Skandia Life have decided to close the Skandia Fidelity Managed Fund from 21st October 2010. Those with holdings in the fund will be automatically switched into the Skandia Fidelity Flexible Managed Funds. Investors can of course select any fund from the 300 or so available on the Skandia Life pension range.
The replacement fund is more expensive with a total expense ratio of 1.3% as opposed to 0.9%. However the fund will be run without oversight from Skandia - i.e. letting Fidelity do what they do best.
This is the latest fund sheet
This has been a consistently second quartile fund and is over 24 years old but seems rather "old school" by comparison to other fund alternatives these days. This has been a successful long-term working partnership between Skandia and Fidelity - two of the top companies within the multi-fund world and certainly with the longest UK track records.
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