Scot Life to switch pension fund to Cazenove

Scottish Life is to switch the underlying investment of its UK Equity Core Plus Pension Fund to Cazenove UK Growth & Income.

The fund is currently invested in JP Morgan Premier Equity Growth, but this will change from 7 May 2010.

Scottish Life says the decision is part of its commitment to effective investment governance.

Nick Leitch, head of investment marketing at Scottish Life, says the Cazenove fund is better suited to delivering a consistent performance in changing market conditions.

The change in underlying investment will be seamless for policyholders, and Scottish Life says it has a proactive communications campaign in place to keep advisers and policyholders informed.

Leitch says: "We take a proactive role in the governance of our investment fund range and we're committed to providing advisers and their clients with strong performing funds.

"The Cazenove fund has a long track record of strong performance and we are confident that this decision will have a positive impact for policyholders."

Earlier this year, Scottish Life made a number of changes to asset allocation among its Governed Range of portfolios to better reflect customer attitudes to risk.