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How to choose the
right investment
options for
your pension
Contents
Section 1:
Information and guidance
Things you need to know
Investing the contributions
Lifestyle profiles
Core fund range
Standard Life full fund list
Self investment
02
05
14
17
18
19
Section 2:
Where you can invest your money
Core fund list
Standard Life full fund list
20
21
The IBM UK Essential Personal Pension Plan (IBM UK
Essential PPP) has a wide range of investment funds.
You can choose to invest in funds that invest in shares,
government and corporate bonds, property (including
property securities), money market instruments
(including cash) or a combination of these. There are
over 150 funds to choose from.
The IBM UK Essential PPP is a Group Flexible Retirement
Plan (GFRP) from Standard Life.
Alternatively, you can invest the contributions in one
of the Lifestyle profiles. If you’re unsure of what funds to
invest in, you can speak to a financial adviser.
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Things you need to know
Important information you should read
Before making your investment choices
please make sure you read the
following information, which includes
details of some of the risks you should be
aware of.
• Before you decide to buy, you need
to know what the risks and
commitments are. Read our Key
Features Document. It will help you
decide if this product is right for you. If
you’re still not sure what to do, speak
to a financial adviser. There may be a
cost for this.
• The return on each fund depends on
the performance of the assets it
invests in and the charges on
the fund.
• The price of units depends on the
value of the fund’s assets after
charges. This can go down as well as
up, and your investment in the fund
may be worth less than what
was paid in.
• We review volatility ratings regularly
and they can change over time.
• Some funds invest in overseas assets.
This means that exchange rates and
the political and economic situation
in other countries can significantly
affect the value of these funds. The
value can go down as well as up, and
your investment in the fund may be
worth less than what was paid in.
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• The asset mix that each fund invests in
is continuously reviewed. It may be
changed in line with developments in
the relevant markets. Part of each
fund may be held in cash and other
money market instruments – see
page 7 for more information.
• You’ll probably be one of many
investors in each fund you choose.
Sometimes, in exceptional
circumstances, we may have to wait
before we can transfer or switch your
investments. This is to maintain fairness
between those remaining in and
those leaving the fund. This delay
could be for up to a month.
But for some funds, the delay could
be longer:
It may be for up to 6 months if it’s
a property based fund because
property and land can take longer
to sell.
If our fund invests in an external fund,
the delay could be longer if the rules
of the fund allow this.
If we have to delay a transfer or
switch, we’ll use the fund prices on
the day the transaction takes place –
these prices could be very different
from the prices on the day you made
the request.
• Some funds invest in property. The
valuation of property is generally a
matter of a valuer’s opinion rather
than fact.
• You can change the mix of your
investments as it suits you. You can
invest in up to a maximum of 20 different
funds over the life of the plan. But you
can’t invest in more than 12 funds at
one time. In some situations there may
be a delay in carrying out your fund
switch requests.
• Some funds invest in funds managed
by external fund managers. In these
cases, the description of the fund is
provided by the external fund
manager so Standard Life can’t
guarantee that it’s accurate.
External fund managers are in charge
of managing their own funds including
what they invest in. This means that
Standard Life is not responsible for
these funds’ performance or
continued availability.
The investment performance of the
Standard Life version of a fund will be
different from what you would see if
you invested in the underlying fund
directly. There can be several
differences, due to charges, cash
management, tax and the timing
of investing.
• Some fund managers may look to get
a better return by lending some of the
assets from their funds to certain
financial institutions. This involves some
risk, and in certain circumstances, the
fund could suffer a loss – for example, if
the institution encountered financial
difficulties and was unable to return
the asset. The fund manager will use
some controls to manage this risk, such
as obtaining security from the
borrower and monitoring their credit
rating. External fund managers may
also lend assets and are responsible for
their own controls.
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• Funds can sometimes use derivatives
to improve portfolio management
and to help meet investment
objectives. A derivative is a financial
instrument – its value is derived from
the underlying value or movement in
other assets, financial commodities or
instruments, like equities, bonds,
interest rates etc.
There is a risk that a counterparty will
fail, or partially fail, to meet their
contractual obligations under the
arrangement. Where a counterparty
fails, the fund could suffer a loss. As
part of the management of a fund, a
number of controls can be used to
reduce the impact of this risk, such as
holding collateral and monitoring
credit ratings.
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Depending on how it is used, a
derivative can involve little financial
outlay but result in large gains or
losses. Standard Life has control over
the use of derivatives in its funds and
external fund managers are
responsible for their own controls.
• The funds listed here were correct
when this document was published.
We can’t guarantee that all funds will
be available when you make
an investment.
• Charges and rebates, after the first
five years of the IBM UK Essential PPP,
are not guaranteed and could be
altered in the future.
Investing the
contributions
You work hard to earn the money contributed; so
you need to make sure your money works equally
hard for you when it’s invested.
It’s vital you pick a fund (or combination of funds)
that suits you. Some of the things you need to think
about are:
•Do you want to actively manage
your investments?
•What type of investment?
•What type of fund?
•What is your tolerance for risk?
•What are the charges?
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Do you want to actively
manage your investments?
This is the first thing you need
to decide.
Yes
If the answer is yes, the following pages
can help you make your fund choices.
Find out what kind of fund(s) suit you best,
and learn about other things like asset
classes, volatility and charges. If you’re
still not sure, you can call us for help on
0845 60 60 038 (Calls may be monitored
and/or recorded to protect you and us
and help with our training. Call charges
will vary). Or speak to a financial adviser
for advice on what to do next.
No
If you don’t want to actively manage
your investments, two carefully selected
Lifestyle profiles have been specifically
designed for IBM employees. More details
of these can be found on page 15.
Asset classes
An ‘asset class’ is a category of assets
or investments, such as equities or bonds.
Normally assets in the same class have
similar characteristics. They can,
however, have very different
returns or risks.
The value of investments in all asset
classes can go up or down in value, and
may be worth less than what was paid
in - there are no guarantees. Past
performance is not a reliable guide to
future performance.
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Equities
What are they?
Equities are part ownership in a company,
usually known as stocks or shares.
What’s the potential return?
Equities can offer good long-term
returns. The return you get is any change
in value of the stocks and shares, plus
any income from dividends. Changes in
exchange rates will also affect equities
that are listed in a foreign currency.
What are the risks?
Equities are one of the more volatile
asset classes. So, although equities can
offer good growth potential, their value
can rise or drop sharply at any time.
Property
What is it?
Property investing includes direct
investments in buildings and land, as
well as indirect investment in property
securities, likes shares in
property companies.
What’s the potential return?
The return received from property is a
combination of income from rent and
any changes in the capital value of
the property. In comparison, the return
received from property securities can be
similar to equities (see ‘equities’ asset
class description for potential returns
and risks).
What are the risks?
The value of a property is generally
based on a valuer’s opinion and is not
fact. Property can take a lot longer to
sell than other types of investment, so
you might not be able to sell when you
want to. Property securities, like equities,
can rise or fall sharply in value at
any time.
The values of different types of property
do not necessarily move in line with
each other. For example even if house
prices are going up, commercial
property could be losing value.
Money Market Instruments
(including cash)
What are they?
Bank and building society deposits as
well as other instruments such as
‘Certificates of Deposit’ and ‘Floating
Rate Notes’.
What’s the potential return?
The return comes from a combination of
any interest received as well as any
change in the value of the instrument.
What are the risks?
It is important to recognise that not all of
the assets are the same as cash deposit
accounts – there are circumstances
where their values will fall. Also, any
growth may not keep up with future
rates of inflation.
Bonds
What are they?
Bonds are, in simple terms, loans to a
government or a company, usually for a
set length of time. Bonds issued by the UK
government are called ‘gilts’ and those
issued by a company are called
‘corporate bonds’.
What’s the potential return?
The return is a combination of any
interest received and any change in the
bond’s value. For overseas bonds,
changes in the foreign currency
exchange rates may also affect returns
(sometimes significantly).
What are the risks?
The value of a bond may fall if:
• The interest or capital can’t be paid
back in full or on time
• The credit worthiness of the company
or government reduces
• Interest rates or foreign currency
exchange rates change
Bonds can be traded on the stock
market, so their value can go up and
down at any time.
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Specialist
These are investments that don’t fit into
the main asset class categories. They
could be investments directly, or
indirectly, in real assets like commodities,
for example oil or precious metals. They
may also be investments like hedge
funds, or have specialist characteristics
that prevent them being classified in one
of the other main asset class categories.
Standard Life categorise our fund range
using ‘asset classes’. Sometimes we
categorise funds as ‘specialist’ purely
because they don’t meet the criteria of
the recognised industry sectors, or they
haven’t provided enough information to
be categorised appropriately.
Fund types
Managed
These funds are normally managed by a
single fund manager. The fund manager
will choose the mix of assets that make
up the fund (for example, how much to
invest in equities, or bonds). Different
funds will use different mixes of assets
depending on their risk group. Read our
Risk groups section on page 9 and 10 for
more information.
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Manager of Managers
This type of fund involves an
independent investment expert
(the ‘Manager of Managers’)
researching and choosing fund
managers for each asset type within the
fund. The Manager of Managers will then
monitor each individual fund manager
and, using their judgement, may
change them over time. This type of fund
can be a good way for you to spread
your investment over a range of fund
managers without having to actively
manage your choice of funds. Because
you are paying for the manager’s
investment expertise, the charges for
Manager of Managers funds can be
higher than for other types of fund.
Lifestyle profiles
Lifestyle profiles are designed for
customers investing for retirement.
The funds used depend on the
profile chosen.
The funds you are invested in at any
point will also depend on how long
you’ve got until your selected retirement
date. If this date is some time away
(typically more than 10 to 15 years), the
profiles will invest in funds that offer
growth potential over the long term.
But remember that all funds can go up
and down in value and investment
growth is not guaranteed.
As you get closer to retirement, the
investment aims of the profile move
away from growth and towards
preparing your pension pot for
retirement. The profiles will do this by
automatically switching your funds –
you don’t need to do anything.
Passive investment
A ‘passive’ investment aims, before
charges, to track or replicate the
performance of an index or indices. The
fund will be affected by market volatility,
but relative performance won’t be
impacted by stock selection.
Before making this choice you need to
consider the following. Lifestyle profiles
may not be suitable for everyone (eg.
they may not be suitable for customers
who aren’t considering annuity
purchase, or those who intend to buy a
pension that varies each year at a rate
linked to inflation, or those who do not
intend to retire at their selected
retirement age). You should seek
financial advice before making any
investment decision.
Risk groups
To help you choose what’s right for you
we’ve divided our funds into broad
categories that indicate three risk
groups – Cautious, Balanced and
Opportunity. You should make sure you
are comfortable with the level of risk you
choose. By risk, we mean the likelihood
and size of a potential fall in value.
Investment approaches
Active investment
Active investments aim to achieve
returns that are above average, using
fund manager analysis. The fund
manager will try to outperform the
market by investing in companies that
they believe will provide higher than
average returns. However, returns are
not guaranteed, and there is a chance
of poor performance. These investments
can be more volatile than passive
investments, and are usually
more expensive.
Cautious
This group offers some potential for
growth. The growth can be less than
that achieved by the Balanced and
Opportunity groups, but it is also likely
to be less risky.
Balanced
This group offers more potential for
growth than the Cautious group, but less
than the Opportunity group. This group
carries a moderate amount of risk.
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Opportunity
This group offers the greatest potential
for growth but carries a higher risk than
other risk groups.
Please note that the value of
investments in each risk group can go
down as well as up, and may be worth
less than what was paid in. If you are
unsure of which risk group to choose you
may wish to seek advice from a
financial adviser.
Multi asset funds and portfolios
Some of the funds available to you and
listed on pages 20 to 33 invest in a mix of
the different assets described above
and fund factsheets are available at
www.ibmukppp-essential.com to
describe how the manager invests.
Alternatively you can create your own
personalised investment for your pension
by using a combination of one or more
of the different fund types described
above, to produce what is known as an
investment portfolio. By varying the
percentages in the types of fund (assets)
you invest in, it is possible to customise
your investment to suit your own risk
profile and personal objectives.
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By investing in this way it may be possible
to diversify your investments and
potentially reduce some of the volatility.
It is up to you to regularly monitor the
performance of your funds and decide
when you need to change these in the
future. You may need to adjust your
portfolio regularly to keep it in line with
your investment profile. If you’re unsure
how to create a suitable investment
portfolio for your circumstances you
should speak to a financial adviser.
Blended Funds
Some of the funds available to you and
listed on page 20 are blended funds.
A blended fund can invest in equities,
bonds, property or specialist funds. These
blended funds have been designed
specifically for IBM employees.
Standard Life will continue to consult with
IBM and their adviser on the future make
up of the blended funds. The Equity
Lifestyle profile and the Mixed Lifestyle
profile also contain blended funds. For
more information please see page 15.
Less
volatile
0
1
2
3
What is your tolerance for risk?
Volatility
The volatility rating of a fund indicates
how much the fund price might move
compared to other funds. The higher the
volatility rating, the less stable the fund
price is likely to be. You can use this to
help you decide how much risk you’re
comfortable taking with your investments.
We regularly review volatility ratings for
funds, and these may change.
We set ratings based on our experts’
judgement, using data on:
• how the fund price has varied from
month to month in the past, compared
to other funds available
• how investments in similar asset classes
vary from month to month and the
investment policy of the fund.
Typically, higher volatility ratings mean
greater potential investment returns over
the longer term. But high volatility funds
are more likely to suddenly fall or rise in
value. The volatility ratings for funds are
kept under review and may change. The
volatility rating is not the only factor you
should consider when selecting a fund. If
you’re not sure which funds to choose,
please seek advice from a
financial adviser.
The specific volatility ratings for each fund
can be found in the fund lists from pages 20
to 33. You can also find more information
on the fund factsheets available at
www.ibmukppp-essential.com
4
5
6
7
More
volatile
What are the charges?
Effective Fund Management Charge
(Effective FMC)
A charge is applied to money invested in
a fund. This charge is known as the Fund
Management Charge (FMC). We
deduct the charge from the fund on a
daily basis which has the effect of
reducing the unit price for the fund.
We’ve agreed with IBM, to provide
enhanced terms to give you a rebate
on some of your Fund Management
Charge. The amount of rebate varies
depending on the fund chosen and the
charges on the fund lists from pages 20 to
33 reflect this. Your rebate is given to you as
additional units in your fund each month.
This reduces the effect of the Fund
Management Charge.
In the long term your effective FMC will
be close to the FMC you pay less the
rebate you receive. But it won’t be the
same because the FMC is deducted
daily while the rebate is applied monthly.
Your effective FMC will be affected by
factors such as:
• the period it has been measured over
• any single payments and transfer
payments made
• changes in the timing of your
regular payments
• daily changes in the fund value.
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The example below illustrates how the
effective FMC is calculated for a fund
with an FMC of 1.00%:
If you invested in the Standard Life
Managed Cash Pension Fund with an
FMC of 1.00%, less rebate of 0.76% this
would give an effective FMC of 0.24%.
We’ve agreed with IBM that the charges
applied to the plan will not increase
within five years of the IBM UK Essential
PPP being set up (April 2011 to
April 2016). This agreement assumes that
we remain as the provider of the plan
and excludes any situation where our
costs increase for reasons beyond our
control. This could include tax or
regulatory changes or where an
underlying fund manager other than
Standard Life Investments has increased
their charges. After the first five years
charges not impacted by the
aforementioned exclusions will no longer
be guaranteed. The effective FMC for
each fund can be found in the lists from
page 20.
Additional expenses
Additional expenses may be deducted
from some funds. They include items such
as trustees’, registrars’, auditors’,
regulators’ fees and where a fund invests
in other underlying funds they may
include their underlying management
charges. The additional expenses relate
12 of 34
to expenses incurred during the fund
management process and as such they
will regularly increase and decrease as a
percentage of the fund, sometimes
significantly. Where expenses arise within
a fund they have been taken into
account in the calculation of the price.
All additional expense figures quoted in
the following tables are rounded to
2 decimal places. An additional
expense charge may apply but due to
the fact that we have rounded to 2
decimal places it may show as 0.00%.
The additional expenses for each fund
can be found in the fund lists from
page 20. The additional expenses
quoted are correct as at February 2012.
The charges and additional expenses
are not guaranteed. They are regularly
reviewed and may be changed in
the future.
Keeping track of your pension
Whichever funds you choose to invest
the contributions in, it’s important that
you keep track of them. We’ll send you
a statement every year, however it may
be a good idea to regularly set aside
some time so that you can review your
pension plan. Once you join the plan
you will have online access to your
pension whenever you want it, so
keeping track should be easy.
You can choose from a
wide range of investments
Your options
There are 3 main options available
to you:
Lifestyle Profiles
You can invest in the Mixed Lifestyle
Profile or the Equity Lifestyle Profile which
has been specifically designed for
IBM employees.
Details are on page 14 to 16.
Core fund range
You can make individual fund choices
from the core fund range specifically
designed for IBM employees.
Full fund range
You can choose funds from the full
Standard Life fund range.
Details are on pages 21 to 33.
Before you choose a fund you should
read its latest fact sheet. You can find
them on our website at
www.ibmukppp-essential.com
We recommend you seek advice from a
financial adviser before choosing funds.
Details are on page 20.
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Lifestyle Profiles
Lifestyle profiles are designed for
customers investing for retirement.
The funds used depend on the
profile chosen.
The funds you are invested in at any
point will also depend on how long
you’ve got until your selected retirement
date. If this date is some time away
(typically more than 10 to 15 years), the
profiles will invest in funds that offer
growth potential over the long term. But
remember that all funds can go up and
down in value and investment growth is
not guaranteed.
As you get closer to retirement, the
investment aims of the profile move away
from growth and towards preparing your
pension pot for retirement. The profiles will
do this by automatically switching your
funds – you don’t need to do anything.
Before making this choice you need to
consider the following. The Mixed Lifestyle
Profile and the Equity Lifestyle Profile may
not be suitable for everyone (eg. they
may not be suitable for customers who
aren’t considering annuity purchase, or
those who intend to buy a pension that
varies each year at a rate linked to
inflation, or those who do not intend to
retire at their selected retirement age).
You should seek advice from a financial
adviser before making any
investment decision.
14 of 34
You should note that the inclusion of these
Lifestyle Profiles does not mean that they
are recommended by your employer or its
investment advisers as being suitable in
every  case.
You should also be aware of the risks and
commitments involved. Read our Key
Features Document for more information.
If you choose to invest in the Mixed
Lifestyle Profile or the Equity Lifestyle
Profile you cannot combine either with
any other fund or with any other
Lifestyle profile.
All funds are subject to risk and the value
of units in funds can go down as well as
up and your investment may be worth
less than what was paid in.
Two carefully selected Lifestyle profiles have been
specifically designed for IBM employees.
There are two Lifestyle profiles to choose from, each with
a different level of risk. You can choose which one suits
you, and the Lifestyle profile automatically moves your
investments for you as you approach retirement. See
page 14 for more detailed information.
The Mixed Lifestyle profile
Your investments start in the
Standard Life Mixed Blend Pension Fund
then gradually move into a combination
of the Standard Life Mixed Bond Pension
Fund and the Standard Life Managed
Cash Pension Fund.
The Equity Lifestyle profile
Your investments start in the
Standard Life Equity Blend Pension Fund
then gradually move into a combination
of the Standard Life Mixed Bond Pension
Fund and the Standard Life Managed
Cash Pension Fund.
For more information on the funds that
make up the Lifestyle profiles, please see
the Lifestyle profile flyer available at
www.ibmukppp-essential.com
I’m considering the Mixed Lifestyle profile. I’ve
still got plenty of time until retirement and
have other priorities for now. I’m not really
interested in making investment choices, but
after reading the information about this
Lifestyle profile it seemed to offer a mix of
investments and a balance between risk and
return to suit me. I can always review this in
the future as my situation changes and my
knowledge of investments increases.
Josie
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Mixed Lifestyle profile -1IPP
100
Standard Life
Mixed Blend
Pension Fund
(code BFAK)
% of investments
90
80
70
Standard Life
Mixed Bond
Fund (code FP)
60
50
Standard Life
Managed Cash
Fund (code G4)
40
30
20
10
0
15 14
Years
13
12
11
10
9
8
7
6
5
4
3
2
1
Years from retirement
0
Months
Equity Lifestyle profile - 2IPP
100
Standard Life
Equity Blend
Pension Fund
(code BFAG)
90
% of investments
80
70
Standard Life
Mixed Bond
Fund (code FP)
60
50
Standard Life
Managed Cash
Fund (code G4)
40
30
20
10
0
10
Years
9
8
7
6
For illustration only
Quick fact:
You can invest in just one
Lifestyle profile at a time and
can’t add in any other funds.
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5
4
Years from retirement
3
2
1
0
Months
Core fund range
Want to actively manage your own investment funds for your
pension? A carefully selected core fund range has been
specifically designed for IBM employees.
If you want to actively manage your
investments, but would prefer to choose
from a narrowed down selection rather
than the full range, the core fund range
could be for you.
The range is made up of a selection of
cost effective active and passive funds,
covering the main asset classes and
markets including equities, property,
bonds and money market instruments.
The 10 funds that make up the core fund
range are listed on page 20.
Quick fact:
This range isn’t a recommendation
and you can choose from the core
range or the full range of funds that
Standard Life has available.
I’m thinking about the core fund range option. I’m
ready to get more actively involved in my
retirement planning now but I still don’t have time
to carry out research into lots of different funds. I’m
happy there’s a narrowed down choice available.
I looked at the Equity Lifestyle profile, but I wanted
to have some control over my investments, so I
decided to use the core range option instead. I
know I will have to keep reviewing this in the future,
but using the core fund range option allowed me
to create a tailored investment to suit me.
Mark
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Standard Life full fund list
The full fund range gives access to the maximum
choice of funds.
Do you have a good understanding of
investments and how assets perform?
This could be the right choice for you.
Read each fund’s fact sheet for their
aims and how they invest.
You can find the fund fact sheets at
www.ibmukppp-essential.com. For a full
list of the full fund range please see
pages 21 to 33.
Quick fact:
You can change your investment
choice whenever you want to. You
can manage your funds online seven
days a week.
I’m considering the full fund range option.
I want to be actively involved in my investment
choices and I speak to my financial adviser on
a regular basis about all of my pensions and
investments. With him I’m prepared to put in
the effort to research funds in detail to find
what’s right for me.
Andrew
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Self investment
Once you’ve joined the IBM UK Essential PPP, you have the
option to invest through a Group Self Invested Personal
Pension (GSIPP), depending on the minimum contributions you
want to make and the charges you are willing to pay.
The GSIPP offers a greater choice
of investments than the IBM UK Essential
PPP and more choice over how and
when you take your benefits. If you do
invest in a GSIPP, you need to actively
manage your investments and have a
good level of investment expertise. We
recommend you seek investment
advice as the greater choice of
investments means some of the funds
available come with higher risks.
Minimum contributions
The minimum regular contribution to the
GSIPP is £300 a month, or £3,000 a year. If
your combined investments are valued
at more than £50,000, then the minimum
contribution reduces to £100 a month.
The minimum single contribution or
transfer payment is £10,000.
To find out more about self investment
call us on 0845 60 60 038 (call charges
vary. Your call may be recorded/
monitored to improve our service).
The price of units depends on the value
of the fund’s assets after charges. This
can go down as well as up, and your
investment in the fund may be worth less
than what was paid in. Additional
charges are applicable to the GSIPP.
If you are considering this option, we
recommend that you speak to
a financial adviser. If you don’t have
your own financial adviser, you can find
one in your area by visiting
www.unbiased.co.uk
19 of 34
Lifestyle profiles &
Core fund list
Lifestyle profiles
Name
Code
Volatility FMC
Rating
Rebate Effective Additional Active/
FMC
expenses passive
investment
Mixed Lifestyle Profile (Note 1)
1IPP
5
1.03%
0.80%
0.23%
0.03%
n/a
Equity Lifestyle Profile (Note 1)
2IPP
6
1.05%
0.85%
0.20%
0.04%
n/a
Note
1. The figures shown in this table reflect the volatility,
effective FMC and additional expenses of the
highest risk fund(s) in which the Lifestyle profile
invests. As you get closer to retirement, they will
move emphasis away from growth to preparing
your pension fund for your retirement date. For
more information on how Lifestyle profiles work
and how long your retirement is held in each fund,
please ask for our fact sheet; Lifestyle profiles’.
Core fund range
Fund name
Fund
code
Volatility FMC
Rating
Rebate Effective Additional
FMC
expenses
Active/
passive
investment
Standard Life 30/70 Global Equity Index
Pension Fund
BFAF
6
1.02%
0.82%
0.20%
0.02%
Passive
SL SLI Global Equity Unconstrained
Pension Fund
KS
7
1.40%
0.69%
0.71%
0.04%
Active
SL SLI Global Absolute Return Strategies
Pension Fund
YX
3
1.50%
0.69%
0.81%
0.11%
Active
SL BlackRock Aquila HP UK Equity
Pension Fund
JP
6
1.00%
0.81%
0.19%
0.01%
Passive
7
1.14%
0.81%
0.33%
0.13%
Passive
SL BlackRock Aquila HP Emerging Markets
BFEE
Equity Pension Fund
Standard Life Property Pension Fund
FM
3
1.00%
0.69%
0.31%
0.01%
Active
SL BlackRock Aquila HP Over 15 Year
Gilt Pension Fund
ND
3
1.00%
0.81%
0.19%
0.01%
Passive
Standard Life Corporate Bond
Pension Fund
HH
2
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Mixed Bond Pension Fund
FP
2
1.00%
0.76%
0.24%
0.01%
Active
Standard Life Managed Cash
Pension Fund
G4
1
1.00%
0.76%
0.24%
0.01%
Active
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
20 of 34
Standard Life full fund list
The funds below invest in a mix of the different assets detailed on pages 6 to 8.
Opportunity
Fund Type Fund name
Fund Volatility FMC
code Rating
Rebate Effective Additional Active/
FMC
expenses passive
investment*
Manager
of
Managers
SL CF 7IM Adventurous
Pension Fund
ADLL
5
1.65%
0.69%
0.96%
0.72%
Active
Managed
SL Baillie Gifford Managed
Pension Fund
KC
5
1.30%
0.69%
0.61%
0.02%
Active
SL F&C Lifestyle Growth
Pension Fund
ZM
5
1.90%
0.69%
1.21%
0.50%
Active
SL Fidelity Multimanager
2D
Growth Portfolio Pension Fund
5
1.40%
0.69%
0.71%
1.18%
Active
SL Insight Diversified
Dynamic Return
Pension Fund
2X
5
1.60%
0.69%
0.91%
0.84%
Active
SL JP Morgan Lifetime
Moderate Pension Fund
KE
4
1.30%
0.69%
0.61%
0.01%
Active
SL Jupiter Merlin Growth
Portfolio Pension Fund
1D
5
1.85%
0.69%
1.16%
1.14%
Active
SL M&G Cautious Multi Asset
VQ
Pension Fund
4
1.68%
0.69%
0.99%
0.39%
Active
SL Newton Managed
Pension Fund
5
1.30%
0.69%
0.61%
0.13%
Active
KM
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
21 of 34
These funds invest in a mix of the different assets detailed on pages 6 to 8.
Balanced
Fund Volatility FMC
code Rating
Rebate Effective Additional Active/
FMC
expenses passive
investment*
Standard Life Balanced
Manager
of Managers Pension Fund
JE
5
1.60%
0.69%
0.91%
0.13%
Active
SL CF 7IM Moderately
Adventurous Pension Fund 
ADLG 4
1.65%
0.69%
0.96%
0.57%
Active
Standard Life Ethical
Pension Fund
G7
5
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Managed
Pension Fund
FA
5
1.00%
0.69%
0.31%
0.01%
Active
SL Aberdeen Multi Asset Ex
Property
Pension Fund
KA
5
1.30%
0.69%
0.61%
0.01%
Active
SL Aberdeen Multi-Asset
Pension Fund
KL
5
1.30%
0.69%
0.61%
0.07%
Active
SL F&C Lifestyle Balanced
Pension Fund
ZJ
4
1.90%
0.69%
1.21%
0.50%
Active
SL Insight Wealth Builder
Balanced
Pension Fund
2W
4
1.60%
0.69%
0.91%
0.89%
Active
SL Jupiter Merlin Balanced
Portfolio Pension Fund
1F
4
1.85%
0.69%
1.16%
0.87%
Active
SL Newton Exempt Global
Balanced Pension Fund
KF
4
1.30%
0.69%
0.61%
0.06%
Active
Fund Type Fund name
Manager
of
Managers
Managed
SL Towry A3743 Pension Fund Z8
4
1.70%
0.69%
1.01%
0.49%
Active
SL UBS Life Managed
Pension Fund
5
1.30%
0.69%
0.61%
0.01%
Active
KB
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
22 of 34
These funds invest in a mix of the different assets detailed on pages 6 to 8.
Cautious
Fund Type Fund name
Manager of Standard Life Cautious
Managers Manager of Managers
Pension Fund
SL CF 7IM Balanced
Pension Fund
Managed Standard Life Cautious
Managed Pension Fund
Fund Volatility FMC
code Rating
JD
Rebate Effective Additional Active/
FMC
expenses passive
investment*
3
1.60%
0.69%
0.91%
0.13%
Active
ADLF
3
1.65%
0.69%
0.96%
0.50%
Active
F8
3
1.00%
0.69%
0.31%
0.01%
Active
SL SLI Dynamic Distribution
Pension Fund
87
3
1.30%
0.69%
0.61%
0.13%
Active
SL CF Midas Balanced
Income Pension Fund
VK
6
1.70%
0.69%
1.01%
0.33%
Active
SL F&C Lifestyle Defensive
Pension Fund
ZL
3
1.90%
0.69%
1.21%
0.49%
Active
SL F&C Lifestyle Cautious
Pension Fund
ZK
4
1.90%
0.69%
1.21%
0.50%
Active
SL Fidelity Multimanager
Income Portfolio
Pension Fund
2C
4
1.40%
0.69%
0.71%
0.89%
Active
SL Henderson Cautious
Managed Pension Fund
NS
3
1.54%
0.69%
0.85%
0.17%
Active
SL HSBC Open Global
Distribution Pension Fund
R2
3
1.60%
0.69%
0.91%
0.81%
Active
SL Investec Cautious
Managed Pension
2Y
4
1.68%
0.69%
0.99%
0.12%
Active
SL Jupiter Distribution
Pension Fund
KH
3
1.50%
0.69%
0.81%
0.16%
Active
SL Jupiter Merlin Income
Portfolio Pension Fund
1E
3
1.85%
0.69%
1.16%
0.84%
Active
SL Newton Phoenix
Multi-Asset Pension Fund
73
3
1.85%
0.69%
1.16%
0.15%
Active
SL Thames River Distribution
Pension Fund
VR
3
1.75%
0.69%
1.06%
1.04%
Active
SL Towry A0715 Pension Fund Z6
3
1.70%
0.69%
1.01%
0.45%
Active
SL Towry A2535 Pension Fund Z7
4
1.70%
0.69%
1.01%
0.46%
Active
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
23 of 34
UK Equities
Fund name
Fund
code
Volatility FMC
Rating
Rebate Effective Additional Active/
FMC
expenses passive
investment*
Standard Life UK Equity Manager of
Managers Pension Fund
JG
6
1.60%
0.69%
0.91%
0.12%
Active
Standard Life FTSE** Tracker
Pension Fund
G6
6
1.00%
0.81%
0.19%
0.01%
Passive
Standard Life UK Equity Pension Fund
FN
6
1.00%
0.69%
0.31%
0.01%
Active
Standard Life UK Equity Select
Pension Fund
HR
6
1.40%
0.69%
0.71%
0.01%
Active
SL SLI UK Opportunities Pension Fund
K6
6
1.30%
0.69%
0.61%
0.11%
Active
SL SLI UK Equity High Income
Pension Fund
88
5
1.30%
0.69%
0.61%
0.10%
Active
SL SLI UK Equity Income Unconstrained
Pension Fund
YC
6
1.70%
0.69%
1.01%
0.13%
Active
SL SLI UK Equity Recovery Pension Fund BI
6
1.65%
0.69%
0.96%
0.12%
Active
SL SLI UK Equity Unconstrained
Pension Fund
RQ
7
1.70%
0.69%
1.01%
0.03%
Active
SL Baillie Gifford UK Equity Core
Pension Fund
KU
5
1.30%
0.69%
0.61%
0.01%
Active
SL BlackRock Aquila HP UK Equity
Pension Fund
JP
6
1.00%
0.81%
0.19%
0.01%
Passive
SL BlackRock UK Dynamic Pension Fund 72
6
1.75%
0.69%
1.06%
0.17%
Active
SL BlackRock UK Income Pension Fund
HY
5
1.40%
0.69%
0.71%
0.18%
Active
SL BlackRock UK Special Situations
Pension Fund
71
6
1.75%
0.69%
1.06%
0.17%
Active
SL Fidelity Special Situations
Pension Fund
KO
6
2.00%
0.69%
1.31%
0.20%
Active
SL Invesco Perpetual High Income
Pension Fund
K1
5
1.72%
0.69%
1.03%
0.27%
Active
SL Investec UK Blue Chip Pension Fund
1A
5
1.75%
0.69%
1.06%
0.12%
Active
SL Jupiter Income Trust Pension Fund
KX
5
1.80%
0.69%
1.11%
0.20%
Active
SL Jupiter Undervalued Assets
Pension Fund
KY
6
1.80%
0.69%
1.11%
0.29%
Active
SL Liontrust Income Pension Fund
1H
6
1.75%
0.69%
1.06%
0.13%
Active
SL Liontrust UK Growth Pension Fund
KV
5
1.80%
0.69%
1.11%
0.12%
Active
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
**FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote this fund. All copyright in the index
values and constituent list vests in FTSE. Standard Life group has obtained a licence from FTSE to use such
copyright in the creation of this fund. “FTSE®” is a trade mark jointly owned by the London Stock Exchange Plc
and The Financial Times Limited and is used by FTSE under licence.
24 of 34
UK Equities (Continued)
Fund name
Fund
code
Volatility FMC
Rating
Rebate Effective Additional Active/
FMC
expenses passive
investment*
SL M&G Recovery Pension Fund
1N
6
1.75%
0.69%
1.06%
0.16%
Active
SL Newton Income Pension Fund
KW
5
1.40%
0.69%
0.71%
0.12%
Active
SL Old Mutual UK Select Mid Cap
Pension Fund
1V
6
1.75%
0.69%
1.06%
0.18%
Active
SL Rathbone Income Pension Fund
1Y
6
1.75%
0.69%
1.06%
0.07%
Active
SL Rathbone Recovery Pension Fund
1Z
6
1.75%
0.69%
1.06%
0.17%
Active
SL Schroder Income Maximiser
Pension Fund
2V
6
1.75%
0.69%
1.06%
0.15%
Active
SL Schroder UK Mid 250 Pension Fund
KZ
7
1.80%
0.69%
1.11%
0.16%
Active
SL Schroder UK Smaller Companies
Pension Fund
YL
6
1.60%
0.69%
0.91%
0.17%
Active
SLVanguard FTSE UK Equity Income
Index Pension Fund
BFBE
5
1.00%
0.81%
0.19%
0.02%
Passive
SL Vanguard FTSE UK All Share Index
Pension Fund
BFCK
5
1.00%
0.81%
0.19%
0.02%
Passive
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
**FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote this fund. All copyright in the index
values and constituent list vests in FTSE. Standard Life group has obtained a licence from FTSE to use such
copyright in the creation of this fund. “FTSE®” is a trade mark jointly owned by the London Stock Exchange Plc
and The Financial Times Limited and is used by FTSE under licence.
25 of 34
European Equities
Fund name
Fund
code
Volatility FMC
Rating
Rebate Effective Additional Active/
FMC
expenses passive
investment*
Standard Life European Equity
Pension Fund
FE
6
1.00%
0.69%
0.31%
0.01%
Active
Standard Life European Equity Tracker
Pension Fund
H4
6
1.00%
0.81%
0.19%
0.01%
Passive
SL SLI European Equity Income
Pension Fund
BH
6
1.50%
0.69%
0.81%
0.12%
Active
SL BlackRock Ascent Life European Equity
K2
Pension Fund
7
1.50%
0.69%
0.81%
0.05%
Active
SL BlackRock Aquila HP European Equity
NF
Pension Fund
7
1.00%
0.81%
0.19%
0.03%
Passive
SL Fidelity European Pension Fund
2B
6
1.75%
0.69%
1.06%
0.22%
Active
SL Henderson European Selected
Opportunities Pension Fund
KK
6
1.75%
0.69%
1.06%
0.18%
Active
SL Ignis Argonaut European Alpha
Pension Fund
2P
6
1.87%
0.69%
1.18%
0.04%
Active
SL Henderson European Growth
Pension Fund
1P
6
1.75%
0.69%
1.06%
0.25%
Active
SL Threadneedle European Pension Fund0A
6
1.75%
0.69%
1.06%
0.20%
Active
SL Vanguard FTSE Developed Europe ex
BFAJ
UK Equity Index Pension Fund
6
1.00%
0.81%
0.19%
0.02%
Passive
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
26 of 34
North American Equities
Fund name
Fund Volatility FMC
code Rating
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
Standard Life US Equity Tracker
Pension Fund
H2
6
1.00%
0.81%
0.19%
0.01%
Passive
Standard Life North American Equity
Pension Fund
FK
6
1.00%
0.69%
0.31%
0.01%
Active
SL BlackRock Ascent Life US Equity
Pension Fund
K3
6
1.50%
0.69%
0.81%
0.05%
Active
SL BlackRock Aquila HP US Equity
Pension Fund
NJ
6
1.00%
0.81%
0.19%
0.02%
Passive
SL Threadneedle American Select
Pension Fund
KN
6
1.75%
0.69%
1.06%
0.20%
SL Vanguard US Equity Pension Fund
GGMJ 6
1.00%
0.81%
0.19%
0.02%
Active
Passive
Far East Equities
Fund name
Fund Volatility FMC
code Rating
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
Standard Life Pacific Basin Equity
Pension Fund
FY
7
1.00%
0.69%
0.31%
0.04%
Active
Standard Life Japanese Equity
Pension Fund
FJ
6
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Far East Equity
Pension Fund
FF
7
1.00%
0.69%
0.31%
0.02%
Active
SL BlackRock Aquila HP Japanese Equity
NK
Pension Fund
6
1.00%
0.81%
0.19%
0.02%
Passive
SL BlackRock Aquila HP Pacific Rim Equity
NH
Pension Fund
7
1.00%
0.81%
0.19%
0.02%
Passive
SL Fidelity South East Asia Pension Fund KQ
7
2.00%
0.69%
1.31%
0.28%
Active
SL Schroder Tokyo Pension Fund
5Y
6
1.80%
0.69%
1.11%
0.18%
Active
SL Vanguard Pacific ex Japan Stock
Index Pension Fund
BFDG
7
1.00%
0.81%
0.19%
0.02%
Passive
SL Vanguard Japan Stock Index
Pension Fund
NNPG
6
1.00%
0.81%
0.19%
0.02%
Passive
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
27 of 34
Global Equities
Fund name
Fund Volatility
code Rating
FMC
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
Standard Life Overseas Manager of
Managers Pension Fund
JH
6
1.60%
0.69%
0.91%
0.15%
Active
Standard Life International Equity
Pension Fund
FO
6
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Overseas Equity
Pension Fund
GZ
6
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Overseas Tracker
Pension Fund
H5
6
1.00%
0.81%
0.19%
0.01%
Passive
Standard Life Global Equity 50:50
Tracker Pension Fund
H8
6
1.00%
0.81%
0.19%
0.01%
Passive
Standard Life Global Equity 50:50
Pension Fund
HT
6
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Global Equity Manager of
JF
Managers Pension Fund
6
1.60%
0.69%
0.91%
0.13%
Active
Standard Life Global Equity
Select 60:40 Pension Fund
FX
6
1.35%
0.69%
0.66%
0.01%
Active
Standard Life Stock Exchange
Pension Fund
FB
5
1.00%
0.69%
0.31%
0.01%
Active
SL SLI Global Equity Unconstrained
Pension Fund
KS
7
1.40%
0.69%
0.71%
0.04%
Active
SL Baillie Gifford Worldwide Equity
Pension Fund
KI
6
1.30%
0.69%
0.61%
0.02%
Active
SL BlackRock Aquila HP (50:50) Global
Equity Pension Fund
JO
6
1.00%
0.81%
0.19%
0.02%
Passive
SL BlackRock Aquila HP World (ex UK)
Equity Pension Fund
JQ
6
1.00%
0.81%
0.19%
0.02%
Passive
SL Fidelity Global Special Situations
Pension Fund
62
7
2.00%
0.69%
1.31%
0.21%
Active
SL Fidelity Wealthbuilder Pension Fund
JA
6
2.00%
0.69%
1.31%
0.30%
Active
SL HSBC Amanah Pension Fund
JB
6
1.30%
0.69%
0.61%
0.01%
Active
SL Investec Global Free Enterprise
Pension Fund
YK
6
1.75%
0.69%
1.06%
0.12%
Active
SL JP Morgan Emerging Markets
Pension Fund
NC
7
1.75%
0.69%
1.06%
0.19%
Active
SL JP Morgan Life Global Equity
Pension Fund
KD
6
1.30%
0.69%
0.61%
0.01%
Active
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
28 of 34
Global Equities (continued)
Fund name
Fund Volatility
code Rating
SL JP Morgan Life Growth Pension Fund YM
6
FMC
1.45%
Rebate Effective Additional
FMC
expenses
0.69%
0.76%
0.01%
Active/
passive
investment*
Active
SL Jupiter Merlin Worldwide Portfolio
Pension Fund
1G
6
1.85%
0.69%
1.16%
1.02%
Active
SL M&G Global Basics Pension Fund
1L
6
1.75%
0.69%
1.06%
0.19%
Active
SL M&G Global Dividend Pension Fund
HAPH 6
1.73%
0.69%
1.04%
0.18%
Active
SL M&G Global Growth Pension Fund
YB
1.75%
0.69%
1.06%
0.19%
Active
6
SL Newton 50/50 Global Equity
Pension Fund
KJ
6
1.50%
0.69%
0.81%
0.06%
Active
SL Newton Global Equity Pension Fund
5V
6
1.60%
0.69%
0.91%
0.14%
Active
SL Schroder Global Emerging Markets
Pension Fund
5W
7
1.75%
0.69%
1.06%
0.17%
Active
SL UBS Global Optimal Pension Fund
KT
6
1.35%
0.69%
0.66%
0.10%
Active
SL UBS Life Global Equity Pension Fund
KP
6
1.35%
0.69%
0.66%
0.02%
Active
SL Vanguard Emerging Markets Stock
Index Pension Fund
BFAD
7
1.15%
0.81%
0.34%
0.07%
Passive
SL Vanguard FTSE Developed World ex
KKFK
UK Equity Index Pension Fund
6
1.00%
0.81%
0.19%
0.00%
Passive
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
29 of 34
Bonds
Fund name
Fund Volatility FMC
code Rating
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
Standard Life Annuity Purchase Fund
F9
0.69%
Active
Standard Life Corporate Bond
Pension Fund
3
1.00%
0.31%
0.01%
HH
2
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Mixed Bond Pension Fund FP
2
1.00%
0.76%
0.24%
0.01%
Active
Standard Life Index Linked Bond
Pension Fund
FL
3
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Long Corporate Bond
Pension Fund
HB
3
1.00%
0.69%
0.31%
0.01%
Active
Standard Life UK Gilt Tracker
Pension Fund
H7
2
1.00%
0.81%
0.19%
0.01%
Passive
SL SLI AAA Income Pension Fund
2F
2
1.30%
0.69%
0.61%
0.11%
Active
SL SLI Global Corporate Bond
Pension Fund
NNLH 3
1.40%
0.69%
0.71%
0.07%
Active
SL SLI Global Index Linked Bond
Pension Fund
2G
2
1.30%
0.69%
0.61%
0.12%
Active
SL SLI Higher Income Pension Fund
2E
3
1.30%
0.69%
0.61%
0.10%
Active
SL SLI Strategic Bond Pension Fund
ZT
3
1.50%
0.69%
0.81%
0.13%
Active
SL SLI Select Income Pension Fund
ZR
2
1.30%
0.69%
0.61%
0.06%
Active
SL Aberdeen Life Sterling Credit
Pension Fund
K4
2
1.35%
0.69%
0.66%
0.12%
Active
SL BlackRock Aquila HP Over 5 Year
Index Linked Gilt Pension Fund
NB
3
1.00%
0.81%
0.19%
0.01%
Passive
SL BlackRock Aquila HP Over 15 Year
Gilt Pension Fund
ND
3
1.00%
0.81%
0.19%
0.01%
Passive
SL Ignis Corporate Bond Pension Fund
2Q
3
1.55%
0.69%
0.86%
0.13%
Active
SL Invesco Perpetual Corporate Bond
Pension Fund
K5
2
1.60%
0.69%
0.91%
0.20%
Active
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
30 of 34
Bonds (continued)
Fund name
Fund Volatility FMC
code Rating
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
SL Investec Strategic Bond Pension Fund 2Z
2
1.45%
0.69%
0.76%
0.12%
Active
SL Jupiter Corporate Bond Pension Fund 1C
2
1.50%
0.69%
0.81%
0.29%
Active
SL M&G Corporate Bond Pension Fund
1K
2
1.60%
0.69%
0.91%
0.17%
Active
SL M&G Optimal Income Pension Fund
CGLA 2
1.60%
0.69%
0.91%
0.17%
Active
SL M&G UK Inflation Linked Corporate
Bond Pension
BBHF
1.50%
0.69%
0.81%
0.20%
Active
4
SL Henderson Sterling Bond Pension Fund 1S
4
1.65%
0.69%
0.96%
0.21%
Active
SL Old Mutual Corporate Bond
Pension Fund
1U
4
1.60%
0.69%
0.91%
0.15%
Active
SL Vanguard UK Investment Grade
Bond Index Pension Fund
BFAE
3
1.00%
0.81%
0.19%
0.02%
Passive
SL Vanguard UK Inflation Linked Gilt
Index Pension Fund
GGGA 3
1.00%
0.81%
0.19%
0.02%
Passive
SL Vanguard UK Long Duration Gilt
Index Pension Fund
NNBD 2
1.00%
0.81%
0.19%
0.02%
Passive
SL Vanguard UK Government Bond
Index Pension Fund
NNNG 2
1.00%
0.81%
0.19%
0.02%
Passive
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
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Property (including property securities)
Fund name
Fund Volatility FMC
code Rating
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
Standard Life Property Pension Fund
FM
3
1.00%
0.69%
0.31%
0.01%
Active
SL SLI Select Property Pension Fund
RS
5
1.50%
0.69%
0.81%
0.13%
Active
SL SLI Global REIT Pension Fund
VB
7
1.45%
0.69%
0.76%
0.13%
Active
SL Aberdeen Property Share Pension Fund 2N
7
1.60%
0.69%
0.91%
0.11%
Active
SL Ignis UK Property Pension Fund
2R
SL M&G Property Portfolio Pension Fund 1M
3
1.75%
0.69%
1.06%
0.39%
Active
3
1.75%
0.69%
1.06%
0.20%
Active
SL Aviva Investors Property Pension Fund RM
3
1.75%
0.69%
1.06%
0.57%
Active
SL Aviva Investors Asia Pacific Property
Pension Fund
6
1.80%
0.69%
1.11%
0.26%
Active
YV
SL Henderson UK Property Pension Fund 1R
3
1.75%
0.69%
1.06%
0.74%
Active
SL JP Morgan Global Property Securities
YE
Pension Fund
7
1.68%
0.69%
0.99%
0.19%
Active
Money Market Instruments (including cash)
Fund name
Fund
code
Volatility FMC
Rating
Rebate
Effective Additional Active/
FMC
expenses passive
investment*
Standard Life Sterling Pension Fund
GS
1
1.00%
0.69%
0.31%
0.01%
Active
Standard Life Managed Cash
Pension Fund
G4
1
1.00%
0.76%
0.24%
0.01%
Active
As properties take time to sell, a property fund may delay or suspend withdrawals.
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
32 of 34
Specialist
Fund name
Fund Volatility FMC
code Rating
SL SLI Global Absolute Return Strategies
YX
Pension Fund
3
1.50%
Rebate Effective Additional
FMC
expenses
Active/
passive
investment*
0.69%
Active
0.81%
0.11%
SL SLI UK Equity Growth Pension Fund
BL
5
1.50%
0.69%
0.81%
0.10%
Active
SL BlackRock Aquila HP Consensus
Pension Fund
JU
5
1.00%
0.81%
0.19%
0.02%
Passive
SL BlackRock Gold & General
Pension Fund
BFBG 7
1.79%
0.69%
1.10%
0.20%
Active
SL BlackRock UK Absolute Alpha
Pension Fund**
ZS
3
1.75%
0.69%
1.06%
0.19%
Active
SL CF 7IM Moderately Cautious
Pension Fund
ADLH 2
1.65%
0.69%
0.96%
0.41%
Active
SL CF Macquarie Global Infrastructure
Securities Pension Fund
YP
6
1.80%
0.69%
1.11%
0.25%
Active
SL CF Midas Balanced Growth
Pension Fund
VJ
5
1.70%
0.69%
1.01%
0.35%
Active
SL HSBC Open Global Return
Pension Fund
R3
3
1.60%
0.69%
0.91%
1.15%
Active
SL Insight Diversified Target Return
Pension Fund
YA
3
1.60%
0.69%
0.91%
0.57%
Active
SL JP Morgan Cautious Total Return
Pension Fund
YD
3
1.56%
0.69%
0.87%
0.18%
Active
SL JP Morgan Natural Resources
Pension Fund
Z1
7
1.75%
0.69%
1.06%
0.19%
Active
SL M&G Strategic Corporate Bond
Pension Fund
KNAA 2
1.50%
0.69%
0.81%
0.17%
Active
SL Newton Real Return Pension Fund
ADDG 3
1.75%
0.69%
1.06%
0.06%
Active
SL Schroder Dynamic Multi Asset
Pension Fund
CR
4
1.58%
0.69%
0.89%
0.31%
Active
SL Schroder Global Equity Income
Pension Fund
CV
6
1.68%
0.69%
0.99%
0.20%
Active
SL Schroder Intermediated Diversified
Growth Pension Fund
61
5
1.75%
0.69%
1.06%
0.08%
Active
SL Schroder Managed Balanced
Pension Fund
BFCE
5
1.50%
0.69%
0.81%
0.17%
Active
SL Schroder Multi-Manager Cautious
Managed Pension Fund
CD
4
1.56%
0.69%
0.87%
0.78%
Active
SL Schroder UK Alpha Plus Pension Fund CN
6
1.68%
0.69%
0.99%
0.18%
Active
SL Schroder US Mid Cap Pension Fund
CX
6
1.68%
0.69%
0.99%
0.17%
Active
SL UBS Targeted Return Pension Fund
YJ
4
1.75%
0.69%
1.06%
0.07%
Active
*If you need more help to understand these tables please see “Investing the contributions” on pages 5 to 12.
**A performance fee currently applies to this Fund and is included in the Additional Expenses figure.
The fee may not always apply.
33 of 34
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0845 60 60 038
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[email protected]
Standard Life Assurance Limited is registered in Scotland (SC286833)
at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH.
Standard Life Assurance Limited is authorised and regulated by the
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