11 February 2009
Standard Life is to reimburse 97,000 customers who lost
approximately 4.8% of their money when the value of its Pension
Sterling Fund, worth £2.1bn, was cut last month.
The reason Standard Life has taken this action is that after
conducting a review of their Pension Sterling Fund literature, and
listened carefully to what customers and advisers have been saying
to them, it was clear that many people were not fully aware of the
nature of the fund. Furthermore, some customers would not have
anticipated that units in the fund would fall by such an amount in
one day.
The reimbursement will be made automatically and for customers
who wish to remain invested in the fund, there is no requirement to
take any action. Standard Life will also be writing to customers to
confirm the action they are taking.
You can read Standard Life's Announcement by clicking on the
following link:
Standard Life Statement
