Irish Property Fund update

A notice period on Irish Life's Irish Property Fund and Property Portfolio Funds was introduced on 19th March 2020 as the onset of COVID-19 created material uncertainty around property valuations.

This six-month notice period will be lifted with effect from 17th August 2021.

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List of funds impacted

 

  • Balanced Fund
  • Balanced Investment Fund
  • Canada Life Pension Property Fund
  • Canada Life Pension Property Fund Accum
  • Canada Life Pension Property Fund Init
  • Canada Life/Setanta Property 
  • Canada Life/Setanta Property Series 7
  • CL Pension Property
  • CL PENSION PROPERTY (ADV)
  • CL Pension Property Accum
  • CL Pension Property Fund (Advance)
  • CL Pension Property Initial
  • CL Property
  • CL Property 1
  • CL Property 1 Accum
  • CL Property 1 Initial
  • CL Property Accum
  • CL Property Init 
  • CL/Setanta Property
  • CL/Setanta Property Series 5(PRSA)
  • EBS Property Fund Series 1
  • Exempt Property Fund P1 (Irish Prop IS)
  • High Income Fund
  • Income Investment Fund 1
  • Income Plus Fund
  • Irish Property (Irish Prop IS)
  • Irish Property Fund
  • Irish Property Fund (Irish Prop)
  • Irish Property Fund 8 (Irish Prop IS)
  • Irish Property Fund C (Irish Prop IS)
  • Irish Property Fund D (Irish Prop IS)
  • Irish Property Fund Pens (Irish Prop IS)
  • Irish Property Fund R (Irish Prop IS) 
  • Irish Property Fund Series U
  • Irish Property Fund Series Y(Ire Prop IS)
  • Pension Property Fund H1 (Irish Prop IS)
  • Property Fund 7 (Irish Prop IS)
  • Property Fund 9 (Irish Prop IS)
  • Property Fund Series 1 (Irish Prop IS)
  • Property Fund Series 3 (Irish Prop IS)
  • Property Income Fund
  • Property Investment Fd 2 (Irish Prop IS)
  • Property Investment Fd 4 (Irish Prop IS)
  • Property Investment Fd 5 (Irish Prop IS)
  • Property Investment Fund 3(Irish Prop IS)
  • Property Portfolio Fund
  • Property Portfolio Fund 1
  • PROPERTY PORTFOLIO FUND C1
  • Property Portfolio Fund D
  • Property Portfolio Fund E
  • Property Portfolio Fund F
  • Property Portfolio Fund G
  • Property Portfolio Fund H
  • Property Portfolio Fund S.I
  • Property Portfolio Fund Series G1
  • Property Portfolio Fund Series P1
  • Property Portfolio Fund Series R
  • Property Portfolio Fund Series T
  • Property Portfolio Fund Series Y1
  • Property Portfolio Fund Y
  • Property Portfolio Series 2
  • Property Portfolio Series C
  • PRSA Property Fund Series 5
  • SETANTA PROPERTY

Six month notice period

A notice period on our Irish Property Fund and Property Portfolio funds was introduced on 19th March 2020 as the onset of COVID-19 created material uncertainty around property valuations. This six-month notice period will be lifted with effect from 17th August 2021. 

Clients who requested a withdrawal or switch from the Irish Property or Property Portfolio funds in the last six months will have their requests processed on the 17th August 2021.

 

Questions and answers

Why has the notice period been lifted?

The onset of COVID-19 created material uncertainty around property valuations. As more

certainty has returned to the property market and following a review of the level of liquidity and

cash-flow on these funds, a decision has been made to remove the six-month notice period.

What does this mean for customers?

If a customer requested a withdrawal or switch request from these funds since the notice period

was introduced and the six months has not passed their withdrawal or switch request will be

processed on 17th August 2021.

The price used will be the price at the end of the notice period i.e the actual transaction date and

not the request date.

How is Irish Life communicating to customers?

We will write to impacted customers to tell them the notice period is lifted.

Do customers need to do anything?

No, customers do not need to take any action.

How are these decisions made?

Decisions are taken on the advice of Irish Life’s Chief Actuary.



For further information on the funds and customers affected, please contact your account manager.

 

 

Info

Supporting documentation for you. 

Irish Property Fund update webinar - 11th August 2021

Watch Michael Hayes, Investment Manager, and Martin O'Reilly Head of Property Fund Management discuss the latest news on the Irish Property Fund and the outlook for Irish Property.

Michael Hayes, Investment Manager, and Martin O'Reilly Head of Property Fund Management discuss the latest news on the Irish Property Fund and the outlook for Irish Property