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Nine saving schemes to close at F&C

F&C is closing nine of the investment trust savings plans it inherited when it merged with Ivory & Sime.

The plans include the zerocharge, select service, trustguard, growth and income portfolio, twenty20, no 1 savings, flexible distribution portfolio, pre 95 PREP and trustlink gold plans.

They will be closed to new investments from April 5.

In a letter to advisers, F&C says: “We will no longer be accepting further investments, including lump sum top-ups or monthly savings by direct debit, into the legacy plans.”

Investors can retain the shares already purchased within these products.

Some of the plans were closed to new entrants following the merger with F&C, although existing investors could make additional investments.

An F&C spokeswoman says: “F&C continues to offer a range of investment trust savings plans that invest in some of the 13 different investment trusts, which remain open to new investment.”

Bestinvest senior investment adviser Adrian Lowcock says: “The closures tidy up the range after the merger. This is disappointing for investors as they like monthly savings plans and investment trusts are appealing in that area. It does make it harder to access that market.”

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