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Transfer from Hermes to L&G

Background

Prior to October 2007 the passive (i.e. index-tracking) funds within the Lifestyle and Selfstyle options were managed by Hermes Assured Limited ("Hermes"). In July 2007 Hermes announced that they were closing their passive management business.

Transfer to L&G

Having consulted with the Plan's investment advisors, the Trustee decided to replace Hermes with Legal & General Investment Management ("L&G"), who are the largest provider of passive investment management services in the UK.

The change was to the investment manager of the funds and did not represent any change to the investment choices offered by the Plan. L&G will continue to aim to match the market index returns on assets in the same way that Hermes did. As such there was no change to the way in which the investments are managed.

We have prepared a Q&A page regarding the transfer to L&G.