Buy/sell spread

Investment options have an entry unit price and exit unit price. When money is invested in an investment option, the entry unit price is used to buy units in the investment option. When money is withdrawn from an investment option, the exit price is used.

The difference between the entry and exit prices is called a buy/sell spread. The buy/sell spread is the cost charged by some investment managers for transaction costs in buying and selling the underlying assets of the investment option. For some of the investment options, this cost is passed on to you. We do not add a margin to the buy/sell spreads charged by the investment managers.

The buy/sell spread for each investment option may vary from time to time to reflect the buy/sell spread charged by the investment managers. We will let you know the latest buy/sell spreads each year in our Annual Report.