This website is for financial advisers within the UK, Customers looking for Zurich products please go to Zurich.co.uk. Unless you are a financial adviser in the UK who has entered into separate contractual arrangements with Zurich Intermediary Group Limited (“ZIG”) for access to the secure parts of this website, the viewing of this web site is subject to Disclaimers, which, by continuing to access this site, you acknowledge that you have read and accept.

We use cookies to provide you with a responsive service to make your experience of our website(s) better. Please confirm that you agree to our use of cookies in accordance with our cookies policy.

By continuing to use our website we will assume that you are happy to receive non-privacy intrusive cookies. Please be aware that if you disable cookies some functionality on the site will not work.

Alternatively, read our cookies policy to find out more about our cookie use and how to disable cookies.


    • Protect the environment. Think before you print.

Woodford Equity Income suspension (Sterling Bond, Zurich Pension, Sterling ISA/Investment Account)

11 June 2019

megaphone

The Woodford Equity Income fund is already closed to new investment on the Sterling Bond, Zurich Pension and Sterling ISA/Sterling Investment Account but dealing has now been suspended by the underlying fund.

Funds and products affected by the suspension

This may affect customers invested in these funds through the following products:

Zurich Pension

Zurich Woodford UK Equity Income ZP

Sterling Investment Bond

  • Sterling Woodford UK Equity Income
  • Sterling Woodford UK Equity Income 2

Sterling ISA and Sterling Investment Account

LF Woodford UK Equity Income C Inc

How does this affect customers investing in these funds?

Sterling Bond:

We’ll continue to pay your clients the full amount of their regular withdrawal. We’ll also allow your clients to switch out of the Sterling Woodford Equity Income fund or take a full or partial withdrawal from their Bond.

Zurich Pension:

If you have clients taking a regular withdrawal then we’ll continue to pay your clients the full amount. We’ll also allow your clients to switch out of the Zurich Woodford Equity Income ZP fund or take a full or partial withdrawal from their plan.

If you have clients paying into the fund by direct debit then this will be redirected to the Zurich Managed Bond ZP fund. This is the default fund we use when another fund closes.

Sterling ISA/Investment Account

The amount of the regular withdrawal that is taken from the LF Woodford Equity Income fund will stop but the rest of the withdrawal will continue. If your clients want to maintain the same value/amount that they currently withdraw then you will need to ask us to exclude the affected fund from their withdrawal strategy.

Your clients won’t be able to take a full withdrawal from their account. They’ll be able to take a partial withdrawal, but won’t be able to take anything from the suspended LF Woodford Equity Income fund.

If they pay into the fund by direct debit then the portion of the direct debit due into the LF Woodford Equity Income fund will be redirected to the Threadneedle Managed Bond fund. This is the default fund we use when another fund closes.

How will we communicate this closure?

We’ll only write to your clients if they have a Sterling ISA or Sterling Investment Account or are paying into the Zurich Woodford Equity Income ZP fund by direct debit.