In a letter to investors, administrator Link Fund Solutions (LFS) said investors of the LF Equity Income fund (formerly LF Woodford Equity Income fund), will start getting their money back on or around 30 January 2020.

Originally, LFS told investors they would receive first payments from 20 January as the process of winding up the fund begins on 18 January.

LFS wrote: “This change to the timetable is required to ensure that investors retain exposure to the equity market for the entire period prior to the fund being wound up as required by the regulations. This delay also allows a significant portion of the fund’s holdings in money market instruments to be liquidated in a way that minimises costs to the fund.”

However, for those who hold investments through a fund platform, payment may be made a few days after 30 January due to the way they process the payments.

The administrator has also made changes to other timetables.

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Calculations of the amount investors will receive will be made on 24 January (6 January previously), and Link will write to investors on or around 28 January to tell them how much money they will get back (previously 13 January). The letter will also detail the costs associated with the wind-up of the fund.

However, it confirms that income distribution from the fund remains on schedule – 28 February for income distribution attributable to the year ending 31 December, and 17 March covering the 1 January to 17 January 2020 period.

The once-popular fund has fallen 14.9% since it was first suspended on 3 June. It is down 1.23% since Neil Woodford was sacked as manager on 15 October.