Changes to our Adventurous Flexible and Annuity Target funds
From 12 November 2026, we’ll begin making some changes to the Aegon Adventurous Tracker (Flexible Target) and Adventurous Tracker (Annuity Target) funds. These are available as part of our insured pension and Aegon Retirement Choices (ARC) fund ranges.
What’s changing and why
As part of our fund governance process, we regularly monitor and refine our funds to make sure they continue to meet their fund objective. As a result, we’re:
- changing the fund’s equity (company shares) allocation, from 50% UK and 50% international, to approximately 18% UK and 82% international over the next 6 months
- updating the objective for both funds to better explain how the they invest to reflect the changing mix of equity investment
- updating the benchmarks for both funds to reflect the new mix of investments
The fund objective explains how the fund invests and what it’s trying to achieve for investors.
Details of the old and new fund objectives, with the changes marked in bold, are in the table below.
| Aegon Adventurous Tracker (Flexible Target) | |
|---|---|
| Old Fund Objective | New Fund Objective |
This fund is aimed at those who want to keep their options open at retirement. It uses a two-stage investment process. In the early years (the growth stage) it aims to grow savings over the long term by investing in an equal mix of UK and international equities (company shares). It’s designed to track the markets it invests in, so performance should be similar to those markets. In the six years before your target retirement year (the flexible target stage), we’ll progressively move you into less risky investments. We’ll also move part of your investment into cash in the final two years to cater for your maximum tax-free cash entitlement, currently 25% of your pension pot. We review our workplace target funds regularly and may change them if we believe it’s in the best interests of investors. | This fund is aimed at those who want to keep their options open at retirement. It uses a two-stage investment process. In the early years (the growth stage) it aims to grow savings over the long term by investing in a mix of UK and international equities (company shares). It invests in underlying funds that aim to track the markets they invest in, so performance should broadly reflect those markets. The portfolio manager can make limited changes to the mix of investments from time to time within agreed limits. In the six years before your target retirement year (the flexible target stage), we’ll progressively move you into less risky investments. We’ll also move part of your investment into cash in the final two years to cater for your maximum tax-free cash entitlement, currently 25% of your pension pot. We review our workplace target funds regularly and may change them if we believe it’s in the best interests of investors. |
| Aegon Adventurous Tracker (Annuity Target) | |
| Old Fund Objective | New Fund Objective |
This fund is aimed at those who intend to buy an annuity (a type of guaranteed pension) on retirement. It uses a two-stage investment process. In the early years (the growth stage) it aims to grow savings over the long term by investing in an equal mix of UK and international equities (company shares). It’s designed to track the markets it invests in, so performance should be similar those markets. In the six years before your target retirement year (the annuity target stage), we’ll progressively move you into investments (currently long gilts and cash) with the aim of giving you more certainty about the size of annuity (pension) you’ll be able to buy when you retire and to cater for your maximum tax-free cash entitlement, currently 25% of your pension pot. We review our workplace target funds regularly and may change them if we believe it’s in the best interests of investors. | This fund is aimed at those who intend to buy an annuity (a type of guaranteed pension) on retirement. It uses a two-stage investment process. In the early years (the growth stage) it aims to grow savings over the long term by investing in a mix of UK and international equities (company shares). It invests in underlying funds that aim to track the markets they invest in, so performance should broadly reflect those markets. The portfolio manager can make limited changes to the mix of investments from time to time within agreed limits. In the six years before your target retirement year (the annuity target stage), we’ll progressively move you into investments (currently long gilts and cash) with the aim of giving you more certainty about the size of annuity (pension) you’ll be able to buy when you retire and to cater for your maximum tax-free cash entitlement, currently 25% of your pension pot. We review our workplace target funds regularly and may change them if we believe it’s in the best interests of investors. |
Source: Aegon UK
There’s no guarantee the funds will meet their objectives. The value of an investment can fall as well as rise and isn’t guaranteed. The final value of your pension pot when you come to take the benefits may be less than paid in.
Changes to the asset allocation
The funds will gradually increase their investment in international equities and reduce their investment in UK shares over the next 6 months. We believe this will provide investors with broader exposure to global markets while continuing to meet the funds' objectives. While the mix of investments is changing, the overall risk profile and Aegon Risk Rating of the fund is not changing.
Changes to the benchmark
Benchmarks are used to measure a fund’s performance against similar types of investments, similar markets or regions. As a result of these changes, the benchmark used to measure fund performance will also change gradually over the same period so that it continues to reflect how the funds are invested. The old and new benchmark is in the table below.
As we make the changes, the benchmark shown (in the fund factsheet for example) may differ to the details below.
Fund name | Old composite benchmark | Final composite benchmark |
|---|---|---|
Aegon Adventurous Tracker (Flexible Target) | 50% FTSE All Share (UK equities) 50% FTSE World ex UK (international equities) | 39.6% FTSE All Share (UK equities) 34.0% FTSE World ex UK (international equities) 26.4% MSCI ACWI ex UK (international equities) |
Aegon Growth Tracker (Annuity Target) | 50% FTSE All Share (UK equities) 50% FTSE World ex UK (international equities) | 39.6% FTSE All Share (UK equities) 34.0% FTSE World ex UK (international equities) 26.4% MSCI ACWI ex UK (international equities) |
Source: Aegon UK
We’ll update our literature as soon as we can, but you may notice the old and new objective in use for a time, for example on our fund factsheets.
You can find more information about this fund in the fund factsheet on the ‘Fund prices and performance’ page of our website by viewing ‘Other fund ranges’ or ‘Aegon Retirement Choices (ARC)’ and searching for the fund name.
What current investors need to do
Existing investors don’t need to do anything. The changes will happen automatically and complete in around 6 months.
You should speak to a financial adviser if you need advice about your investments. There’s likely to be a charge for this. If you don’t have a financial adviser, you can find one in your area by visiting Moneyhelper, or find out more about advice services supported by Aegon by visiting Origen Financial Services.
Origen Financial Services Ltd is wholly owned by Aegon UK plc but operates independently to us.