How can I move the keyring location outside of "My Documents"?

We redirect the My Documents folder to a network share via Group Policy, and as a result the PGP keyrings get redirected as well due to their default location going into a "PGP" folder in My Documents.

I'd like to keep these files locally, i.e. in C:\Users\username\PGP instead.  I went to Consumer Policy - General and ticked the checkbox to override the default location and put "%USERPROFILE%\PGP" (without quotes) hoping that I could solve my issue, but it seems to want to keep going into My Documents instead.

Can I even use system variables, and if so, which ones can I use as the above obviously isn't working.

10.2.1 MP2