If you decide you want to switch your investments from one fund to another, you need to be aware that:

• There's a cost for switching out of, or into, the equity, bond and property funds managed by Legal & General. This buy/sell 'spread' is the difference between the cost of buying and selling the units. The spread varies as it derives from the cost of each transaction but is typically 1-1.5% on equities, 0.15% on bonds and 6.8% on property.
• If you switch any Equitable Life unit linked AVCs, the buy/sell spread is 4.5%.
• If you switch any AVCs out of the Equitable Life with profits fund, the value of your fund will be reduced by 5%.
• If you switch between funds managed by different investment managers, there will be a short period of time when your money will not be invested. This is because the funds need to be paid from one investment manager to the trustee and then on to the new investment manager.