, our current approach to managing the FL FP With Profits Fund and deciding on bonus levels, and the factors that can influence the value of your investment. Cost of guarantees We may set aside some of the underlying investment value each year. This is to help cover the cost of the guarantees we provide to you and other with-profits policyholders (we explain the guarantees we provide to you under the 'Market Value Reduction' heading). It has the same effect as reducing the investment return each year on the fund. We regularly review the amount we need to set aside and it can go up or down. If we don t need all of the amount set aside, we ll use it to improve returns. If your personal illustration shows some or all of your contributions invested in the FL FP With Profits Fund, the illustrations of future benefits allow for this. The With-Profits Summary Supplementary Information page on our website at shows how much we re currently setting aside. Risk warning codes (see pages s 3 and 4) A Investment is not guaranteed; Price; Suspend trading; Stock lending; Derivatives B Currency risks C Emerging markets D Smaller companies E Fixed interest F Specialist G Derivatives H Cash/Money market funds I Physical property J Index linked K High cash levels L Reinsured funds M Ethical N Alternative investments O Convertible bonds 11

12 Market Value Reduction In certain circumstances, such as periods of stock market, we may need to apply a Market Value Reduction (MVR) if you cash in or switch your units out of the fund. This is because we also have to safeguard the interests of the remaining policyholders in the fund. By applying an MVR we are in effect lowering the unit price to ensure that it more accurately reflects the value of the fund s underlying investments. We guarantee we won t apply this reduction at your original selected retirement date or on death. Risk warning codes (see pages s 3 and 4) A Investment is not guaranteed; Price; Suspend trading; Stock lending; Derivatives B Currency risks C Emerging markets D Smaller companies E Fixed interest F Specialist G Derivatives H Cash/Money market funds I Physical property J Index linked K High cash levels L Reinsured funds M Ethical N Alternative investments O Convertible bonds 12

13 At Friends Life we want you to feel confident about your financial future, ready to face life s challenges and take its opportunities too. We know that everyone has their own individual outlook so, wherever we can, we use our knowledge and experience to offer products, services and options that suit your particular needs. And we aim to make it as easy as possible for you to deal with us. For our complete range of products and services visit Friends Life and Pensions Limited An incorporated company limited by shares and registered in England and Wales, number Registered office: Pixham End, Dorking, Surrey RH4 1QA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Telephone calls may be recorded. Friends Life is a registered trade mark of the Friends Life group. MPEN6/P FD v2.11 Nov 2014

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