Guardian Unit-Linked Funds. A Guide. The range of policies this guide relates to can be found on page 3.
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1 Guardian Unit-Linked Funds A Guide The range of policies this guide relates to can be found on page 3.
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3 Where to find information in this guide Introduction to this guide... 2 Our investment approach... 3 Range of available funds... 3 Risk ratings... 4 Fund charges... 4 Switching between funds... 5 About our funds Additional information... 9 Frequently used terms Page 1
4 Introduction to this guide Guardian was bought by Swiss Re in early Swiss Re is a major global financial services firm that specialises in managing policies through its UK-based life company, ReAssure. Guardian changed to ReAssure on 27 June This guide relates to Guardian unit-linked policies that are now managed through ReAssure. The range of policies covered by the Guide are listed in the table on Page 3. This guide is intended to help you make investment decisions and includes details of some of the risks you should be aware of. We can provide you with information about available funds but we cannot advise you what to do. If you need advice please contact your financial adviser. There may be a cost for this. If you don t have a financial adviser and you are resident in the United Kingdom, you can find one in your area from the website We offer a range of unit-linked funds and this guide details our funds, their relative risk ratings and investment make-up. It should be read alongside our Guide to How our Unit Linked Funds Work which explains how our funds are managed and how we make sure we treat our customers fairly. Both guides can be found on our website at along with more information about our funds and fund prices. A unit-linked fund is a pool of assets that allows you to combine your money with other customers. This allows you to invest in a much wider spread of investments than you could buy on your own. You share in the investment performance of the assets within the fund, along with the other policyholders. The return on each fund depends on the performance of the assets it invests in and the charges on the fund. Each fund is divided into units of equal value. The value, or price, of each unit is linked to the value of the assets in the fund, after charges. This can go down as well as up and your investment in the fund may be worth less than what you have paid in. The mix of assets held in a unit-linked fund varies from fund to fund. Each fund will have a specific investment objective, aligned to the risk appetite of the fund. You can usually invest in more than one fund but the range available to you will depend on your policy. Whether you have a life insurance policy or a pension policy with us, in most respects our unit-linked funds are managed in the same way for both types of policy. Most of our funds vary in value from day to day and this is reflected in daily changes to unit prices. You should carefully consider if the funds you invest in suit your investment objectives and attitude to investment risk. The risk ratings for each of our funds are shown on pages 6-8 and are based on their risk relative to other funds in our range rather than their risk compared against industry benchmarks. You can switch your investment into different funds. The available funds for your policy are shown on page 3 and further information can be found under Switching your investments between funds on page 5. You may find the list of frequently used terms at the back of this guide useful. Page 2
5 Our investment approach We adopt a passive approach for a number of Guardian unit-linked funds. Funds are described in more detail in the following pages, including whether they are under active or passive management. Passive funds track a market or benchmark index, significantly reducing the risk of underperformance against that benchmark. The actual fund performance of the passive fund will not be identical to that of their market or index benchmark; this difference is referred to as tracking error. There are many causes of tracking error, for example trading costs incurred as a result of the requirement for the passive fund to rebalance its underlying investments to be consistent with the constituent asset holdings of the index. The impact can be either positive or negative depending on the underlying circumstances of the tracking error. Additionally, the performance of a fund that invests in more than one tracker fund will not be identical to that of the benchmark index. This difference can arise because the rebalancing of the benchmark fund and the underlying passive funds may not occur at the same time. It should be noted, that there is no guarantee that future performance will be consistent with an equivalent actively managed fund. Active funds have investment managers who make investment decisions such as which underlying assets to invest in and when to change assets within a portfolio. The fund descriptions on pages 6-8 indicate whether that fund is managed using an active or passive approach. Our range of available funds The type of policy you have determines which funds you can invest in: Available funds and their risk ratings Managed Equity Deposit Fixed- Interest International Withprofits Funds Policy types Average Above average Minimal Below average Above average Below average Guardian Freedom Funds Freedom - (policies started on or after 11 January 1993) Freedom Mortgage Freedom for Homebuyers Freedom Lifetime Freedom Capital Builder * Guardian Choices Funds All Choices plans Guardian Linked Life Assurance Funds Guardian Pensions Management Funds Investment bond Freedom - (policies started before 11 January 1993) Homebuilder Homebuilder Plus Bequest Lifeplan Maximum Plan High Investment Plan Capital Builder Small Scheme Investment plan (SSIP) Pension Builder Versatile Individual Pension (VIP) * Only available for policies that were in force on 12 November Page 3
6 Changes to our funds During March 2015 a number of smaller funds were merged with those operating similar investment strategies as it was becoming difficult to deliver against fund objectives due to their size. As a consequence, we may occasionally send you information relating to your investments where the fund names are followed by letters. These funds are shown in the table above as follows: The Managed fund includes units invested in Managed S-PR. The International fund includes units invested in International S-PA, International S-NA and International S-EU. The Fixed-Interest fund includes units invested in Fixed-Interest S-IL. Risk ratings The risk rating for each fund is shown on the following pages along with more information about each fund. The risk rating for each of our funds is based on its risk relative to other funds in our fund range and does not represent the risk compared against industry benchmarks. Risk ratings are reviewed regularly and may change from time to time. Fund charges The nature and description of contract charges (which are not implicit in fund prices) are outlined in policy terms and conditions and other published material provided to policyholders. Examples of such contract charges include, but are not restricted to, initial charge, establishment charge, bid-offer spread, regular policy charge (also known as monthly service charge), paid-up and surrender charge. We apply a charge to money invested in our funds, which is implicit in unit prices. This is known as the Annual Management Charge (AMC) and is shown as an annual rate. However, we deduct the charge from the fund on a daily basis, which has the effect of reducing its unit price. The current Annual Management Charges are shown in the table below. We may alter charges, for example, if the cost of managing the fund changes. Annual Management Charges Managed Equity Deposit Fixed-Interest International Guardian Freedom Funds 0.75% 0.75% 0.75% 0.75% 0.75% Guardian Choices Funds 1.00% 1.00% 1.00% 1.00% 1.00% Guardian Linked Life Assurance Funds 0.75% 0.75% 0.75% 0.75% 0.75% Guardian Pensions Management Funds: Policies post November 1992 Policies pre November % 0.75% 1.00% 0.75% 1.00% 0.75% 1.00% 0.75% 1.00% 0.75% Page 4
7 Fund charges (continued) Some policies may have initial units allocated for a specified period after the policy is taken out or following any increment. At a later date, accumulation units then start to be bought. One of the key differences between initial units and accumulation units is that initial units have a higher AMC. The preceding table shows the AMC for accumulation units. The annual management charges for initial units are typically 2.25% higher. For example, if the AMC for accumulation units is 0.75% then the equivalent initial unit will have an annual charge of 3%. A deduction may be made from the value of your policy if you have initial units. Some funds may have additional charges as they incur extra expenses (excluding dealing costs). The additional charge is currently no more than 0.05% for any of our funds (other than the Guardian Freedom International fund where the charge is currently 0.1%). Dealing costs are charged directly to the fund. The funds affected and charges may change in the future. Details of charges, expenses and taxation applied to our unit linked funds are also included in our Guide to How our Unit Linked Funds Work which can be found on our website at Switching your investments between funds If you want to move the value of your units into other funds, you can do this up to three times in any plan year without any charge. If you switch funds more than three times in any plan year we currently charge 0.5% of the bid value of the units moved. The minimum charge will depend on the type of policy you have and the maximum you will be charged is 50. Page 5
8 About our funds Managed fund Fund structure Fund description Manager s benchmark Investment limits Active investment in Guardian Equity, Fixed Interest, International and Deposit funds, as detailed in this guide. This fund aims to provide consistent long-term growth by investing in UK equities, overseas equities, fixed-interest securities and cash. A mixture of investments chosen to be consistent with the Managed fund peer group. The breakdown of assets within the Managed fund are shown in Fund Information sheets which can be found on our website at The mix of assets within the different classes of investments will be reviewed from time to time. Risk rating - Average This fund invests in a broad range of investment types and will typically hold a significant proportion in equities. Its daily price movements will therefore vary from day to day, both up and down, although not usually as much as funds investing entirely in equities. These movements can lead to lengthy periods of negative returns. Over the longer term this fund would be expected to deliver better growth prospects than our Deposit and Fixed-Interest funds. The fund has holdings which are denominated in different currencies. This means investors are exposed to movements in currency exchange rates. Equity fund Fund structure Passive investment in a fund that tracks an index that represents the 350 largest companies on the London Stock Exchange. Fund description This fund aims to provide returns consistent with an index that represents the 350 largest companies on the London Stock Exchange. Manager s benchmark An index that represents the 350 largest companies on the London Stock Exchange. Investment limits The fund will conform with the ABI s classification limits set for UK all-companies funds. To qualify for this category, at least 80% of the fund must be invested in UK equities that have a primary objective of achieving capital growth. Risk rating - Above average This fund invests in one investment type. This means that investors are completely exposed to the performance of that single investment type. Where, for example, stock markets fall in value, for whatever reason, it s very likely that any fund invested in equities will also fall. The fund could experience lengthy periods of reducing fund values but can also rise in value quite significantly. Because of its narrow investment focus, this fund may not be appropriate for short term investment and may be better used in combination with other funds investing in different investment types and regions. Page 6
9 Deposit fund Fund structure Fund description Manager s benchmark Investment limits Invests directly in money markets. This fund invests at least 95% in bank deposits and other shortterm UK money market instruments, such as short-term fixedinterest securities. LIBID (London Inter-Bank Bid rate) GBP 7 day before charges. The life funds will conform to the ABI s classification limits set for Deposit and Treasury funds. The pension funds will conform to the ABI classification limits set for Money Market funds. Risk rating - Minimal Cash is a lower risk investment than other asset classes, such as equities, bonds and property, and has much lower expected returns. It s not suited to long-term investment as returns may not keep pace with inflation. This fund has underlying investments that typically see little change in value from day to day. Over the last few years the rate of return on the deposit fund has been less than the annual management charge, so the unit price has gone down. This has been caused by the low interest rate environment. The fund is particularly suited to short-term investment where stability is the main aim. Over the long term, it s unlikely to deliver high levels of return and its returns may not keep pace with inflation. The Deposit fund is also exposed to credit risk. This means that the unit price and the value of your Deposit units will fall if an institution we invest in, even indirectly, fails to repay. To reduce the risk of this happening the Deposit Fund can invest, both directly and indirectly, in a number and range of different institutions. Fixed-Interest fund Fund structure Passive investment in a Corporate Bond Tracker Fund and a UK Gilts All Stocks Tracker Fund. Fund description This fund aims to provide consistent long-term returns (over 10 years) by investing in gilts and corporate bonds across all durations. Manager s benchmark 50% iboxx Sterling Non-Gilt Index, 50% in a fund that represents UK Gilts on the London Stock Exchange. Investment limits The fund will conform with the ABI s classification limits set for UK fixed interest funds. To qualify for this category, the fund assets must have at least 80% sterling exposure and at least 80% of the assets must be held in sterling-denominated investment grade fixed interest debt. Risk rating - Below average This Fund holds a broad range of investment types, including bonds, but will mainly be invested in investment types that aim to provide a reliable source of income and, with that, greater stability. They try to provide better long-term growth prospects than our Deposit fund, but are lower risk than our other funds. The fund will generally see some change in day-to-day value, both positive and negative, and these will be larger in size than movements for a typical cash deposit. The fund may not be appropriate for short term investment. Page 7
10 International fund Fund structure Passive investment in the following range of international equity tracker funds: USA Equity Tracker; Continental European Equity Tracker; Japan Equity Tracker; Pacific (ex Japan) Equity Tracker. Fund description This fund aims to achieve returns consistent with the Manager s benchmark index by investing in the range of international equity funds detailed in the fund structure above. Manager s benchmark A mixture of investments chosen to be broadly representative of the shares from developed countries available on the London Stock Exchange (other than the UK). Investment limits The breakdown of assets within the fund are shown in Fund Information sheets which can be found on our website at The geographical mix of assets within the different classes of investments will be reviewed from time to time. Risk rating - Above average This fund invests in one investment type. This means that investors are completely exposed to the performance of that single investment type. Where, for example, stock markets fall in value, for whatever reason, it s very likely that any fund invested in shares will also fall in value. The fund has holdings which are denominated in different currencies. This means investors are exposed to movements in currency exchange rates. The fund could experience lengthy periods of reducing fund values. By the same token, the fund can also rise in value quite significantly. Because of the narrow investment focus, this fund may not be appropriate for short term investment and may be better used in combination with other funds investing in different investment types and regions. Unitised With-Profits fund Our unitised with-profits fund is backed by a wide range of investments, including equities, bonds and cash. There are important differences between with-profits and other types of investment. For up-to-date information about our unitised with-profits fund please read our Consumer- Friendly Principles and Practices of Financial Management guide (CFPPFM). You can find this at or alternatively please call us for a copy. Risk rating - Below average A unitised with-profits policy pays out a minimum guaranteed with-profits unit value. This is the value of the with-profits units attaching to the policy. The unitised with-profits unit price will never decrease. A policy investing in this fund is also entitled to a share in the profits and losses of the With-Profits fund by means of bonuses. The growth of unit values and the level of future bonuses for credited with-profits units is not guaranteed. The fund aims to provide better long-term growth prospects than a cash deposit, but is lower risk than funds investing entirely in equities. In exceptional circumstances, for example a significant rise in interest rates or a significant fall in stock markets, a market level adjustment may be applied and the total amount you receive may be less than the current value of the with-profits units attaching to the policy. Page 8
11 Additional information we d like you to read The value of investments in unit-linked funds can go down as well as up. The growth of unit values and the level of future bonuses for credited with-profits units is not guaranteed. Past performance is not necessarily a guide to future performance. You may not get back the amount you originally invested. The Managed and International funds will have holdings which are denominated in different countries. As a result, the value of your investment may fall in line with currency exchange rates. Tracking errors or differences in performance compared with the benchmark are not ordinarily pricing errors that would lead to remediation but are functions of investing in Tracker Funds. We reserve the right to defer a switch by up to one month. In exceptional circumstances we may reduce cash-in values by up to 5%. This would only happen if it s necessary to protect the interests of the remaining policyholders from the effects of too many people leaving the funds. An example of this could be a stock market crash. If the taxation situation of life assurance and pension funds changes, we reserve the right to change our practices in line with this. The information contained in this guide reflects our understanding of current legislation and tax regulations, as at March 2016, which may change. You can find more information on the Association of British Insurers (ABI) classification limits at Frequently used terms ABI Mixed Investment 40%-85% shares Funds in this sector are required to have a range of different investments but must have between 40% and 85% invested in equities. Annual Management Charge (AMC) This is an annual charge levied on funds to recover some of the costs we incur in managing the business. Bid-offer spread The bid price is the price which we ll pay for units if you want to cash-in or claim under your policy. The offer price is the price at which you buy units when you pay premiums. The Bid price is always lower than the offer price and the difference between them is the spread. Bonds Bonds are essentially loans to a government or company. These bonds are often for a set period of time and the bond owner usually receives regular interest payments. Bonds issued by companies are known as Corporate bonds. Bonds issued by the UK government are called gilts. Equities Equities are part ownership in a company, usually known as stocks or shares. Gilts Bonds issued by the UK government are known as gilts. They are essentially loans to the UK government, often for a set period of time and the bond owner usually receives regular interest payments. Initial and accumulation units The money you pay us buys units in your chosen fund(s). Some policies may have initial units allocated for a specified period after the policy is taken out or following any increment. At a later date, accumulation units then start to be bought. One of the key differences between initial units and accumulation units is that initial units have a higher AMC. Page 9
12 Managed fund peer group Managed funds similar to the Guardian Managed fund which are required to have a range of different investments, for example Association of British Insurers (ABI) Mixed Investments 40% - 85% shares. Manager s benchmark A standard against which the performance of the fund is measured. Market index A stock index or stock market index is a measurement of the value of a section of the stock market. It is computed from the prices of selected stocks (typically a weighted average). It is a tool used by investors and financial managers to describe the market, and to compare the return on specific investments. Money markets Money market instruments include deposits with banks and building societies as well as governments and large companies. They also include other investments that can have more risk and return than standard bank deposits. Tracking error risk One way to measure the riskiness of a fund is to gauge the tracking error of the fund against the index benchmark. Simply put it describes how much the returns from a fund will vary from those of its benchmark. In the context of passive management, tracking error describes how well a fund tracks its benchmark. Investors would want as small a tracking error as possible with a passively managed fund. In the context of active management, it describes how far the fund manager has strayed from its benchmark. This is not an error, just a method of measurement that is useful in performance assessment. A high tracking error means the movement of the fund is less in line with the index, which could be positive or negative. With-profits funds Some of our Freedom and Choices policies offer a with-profits fund, which operates slightly differently from the other funds. We describe this in more detail in your policy document. ReAssure Limited - Registered Office: Windsor House, Telford Centre, Telford, Shropshire, TF3 4NB. Registered in England No ReAssure Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm reference number Member of the Association of British Insurers. L2824 (01/17)
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