HANSARD GROUP

AROUND THE WORLD, AROUND THE CLOCK

Fund News – Important Notice regarding MX20

Please be advised that Barclays Global Investors (Ireland) Limited (BGI) closed its BGI European Equity Market Neutral Fund on 1 November 2007. As a result any policies linked to MX20 Hansard BGI European Equity Market Neutral Fund (‘the Fund”) were redeemed.

As the underlying Fund is no longer available any contract units have been switched and are now linked to X02 Hansard Euro Deposit Fund. This has been done without charge.

The investment objective of X02 is “to combine maximum security with competitive short-term yields for those wishing to hold money in bank deposits or short-term money-market instruments.” The investment objectives of X02 and those of the closed Fund are therefore significantly different. We will be emphasising to the policyholder that this difference is important to their financial planning and therefore requires their attention.

We are in the process of sending a letter to each policyholder that had a contract linked to the Fund and recommending a review with their independent financial advisor. The policyholder may determine that X02 is currently appropriate and prefer not to take any action. Alternatively they may wish to change the contract’s fund link composition, in which case we are referring them to their independent financial advisor for the provision of appropriate switch and redirection forms which are available under the document library of Hansard OnLine.

 
 

Juliet Holmes