SCOTTISH WIDOWS PENSION FUNDS INVESTOR S GUIDE

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1 SCOTTISH WIDOWS PENSION FUNDS INVESTOR S GUIDE

2 PAGE 1 INTRODUCTION TO THE SCOTTISH WIDOWS PENSION FUND RANGE SECTION 1 FUNDS AVAILABLE PAGE 3 SCOTTISH WIDOWS FUNDS, MANAGED BY ABERDEEN ASSET MANAGEMENT PAGE 5 SW FUNDS, MANAGED BY OTHER FUND MANAGERS PAGE 15 SCOTTISH WIDOWS FUND OF FUNDS AND MULTI-MANAGER FUNDS SECTION 2 FUND INVESTMENT APPROACHES PAGE 17 DETAILS ON FUND INVESTMENT APPROACHES SECTION 3 PENSION FUNDS INFORMATION PAGE 19 DETAILS OF THE FUND AIMS AND IMPORTANT INFORMATION SECTION 4 PENSION FUNDS ACCESS PAGE 51 A LIST OF THE SCOTTISH WIDOWS PRODUCTS WITH ACCESS TO THE FUNDS REFERRED TO IN THIS GUIDE

3 Pension s INTRODUCTION TO THE SCOTTISH WIDOWS PENSION FUND RANGE WITH A COMPREHENSIVE RANGE OF FUNDS FROM READY-MADE INVESTMENT PORTFOLIOS TO SPECIALIST FUNDS, SCOTTISH WIDOWS HAS A WIDE CHOICE OF FUNDS TO MATCH DIFFERENT INVESTMENT NEEDS. (FOR A FULL LIST OF THE SCOTTISH WIDOWS PRODUCTS WITH ACCESS TO THESE FUNDS, PLEASE REFER TO PAGES OF THIS GUIDE.) Our range is grouped into the following categories: 1. SCOTTISH WIDOWS FUNDS, MANAGED BY ABERDEEN ASSET MANAGEMENT These funds are all managed by a subsidiary of Aberdeen Asset Management plc ( Aberdeen ). Aberdeen Asset Management is a global asset manager and a FTSE 100 company. Based in 26 countries, Aberdeen manages assets for both institutional and retail clients from 37 offices around the world. As at 31 March 2015, Aberdeen managed assets of over 330 billion*. For the majority of the funds, is responsible for defining the fund objectives and determining how the funds should be run. In some cases, Aberdeen defines the fund objectives and determines how the funds should be run. * Source: Aberdeen, March SW FUNDS, MANAGED BY OTHER FUND MANAGERS The SW funds are managed by selected and well-established fund managers. These fund managers define the SW funds objectives and determine how they should be run. Covering a wide range of asset classes, geographical locations, sectors and management styles, our carefully selected SW pension funds provide building blocks to create bespoke investment portfolios. 1

4 Pension s 3. SCOTTISH WIDOWS FUND OF FUNDS AND MULTI-MANAGER FUNDS The of s and Multi-Manager s include the Solution s and the Pension Portfolio fund range. Pension Portfolio fund range The Pension Portfolio s and Premier Pension Portfolio s are multi-asset funds, designed to aim for different investment returns (which means they also take different amounts of investment risk). The key difference when comparing the Premier Pension Portfolio s with the Pension Portfolio s is that, in addition to investing in traditional equities and bonds, the Premier versions include specialised investment strategies, more asset classes and a degree of active management. Solution s A range of seven of s, suitable for a range of investors needing investment approaches varying from Cautious to Adventurous. Multi-Manager Equity s Our range of Multi-Manager funds investing in equities utilises the combined strength and experience of Multi-Manager investing of, Aberdeen Asset Management and the Russell Investment Group. Multi-Manager Portfolio s The Multi-Manager Portfolio funds currently invest in a range of Aberdeen Asset Management funds and Russell funds to achieve diversification. For the majority of the funds, is responsible for defining the fund objectives and determining how the funds should be run, in some cases in conjunction with Aberdeen. For a small number of funds, Aberdeen alone defines the fund objectives and determines how the funds should be run. 2

5 Pension s SCOTTISH WIDOWS FUNDS, MANAGED BY ABERDEEN ASSET MANAGEMENT The funds are all managed by a subsidiary of Aberdeen Asset Management plc ( Aberdeen ). For the majority of the funds, is responsible for defining the fund objectives and determining how the funds should be run. In some cases, Aberdeen defines the fund objectives and determines how the funds should be run. THE MANAGER Aberdeen Asset Management is a global asset manager and a FTSE 100 company. Based in 26 countries, Aberdeen manages assets for both institutional and retail clients from 37 offices around the world. As at 31 March 2015, Aberdeen managed assets of over 330 billion. For the majority of the funds, is responsible for defining the fund objectives and determining how the funds should be run. In some cases, Aberdeen defines the fund objectives and determines how the funds should be run. Source: Aberdeen, March s available ABI classification sector short code Balanced Portfolio Specialist FX Cash Money Market CA Cautious Managed Mixed Investment 20% 60% Shares CM Cautious Portfolio Specialist FW Consensus Mixed Investment 40% 85% Shares CN Corporate Bond Sterling Corporate Bond CB Defensive Managed Mixed Investment 0% 35% Shares DM Diversified Assets * Mixed Investment 20% 60% Shares DV Dynamic Property Global Property DP Emerging Markets * Global Emerging Markets Equities EM Environmental UK All Companies EN Ethical UK All Companies EF European Europe excluding UK Equities EE European Real Estate * Global Property RE Fixed Interest UK Gilts FI Global Equity Global Equities GL High Income Bond Sterling High Yield HY Indexed Stock UK Index-Linked Gilts IS International Global Equities IN Japanese Japan Equities JE Mixed Mixed Investment 40% 85% Shares MX North American North America Equities US Opportunities Portfolio Global Equities FZ Pension Protector Sterling Long Bond PF 3

6 Pension s SCOTTISH WIDOWS FUNDS (CONTINUED) s available ABI classification sector short code Progressive Portfolio Specialist FY Property UK Direct Property PY SafetyPlus Protected/Guaranteed FA Specialist Global Equity Pension * Specialist GI Strategic Income Bond Sterling Strategic Bond SI UK All Share Tracker UK All Companies AS UK Equity UK All Companies EQ UK Fixed Interest Tracker UK Gilts LG UK Opportunities * UK All Companies OP UK Real Estate UK Property Securities PR Unitised With-Profits Unclassified n/a Please see pages for more details on the funds available for each of our products. * Aberdeen defines this fund s objective and determines how this fund is run. 4

7 Pension s SW FUNDS, MANAGED BY OTHER FUND MANAGERS For investors who aim to enhance returns by accessing a particular investment style, we offer a broad range of funds from well-established fund managers. These include balanced managed funds, for investors who may prefer a ready-made investment portfolio, and a large number of specialist funds suitable for investors with specific investment requirements. Not all funds are available to all products; please see pages for more details on the funds available for each of our products. THE MANAGER Artemis is a UK based fund manager, offering a range of funds which invest in the UK, Europe, the US and around the world. Independent and owner-managed, Artemis opened for business in Its aim was, and still is, exemplary investment performance and client service. All Artemis staff share these two precepts and the same flair and enthusiasm for fund management. The firm now manages some 22.0 billion* across a range of funds, two investment trusts, a hedge fund, a venture capital trust and both pooled and segregated institutional portfolios. Artemis fund managers invest in the funds that they and their colleagues manage. This has been a key tenet of Artemis approach to investment since the firm started. It means that their fund managers interests are directly aligned with those of their investors. *Source: Artemis as at 30 April 2015 s available ABI classification sector short code SW Artemis UK Growth UK All Companies RA SW Artemis UK Smaller Companies UK Smaller Companies RB 5

8 Pension s THE MANAGER Baillie Gifford is a global, independent investment management firm with billion under management and advice (as at 31 March 2015). It manages investments globally for pension funds, institutions, charities and retail investors. Baillie Gifford is wholly owned by its 40 working partners (as at 1 May 2015). The partnership structure enables it to recruit and retain some of the best people in the industry and to focus entirely on investment management as its core business. Baillie Gifford is an active fund manager. The firm has a highly analytical, research-driven approach and it builds portfolios from the bottom up. At the individual company level Baillie Gifford seeks to invest in companies with strong prospects for growth. Source: Baillie Gifford, June 2015 s available ABI classification sector short code SW Baillie Gifford Japanese Equity Japan Equities CR SW Baillie Gifford Managed Flexible Investment CJ SW Baillie Gifford North American Equity North America Equities CQ SW Baillie Gifford 60:40 Worldwide Equity Global Equities CK THE MANAGER BlackRock helps people around the world, as well as the world s largest institutions and governments, pursue their investing goals. They offer: A comprehensive set of innovative solutions, including mutual funds, separately managed accounts, alternatives and ishares ETFs Global market and investment insights Sophisticated risk and portfolio analytics They work only for their clients, who have entrusted them with managing 3.22 trillion*, earning BlackRock the distinction of being trusted to manage more money than any other investment firm in the world. *Assets under management as at 31 March Source: BlackRock, June 2015 s available ABI classification sector short code SW BlackRock Gold & General Commodity/Energy GG SW BlackRock Managed Mixed Investment 40% 85% Shares XA SW BlackRock UK Absolute Alpha Specialist XI SW BlackRock UK UK All Companies XB SW BlackRock UK Smaller Companies UK Smaller Companies XC SW BlackRock UK Special Situations UK All Companies XH 6

9 Pension s THE MANAGER Fidelity Worldwide Investment was founded in Since then, it has remained true to one simple goal: to achieve outstanding investment returns for its clients. This is recognised by numerous awards which reflect the performance of its funds, the quality of its research, its customer service and its technical innovation. Building out from its first offices in Tokyo and London, it now serves individuals, institutions and multinational corporations and their advisers in all major financial centres across Asia Pacific, Europe and the Middle East. It is one of the largest fund management groups in the UK. Assets totalling over 191 billion (as at 31 March 2015) are managed from worldwide locations including London, Bermuda, Milan, Paris, Tokyo, Mumbai, Seoul, Singapore, Melbourne, Sydney, Shanghai, Taipei and Dubai. Source: Fidelity Worldwide Investment, June s available ABI classification sector short code SW Fidelity American North America Equities ZE SW Fidelity European Europe excluding UK Equities ZD SW Fidelity Global Special Situations Global Equities ZL SW Fidelity Japan Japan Equities ZG SW Fidelity Managed Mixed Investment 40% 85% Shares ZA SW Fidelity Multi Asset Strategic Mixed Investment 20% 60% Shares ZN SW Fidelity MoneyBuilder Income Sterling Corporate Bond Z0 SW Fidelity South-East Asia Asia Pacific excluding Japan Equities ZH SW Fidelity 50:50 Special Situations Global Equities ZC SW Fidelity Special Situations (2006) UK All Companies ZK 7

10 Pension s THE MANAGER Henderson Global Investors is a global asset manager focused on delivering excellent investment performance and service to their clients. Henderson was founded in 1934, and is an independent asset manager with assets under management of more than 89.4 billion, more than 900 employees and offices in 19 cities around the world 1. It is dual-listed on the London Stock Exchange and the Australian Securities Exchange, is a member of the ASX 100 and FTSE 250 indices, and has a market capitalisation of 3.3 billion 2. Henderson s clients range from global institutions to personal investors in a variety of domestic markets worldwide. Henderson still holds true to its founding principle - to provide excellent investment performance and service to clients. With investment expertise across every asset class, Henderson offers access to all major markets around the globe, with core capabilities in global equities, european equities, global fixed income, multi-asset and alternatives. 1 Source: Henderson Global Investors, at 31 March Source: Henderson Global Investors, at 24 April 2015 s available ABI classification sector short code SW Henderson Cautious Managed Mixed Investment 20% 60% Shares NM SW Henderson Fixed Interest Monthly Income Sterling Strategic Bond NF SW Henderson Global Equity Income Global Equities NI SW Henderson UK Property UK Direct Property NS SW Henderson UK Alpha UK All Companies NA 8

11 Pension s THE MANAGER Invesco Perpetual is one of the largest independent investment managers in the UK, managing 85.18bn in assets 1 on behalf of consumers and professional investors. Invesco Perpetual s highly-regarded investment management team is focused on finding attractive investment opportunities in all market conditions. Central to their approach is a belief in active fund management; building portfolios based on thorough research and analysis to identify the investment opportunities they consider most likely to provide strong long-term returns. Invesco Perpetual forms part of Invesco Ltd., one of the world s leading independent investment management organisations dedicated to helping investors worldwide achieve their financial ambitions. 1 Total assets managed by Invesco Perpetual s Henley based investment centre as at 31 March Source: Invesco Perpetual, June s available ABI classification sector short code SW Invesco Perpetual Corporate Bond Sterling Corporate Bond VH SW Invesco Perpetual Distribution Mixed Investment 20% 60% Shares VJ SW Invesco Perpetual Global Bond Global Fixed Interest VI SW Invesco Perpetual High Income UK Equity Income VC SW Invesco Perpetual Managed Mixed Investment 40% 85% Shares VA 9

12 Pension s THE MANAGER Investec Asset Management is a specialist provider of active investment products and services. Established in South Africa in 1991, the firm has been built from a small start-up, into an international business managing approximately 77 billion (as at 31 March 2015). Its clients include some of the world s largest private and public sector pension funds and range from foundations and central banks to intermediated and direct investors. The business has grown largely organically from domestic roots in Southern Africa to a position where it proudly serves a growing international client base from the Americas, the UK, Continental Europe, Asia, the Middle East, Australia and Africa. It employs in excess of 160 investment professionals. The firm seeks to create a profitable partnership between clients, shareholders and employees and its aim is to exceed its clients investment and client service expectations and to manage their money to the highest possible standard. Investec Asset Management is a significant component and independently managed entity within the Investec Group, which is listed in London and Johannesburg. Source: Investec, June s available ABI classification sector short code SW Investec Cautious Managed Mixed Investment 20% 60% Shares IC SW Investec Global Strategic Equity * Global Equities IB * Previously called the SW Investec Global Free Enterprise THE MANAGER J.P. Morgan Asset Management is one of the largest and best-known names in investment management. They are also part of JPMorgan Chase & Co, which is one of the world s most respected financial services companies. With a history stretching back more than 150 years, and with offices spanning the globe, they have long-standing investment experience and outstanding expertise across every key investment market and in all the world s major economic regions. As at 31 December 2014, JPMorgan Chase & Co has assets under management of 1.7 trillion. Source J.P. Morgan Asset Management, March 2015 s available ABI classification sector short code SW JPM Cautious Managed Specialist YB SW JPM Emerging Markets Global Emerging Markets Equities YF SW JPM Europe Dynamic (ex UK) Europe excluding UK Equities YC SW JPM Managed Mixed Investment 40% 85% Shares YA SW JPM Natural Resources Commodity/Energy YD 10

13 Pension s THE MANAGER Established in 1985 as a specialist boutique, Jupiter has since grown to be one of the UK s most successful and respected investment management groups. Jupiter currently manages some 34.8 billion (as at 31 March 2015) worth of assets, spread across a range of UK and offshore mutual funds, multi-manager products, institutional mandates and investment companies. Jupiter has been investing money for 30 years and has gained a reputation for focusing on out-performance across a broad variety of portfolios specialising in different markets, including UK equities, Europe, global financials and emerging markets. Jupiter is focused on providing a stable and long-term investment platform for their clients as well as seeking fund out-performance over the medium to long term. In 2010 when their holding company, Jupiter Management plc, was listed on the London Stock Exchange, a substantial proportion of their employees owned Jupiter shares and share ownership within the business continues to be encouraged. Jupiter believes this creates a stable environment in which all employees are committed to the business for the long term, with their interests aligned with those of their clients. *Source: Jupiter, June 2015 s available ABI classification sector short code SW Jupiter Distribution Mixed Investment 0 35% Shares JD SW Jupiter Income UK Equity Income JI SW Jupiter UK Growth UK All Companies JG 11

14 Pension s THE MANAGER Newton Investment Management Limited (Newton) is one of BNY Mellon Investment Management s specialist asset managers. BNY Mellon Investment Management is the global investment management arm of BNY Mellon, one of the world s major financial services groups. BNY Mellon Investment Management s multi-boutique model encompasses the investment skills of a number of world class specialist investment managers in its UK range, including Newton, Standish, The Boston Company, Walter Scott and Insight Investment. With over $1.7 trillion in assets under management (as at 31 March 2015), BNY Mellon Investment Management holds a number of market leading positions globally. Newton is one of the pioneers of global thematic investing and this philosophy has been fundamental in the delivery of compelling performance in rising and falling markets. The firm terms its investment approach as active stock and bond selection within a global framework. This approach involves the skills of active fund management on a daily basis and recognises that no one market in the world operates independently from activities and developments in others around the world. Source: The Bank of New York Mellon Corporation, June s available ABI classification sector short code SW Newton Global Income * Global Equities TP SW Newton UK Income ** UK Equity Income TC SW Newton International Bond Global Fixed Interest TG SW Newton Global Equity Global Equities TE SW Newton Managed Mixed Investment 40% 85% Shares TA SW Newton Managed Income Mixed Investment 20% 60% Shares TL SW Newton Oriental Asia Pacific excluding Japan Equities TF SW Newton Real Return Specialist TI SW Newton UK Equity UK All Companies TM SW Newton 50:50 Global Equity Global Equities TN * Previously called the SW Newton Global Higher Income ** Previously called the SW Newton Higher Income 12

15 Pension s THE MANAGER At Schroders, asset management is their business and their goals are completely aligned with those of their clients the creation of long-term value. They manage billion ( billion/$474.3 billion) on behalf of institutional and retail investors, financial institutions and high net worth clients from around the world, invested in a broad range of asset classes across equities, fixed income, multi-asset and alternatives. They employ over 3600 talented people worldwide operating from 37 offices in 27 different countries across Europe, the Americas, Asia and the Middle East, close to the markets in which they invest and close to their clients. Schroders has developed under stable ownership for over 200 years and long-term thinking governs their approach to investing, building client relationships and growing their business. Source: Schroders, all data as at 31 March 2015 s available ABI classification sector short code SW Schroder Diversified Growth Specialist UR SW Schroder European Alpha Plus Europe excluding UK Equities UQ SW Schroder Gilt & Fixed Interest UK Gilts UI SW Schroder Global Property Securities Global Property UY SW Schroder Income Maximiser UK Equity Income UN SW Schroder Managed Mixed Investment 40% 85% Shares UA SW Schroder Tokyo Japan Equities UE SW Schroder UK Alpha Plus UK All Companies UP SW Schroder UK Mid 250 UK All Companies UJ SW Schroder US Smaller Companies North America Equities UF THE MANAGER Standard Life Investments is a leading asset manager with an expanding global reach. Its wide range of investment solutions is backed by its distinctive Focus on Change investment philosophy, disciplined risk management and shared commitment to a culture of investment excellence. As active managers, it places significant emphasis on rigorous research and a strong collaborative ethos. It constantly thinks ahead and strives to anticipate change before it happens, ensuring that its clients can look to the future with confidence. As at 31 December 2014, Standard Life Investments managed billion on behalf of clients worldwide. Its investment capabilities span equities, bonds, real estate, private equity, multi-asset solutions, fund-of-funds and absolute return strategies. Source: Standard Life Investments, June 2015 s available ABI classification sector short code SW SLI Global Absolute Return Strategies (GARS) Specialist EC 13

16 THE MANAGER State Street Global Advisors (SSGA) is a global leader in asset management. Institutions worldwide have entrusted it with 1.64 trillion (as at 31 March 2015) to manage on their behalf because of its experience, depth of resources and dedication towards a singular goal: meeting its clients investment needs. Investors rely on SSGA s disciplined, precise investment process, combined with a powerful global investment platform, to give them access to every major asset class, capitalisation range and style. It strives to be the premier global asset manager that clients trust for investment insight, solutions and results. As the asset management business of State Street Corporation (which is listed on the New York Stock Exchange), SSGA s global reach extends to 10 global investment centres and offices in 29 cities worldwide. It has been operating in London since 1990 and now ranks as one of the major investment managers in the UK. Source: State Street Global Advisors, June 2015 s available ABI classification sector short code SW SSgA Asia Pacific ex Japan Equity Index Asia Pacific excluding Japan Equities CT SW SSgA Diversified Beta Specialist EA SW SSgA Emerging Markets Equity Index Global Emerging Markets EB SW SSgA Europe ex UK Equity Index Europe excluding UK Equities DZ SW SSgA Index Linked Gilts All Stocks Index UK Index-Linked Gilts CX SW SSgA Index Linked Gilts Over 5 Years Index UK Index-Linked Gilts CY SW SSgA International Equity Index Global Equities CO SW SSgA Japan Equity Index Japan Equities CU SW SSgA North America Equity Index North America Equities CV SW SSgA Non Gilts Sterling Bond All Stocks Index Sterling Corporate Bond CW SW SSgA Sterling Liquidity Money Market CL SW SSgA UK Conventional Gilts Over 15 Years Index UK Gilts CZ SW SSgA UK Equity Index UK All Companies CP SW SSgA 50:50 Global Equity Index Global Equities CG 14

17 Pension s SCOTTISH WIDOWS FUND OF FUNDS AND MULTI-MANAGER FUNDS THE MANAGER The of s and Multi-Manager s include the Solution s and the Pension Portfolio fund range. For the majority of the funds, is responsible for defining the fund objectives and determining how the funds should be run, in some cases in conjunction with Aberdeen. For a small number of funds, Aberdeen alone defines the fund objectives and determines how the funds should be run. Source:. s available ABI classification sector short code Adventurous Solution Specialist AD Balanced Solution Specialist BA Cautious Solution Specialist CS Defensive Solution Specialist DS Discovery Solution Specialist DI Dynamic Solution Specialist DY Multi-Manager Diversity * Mixed Investment 20% 60% Shares MD Multi-Manager Global Real Estate * Global Property MR Multi-Manager International Equity * Global Equities ME Multi-Manager Select Boutiques * Flexible Investment MS Multi-Manager UK Equity Focus * UK All Companies MF Multi-Manager UK Equity Growth * UK All Companies MP Multi-Manager UK Equity Income * UK Equity Income MU Pension Portfolio One Pension Specialist CC Pension Portfolio Two Pension Specialist CD Pension Portfolio Three Pension Specialist CE Pension Portfolio Four Pension Specialist CF Pension Portfolio Five Pension Money Market IG Pension Portfolio A Pension Specialist IH Pension Portfolio B Pension Specialist II Pension Portfolio C Pension Specialist IJ Premier Pension Portfolio One Pension Specialist P1 Premier Pension Portfolio Two Pension Specialist M2 Premier Pension Portfolio Three Pension Specialist P3 Premier Pension Portfolio Four Pension Specialist P4 Premier Pension Portfolio Five Pension Money Market SP Premier Pension Portfolio A Pension Specialist AU Premier Pension Portfolio B Pension Specialist BU Premier Pension Portfolio C Pension Specialist PD Strategic Solution Specialist SS Please see pages for more details on the funds available for each of our products. *Aberdeen defines this fund s objective and determines how this fund should be run. 15

18 Pension s INVESTMENT APPROACHES AT A GLANCE While there are a number of ways to evaluate risk, uses the following definitions to help you decide on the appropriate investment approach. Please be aware that we review the investment approach definitions and the investment approach for the funds regularly, so these may change. You can find information on current investment approaches and notification of any changes at SECURE CAUTIOUS BALANCED PROGRESSIVE ADVENTUROUS SPECIALIST These investments provide safety to the amount invested and can be expected to offer relatively low growth over the medium to longterm. They cannot fall in actual value, but can fall in real value due to the effects of inflation. These investments are expected to have a relatively modest risk to the capital value and/ or income. They have the potential to provide income, and/or, over the medium to longterm, relatively modest capital growth. The capital value may fluctuate, although some products may offer an element of capital protection. These investments carry a risk of loss to capital value but have the potential for capital growth and/or income over the medium to long-term. Typically they do not have any guarantees and will fluctuate in capital value. These investments are expected to have a relatively significant risk of loss to capital value, but with the potential of relatively more capital growth over the medium to long-term. They do not offer any guarantees and will fluctuate in capital value. These investments carry a relatively much higher risk of capital loss but with the potential for relatively higher capital growth over the medium to longterm. They may be subject to a considerable level of fluctuation in capital value. They do not offer any guarantees. These investments carry a very high risk of capital loss, but with the potential for a higher return over the long-term. They are very volatile and are only suitable for clients who can afford to, and are prepared to, risk the entire capital value. They do not offer any guarantees. SECURE CAUTIOUS BALANCED PROGRESSIVE ADVENTUROUS SPECIALIST INCREASING RISK INVESTMENT PERIODS We categorise investment periods as follows: Short-term: up to 5 years, Medium-term: between 5 and 10 years, Long-term: over 10 years. 16

19 Pension s SCOTTISH WIDOWS PENSION FUNDS INVESTMENT APPROACHES CAUTIOUS Cash Cautious Portfolio Cautious Solution Corporate Bond Defensive Solution Fixed Interest Pension Portfolio Five Premier Pension Portfolio Five SafetyPlus UK Fixed Interest Tracker SW Fidelity MoneyBuilder Income SW Invesco Perpetual Corporate Bond SW Schroder Gilt & Fixed Interest SW SSgA Non Gilts Sterling Bond All Stocks Index SW SSgA Sterling Liquidity BALANCED Balanced Portfolio Balanced Solution Cautious Managed Defensive Managed Discovery Solution Diversified Assets Multi-Manager Diversity Pension Portfolio Four Pension Portfolio B Pension Portfolio C Pension Protector Premier Pension Portfolio Four Premier Pension Portfolio B Premier Pension Portfolio C Strategic Income Bond Unitised With-Profits * SW BlackRock UK Absolute Alpha SW Fidelity Multi Asset Strategic SW Henderson Fixed Interest Monthly Income SW Invesco Perpetual Distribution SW Invesco Perpetual Global Bond * Our Unitised With-Profits may be suitable for investors who require a combination of long-term growth potential and a measure of security. BALANCED (continued) SW JPM Cautious Managed SW Jupiter Distribution SW Newton International Bond SW SLI Global Absolute Return Strategies (GARS) SW SSgA UK Conventional Gilts Over 15 Years Index PROGRESSIVE Consensus Dynamic Solution Dynamic Property High Income Bond Indexed Stock Mixed Opportunities Portfolio Pension Portfolio Two Pension Portfolio Three Pension Portfolio A Premier Pension Portfolio Two Premier Pension Portfolio Three Premier Pension Portfolio A Progressive Portfolio Property Strategic Solution SW Baillie Gifford Managed SW BlackRock Managed SW Fidelity Managed SW Henderson Cautious Managed SW Henderson UK Property SW Invesco Perpetual Managed SW Investec Cautious Managed SW JPM Managed SW Newton Managed SW Newton Managed Income SW Newton Real Return SW Schroder Diversified Growth SW Schroder Managed SW SSgA Diversified Beta SW SSgA Index Linked Gilts All Stocks Index SW SSgA Index Linked Gilts Over 5 Years Index 17

20 Pension s ADVENTUROUS Adventurous Solution Environmental Ethical European European Real Estate Global Equity International Multi-Manager Global Real Estate Multi-Manager International Equity Multi-Manager Select Boutiques Multi-Manager UK Equity Focus Multi-Manager UK Equity Growth Multi-Manager UK Equity Income North American Pension Portfolio One Premier Pension Portfolio One Specialist Global Equity Pension UK All Share Tracker UK Equity UK Opportunities UK Real Estate SW Artemis UK Growth SW Artemis UK Smaller Companies SW Baillie Gifford 60:40 Worldwide Equity SW Baillie Gifford North American Equity SW BlackRock UK SW BlackRock UK Smaller Companies SW BlackRock UK Special Situations SW Fidelity American SW Fidelity European SW Fidelity Global Special Situations SW Fidelity Special Situations (2006) SW Fidelity 50:50 Special Situations SW Henderson Global Equity Income SW Henderson UK Alpha SW Invesco Perpetual High Income SW Investec Global Strategic Equity * * Previously called the SW Investec Global Free Enterprise ** Previously called the SW Newton Global Higher Income *** Previously called the SW Newton Higher Income ADVENTUROUS (continued) SW JPM Europe Dynamic (ex UK) SW Jupiter Income SW Jupiter UK Growth SW Newton 50:50 Global Equity SW Newton Global Equity SW Newton Global Income ** SW Newton UK Equity SW Newton UK Income *** SW Schroder European Alpha Plus SW Schroder Global Property Securities SW Schroder Income Maximiser SW Schroder UK Alpha Plus SW Schroder UK Mid 250 SW SSgA Europe ex UK Equity Index SW SSgA International Equity Index SW SSgA North America Equity Index SW SSgA UK Equity Index SW SSgA 50:50 Global Equity Index SPECIALIST Emerging Markets Japanese SW Baillie Gifford Japanese Equity SW BlackRock Gold & General SW Fidelity Japan SW Fidelity South East Asia SW JPM Emerging Markets SW JPM Natural Resources SW Newton Oriental SW Schroder Tokyo SW Schroder US Smaller Companies SW SSgA Asia Pacific ex Japan Equity Index SW SSgA Emerging Markets Equity Index SW SSgA Japan Equity Index We may change the selection of funds that we make available. Please be aware that the definitions or investment approach rating for specific funds may change in the future. 18

21 Pension s PENSION FUNDS INFORMATION The unit-linked funds aim to provide long-term growth in the price of units. This is generated by a combination of capital growth as well as income that is added to the fund. A proportion of each unit-linked fund may be held in cash to provide liquidity or while awaiting suitable investments. The unit-linked funds can invest in other unit-linked funds or in collective investment schemes (for example open-ended investment companies (OEICs) or unit trusts) to achieve exposure to meet the stated fund aims. Some funds may use derivatives (contracts which have a value linked to the price of another asset) to help reduce risk or reduce cost, or to help generate extra capital or income. This is normally referred to as Efficient Portfolio Management (EPM). It is not intended that this will cause the risk profile of these funds to change, but using derivatives might not achieve the described outcomes and may result in greater fluctuations in the values of these funds. The funds may engage in securities lending. This is where a fund lends out some of its assets with an agreement that the borrower will return them after a limited period. The borrower pays a fee which is added to the fund after the costs associated with the lending have been deducted. The fund receives other assets and possibly a cash payment as security during the lending period for the assets lent. There is a risk that the borrower may be unable to return the fund s assets and if this happens, the other assets would be sold. If the sale proceeds and any other payments due to the fund were not enough to replace the assets lent, the fund would go down in value. The individual aims of the pension funds currently available are shown on pages There are charges associated with investing in the funds. The charges can be different for different funds and can change. For details of the charges, please contact your Financial Adviser or. Full terms and conditions are available on request from. Charges, terms and limits may change. The value of an investment is not guaranteed and can go up and down depending on investment performance (and currency exchange rates where a fund invests overseas), and you may get back less than you invested. There may be restrictions on the amount you can invest in certain funds. Please contact us for details of any restrictions that apply. We may change the selection of funds that we make available. We reserve the right to delay a request to sell your units in certain circumstances. The period of delay will not be more than six months if the units to be cancelled include units which relate to a fund which holds directly or indirectly assets in the form of real or heritable property. It will not be more than one month in all other cases. This may happen in exceptional circumstances where, for example, there is an unusually high demand for units to be cashed in. For more details please see the relevant Policy Provisions for your investment with us. ABI SECTOR INFORMATION ABI sectors are designed by the Association of British Insurers. They aim to group funds with similar characteristics and can help investors compare funds. However, they are not designed to reflect the risk level of funds. For more information about how we classify the risk level of the funds in this guide, please see page 16. The Mixed Investment Shares sectors reflect the maximum and minimum amount of a fund that can be invested in shares. Please note that fund managers may often invest at or near the maximum amount in shares. s in the Mixed Investment Shares sectors can hold a range of other investments in addition to shares (for example bonds, property and cash) and may use a range of different investment strategies. The Mixed Investment Shares sectors group together funds that are broadly similar (on the basis of their shares content) for comparison purposes. To give fund managers flexibility, the criteria for each sector overlap. So funds may sometimes meet the requirements for more than one sector. UK shares are investments in companies quoted on the UK stock market. Overseas shares are investments in companies quoted on non-uk stock markets. 19

22 Pension s Where any of the following general risks apply to a fund, they will be indicated beside the aims of the fund shown in the next section. Any specific risks associated with a fund will also be shown here. DV 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. EM 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. EQ 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. FI 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 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. HY 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. OS PR PY PYS SC Exchange rate changes might cause the value of any overseas investment to go up or down. Your investment in this fund is at risk. There is no guarantee that the fund will deliver positive returns over the specific, or any, time period. This fund invests in property and land. This can be difficult to sell, so it may not be possible to cash in the investment when you want to. We may have to delay acting on your instructions to sell the investment. The value of property is generally a matter of a valuer s opinion rather than fact and values can go up or down. Property transactions tend to be larger and more complex than for other asset classes. As a result the proportion of cash held while awaiting suitable investment opportunities could be greater than for other funds. Property is a less liquid asset than other assets such as fixed interest securities or equities and values could be affected if properties need to be sold in a short timescale. Property valuation is generally a matter of judgement by an independent valuer rather than fact and values can go up or down. This fund invests in smaller companies whose shares tend to be bought and sold less frequently than larger companies. There may be large changes in the prices of their shares and their value could fall by large amounts. The price variations of smaller companies might be greater than those of large companies. SP This fund has a select portfolio, which has a limited number of stocks. By investing in a select portfolio there might be greater fluctuations in the value of the units than with a wider portfolio. 20

23 Pension s This section lists each fund within its ABI sector. For more information about ABI sectors, please see page 19. ASIA PACIFIC EXCLUDING JAPAN EQUITIES SECTOR aim risks SW Fidelity South- East Asia SW Newton Oriental SW SSgA Asia Pacific ex Japan Equity Index The fund aims for long-term growth from a portfolio made up of the shares of companies throughout the Pacific Basin (but excluding Japan) by investing solely in the Fidelity South-East Asia OEIC fund. There is likely to be a bias towards larger companies. The fund aims for long-term growth from Asian and Pacific Markets including Australia and New Zealand but excluding Japan. Investment is solely through the Newton Oriental OEIC fund. State Street Global Advisors describe their fund s aim as follows: the fund aims to track the FTSE All-World Developed Asia Pacific ex Japan Index, or its recognised replacement or equivalent. The fund will primarily invest in a sample of equities constituting the above Index although stock index futures can be used for efficient portfolio management. EM EQ OS EM EQ OS EQ OS COMMODITY/ENERGY SECTOR aim risks SW BlackRock Gold & General SW JPM Natural Resources BlackRock describe their fund s aim as follows: The BlackRock Gold and General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious metal related shares. The may also invest in other transferable securities and units in collective investment schemes. Derivatives may also be used for the purposes of efficient portfolio management. J.P. Morgan describe their fund s aim as follows: to provide a portfolio primarily of shares in companies throughout the world engaged in the production and marketing of commodities. The fund aims to provide capital growth over the long term. EM EQ OS SC Specific risk The BlackRock Gold and General invests in mining shares. These sit in a specific market sector. The fund could therefore be more volatile than an investment across a variety of markets or sectors. Mining shares typically have greater volatility than other stockmarket investments and they won t typically mirror movements in the general equity market. EM EQ OS SC 21

24 Pension s EUROPE EXCLUDING UK EQUITIES SECTOR aim risks European SW Fidelity European SW JPM Europe Dynamic (ex UK) SW Schroder European Alpha Plus SW SSgA Europe ex UK Equity Index The fund aims to achieve long-term growth by investing mainly in continental European company shares. The fund aims for long-term growth from a portfolio made up mainly of the shares of Continental European companies. The focus is likely to be towards smaller and medium-sized companies. Investment is solely through the Fidelity European OEIC fund. J.P. Morgan describe their fund s aim as follows: to maximise long-term capital growth by investing primarily in continental European equities. Schroders describe their fund s aim as follows: the fund aims to provide capital growth through investment in European and other companies. The emphasis of the scheme is to invest in European companies. The scheme may also invest in companies headquartered or quoted outside Europe where those companies have material or critical operations within or derive significant business from Europe. Fixed interest securities may be included in the portfolio. State Street Global Advisors describe their fund s aim as follows: the fund aims to track the FTSE World Europe ex UK Index, or its recognised replacement or equivalent. The fund will primarily invest in a sample of equities constituting the above Index although stock index futures can be used for efficient portfolio management. EQ OS EQ OS EQ OS EQ OS SP EQ OS FLEXIBLE INVESTMENT SECTOR aim risks Multi-Manager Select Boutiques SW Baillie Gifford Managed This fund is managed by a subsidiary of Aberdeen Asset Management, who describe their fund s aim as follows: the fund aims to achieve long-term capital growth through investment in a portfolio which gives exposure to equity markets and sectors in the UK and throughout the world. The fund aims for long-term growth using a balanced strategy which invests in UK equities, overseas equities, fixed interest securities and cash. These asset exposures are through the Baillie Gifford Managed Pension. DV EQ FI OS Specific risks The fund can invest in a wide range of asset classes, including collective investment schemes which may themselves invest in a range of other assets. Managers of collective investment schemes and companies in which the fund may invest may take undesirable tax positions, employ excessive leverage, or otherwise manage the collective investment schemes or be managed in a manner not anticipated by, and not within the control of, the Manager of the underlying fund. The fund may invest up to a limit of 20% of its assets in transferable securities which are not approved securities. These securities and instruments are generally not publicly traded. The difficulties and delays associated with selling these types of securities could result in the fund s inability to dispose of them or to realise a favourable price when selling. EQ FI OS 22

25 Pension s GLOBAL EMERGING MARKETS EQUITIES SECTOR aim risks Emerging Markets SW JPM Emerging Markets SW SSgA Emerging Markets Equity Index The fund aims to achieve long-term growth by investing mainly in shares of companies operating in developing countries worldwide. J.P. Morgan describe their fund s aim as follows: to provide long term capital growth by investing primarily in equity and equity-linked securities of emerging markets companies. Other instruments as permitted in the stated investment and borrowing powers of the Company including, but not limited to, fixed interest securities, cash and cash equivalents may be held on an ancillary basis, as appropriate. State Street Global Advisors describe their fund s aim as follows: The fund aims to track the return of the FTSE All-World All Emerging Markets Index. EM EQ OS EM EQ OS EM EQ OS SC Specific risk This fund engages in securities lending. This means it can loan a security to another fund or investment firm, provided the borrower puts up sufficient collateral. There is a risk that the borrower may become insolvent, unable or unwilling to replace the securities they borrowed. If this happens the fund could experience delays in recovering the securities and may incur a loss. The risk to the fund is lessened by a counterparty default indemnity provided by State Street Bank & Trust Company ( SSBTC ), which is part of SSBTC s securities lending authorisation agreement for the fund. If a borrower fails to replace the securities, SSBTC would normally fund any shortfall between the value of the collateral that had been put up and the market value of the replacement securities. GLOBAL EQUITIES SECTOR aim risks Global Equity International Multi-Manager International Equity The fund aims to achieve long-term growth by investing mainly in company shares in any economic sector in any geographical area including the UK. The fund aims to achieve long-term growth by investing mainly in overseas company shares. The fund may invest in some UK-based companies with international interests. The fund can also invest in fixed interest securities. The fund aims to achieve long-term growth by investing in a diversified portfolio of mainly equities issued by companies across the world, excluding the UK. The portfolio s investments will be managed by a number of fund managers. EQ OS EQ FI OS EQ OS 23

26 Pension s GLOBAL EQUITIES SECTOR (CONTINUED) aim risks Opportunities Portfolio SW Baillie Gifford 60:40 Worldwide Equity SW Fidelity 50:50 Special Situations SW Fidelity Global Special Situations SW Henderson Global Equity Income The fund aims to achieve long-term growth by investing mainly in multimanager funds. The fund will invest at least 80% in equity funds with a low proportion in fixed interest security funds (the fixed interest security funds will invest mainly in high quality fixed interest securities, including corporate bonds). The equity and fixed interest security funds will invest in UK and overseas markets. The multi-manager funds are currently provided by a subsidiary of Aberdeen Asset Management and by the Russell Investment Group. Exposure to the multi-manager funds is currently provided through the Opportunities Portfolio OEIC although investment may be made through other unit-linked funds, collective investment schemes, or directly to meet the stated fund aims. The fund aims for long-term growth by investing in UK and international equities. The fund has approximately 60% invested in the shares of UK companies. The remaining 40% is invested in overseas companies. These asset exposures are through the Baillie Gifford 60:40 Worldwide Equity Pension. The fund aims to achieve long-term growth from a portfolio primarily made up of the shares of companies around the world, but with a bias towards the UK. The fund is invested approximately 50% in the Fidelity Special Situations and 50% in the Fidelity Global Special Situations. Investments are not restricted by company size, industry or geographic region and will largely be determined by the availability of attractive investment opportunities. The may also invest in other types of transferable securities (such as fixed interest securities), units in collective investment schemes, money market instruments, cash and deposits. Derivatives and forward transactions may also be used to assist in the efficient management of the portfolio or with the aim of enhancing returns. The fund aims to achieve long-term growth from a portfolio primarily made up of the shares of companies around the world. Investments are not restricted by company size, industry or geographic region and will largely be determined by the availability of attractive investment opportunities. The fund may also invest in other types of transferable securities (such as fixed interest securities), units in collective investment schemes, money market instruments, cash and deposits. Derivatives and forward transactions may also be used to assist in the efficient management of the portfolio or with the aim of enhancing returns. Henderson describe their fund s aim as follows: to achieve an income in excess of that of the MSCI World Index with the potential for long-term capital growth. The will invest principally in global equities. In addition to ordinary shares, the may also invest in fixed interest securities, preference shares, debt securities convertible into ordinary stock, money market instruments, cash and near cash and deposits. Please note: The 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. EQ FI OS EQ OS EM EQ OS SC Specific risk Fidelity employs a risk management process to oversee and manage derivative exposure within the. The use of derivative techniques in this has the overall intention of reducing the volatility of returns, although this outcome is not guaranteed, and derivatives held may at times lead to increased price volatility. As such investors should be prepared to accept above average volatility and risk that derivative related investment can create. EM EQ OS SC Specific risk Fidelity employs a risk management process to oversee and manage derivative exposure within the. The use of derivative techniques in this has the overall intention of reducing the volatility of returns, although this outcome is not guaranteed, and derivatives held may at times lead to increased price volatility. As such investors should be prepared to accept above average volatility and risk that derivative related investment can create. EQ FI OS 24

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