Having received the email earlier in the week, my initial interpretation was that the current portfolios will be used as the starting point for the new competition.   Whilst this may prove easiest from an administrative point of view, would like to point out the potential conflict where portfolios are re-assessed and changed in pursuit of 12 month performance versus the current arrangement (my perception anyhow) which is designed for achieving long term market beating returns. 
 

Essentially inducing a member behavioural shift from investing to trading. Maybe worth a re-think.

RobW