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Scottish Widows set to lift property fund restrictions

Scottish Widows has announced it is to lift property fund restrictions imposed on certain transactions out of its life and pension property funds.

The 180-day delay period, put in place on January 21, will end on August 18.

Scottish Widows says the aim of the delay, to provide liquidity within a reasonable period for those wanting to leave the funds, has now been fulfilled.

A statement released by the insurer says: “This programme of sales has been underway and the liquidity position in the funds has been restored to a level where all requests can be transacted normally from 18 August.”

Lifting the restrictions will allow 6,000 policyholders to again make full or partial redemptions, transfers or switches out of the £888m Scottish Widows Life fun and the £1,113m Scottish Widows Pension Property Fund.

The news comes after Lloyds TSB’s Interim 2008 Statement revealed a 15 per cent increase in pre-tax profits for the Scottish Widows.

The statement says the increase is a result of new business, primarily reflecting an improved mix in protection sales towards higher margin products and an increase in the proportion of insurance-based products.

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