From 23 June 2025, we’re making some changes to the Aegon BlackRock LifePath Flexi (BLK) fund.
The Aegon BlackRock LifePath Flexi (BLK) fund is what’s known as a target dated fund. This means the fund automatically changes investments as pension scheme members get closer to their target retirement age (TRA). The fund aims to grow a member's savings during their working life with their money invested in assets such as company shares (equities). Then, as members approach their TRA, the mix of investments automatically changes with their money being invested more in typically lower-risk investments such as bonds.
What’s changing
The changes to the mix of investments described above will now start 15 years before a member’s retirement age. As a result, for some members more of their money will be invested for longer in assets such as equities which are designed to grow their pension savings.
How this change affects members depends on how close they are to their TRA (see below for the changes in more detail).
Investing more in equities for longer is likely to mean that a member’s pension savings grow more over time. However, there’s no guarantee this will happen. Generally speaking, equities have better long-term growth potential than other types of investments like bonds (loans to governments and companies), but they’re also more likely to experience sharper falls as well as rises in value over the short-term.
As well as the mix of investments, we’re also changing:
- The fund objective - to make it clearer how the funds invest and what the funds aim to achieve. The fund objective explains how the fund invests and what it’s trying to achieve for investors.
- The name of the fund - to better reflect how the funds are managed. The old and new fund names can be seen below.
- The fund benchmark - will also be updated in line with these changes. Benchmarks are used to measure a fund’s performance against similar types of investments, similar markets or regions.
There will be no change to the charges members pay as a result of these changes.
We’ll also be making similar changes to the other two alternative LifePath funds, Aegon BlackRock LifePath Retirement (BLK) and Aegon BlackRock LifePath Capital (BLK).
We’re writing to members invested in these funds about the changes.
Why we’re making these changes
We regularly review our default funds to make sure they’re likely to deliver the best possible retirement outcomes for members. However, there are no guarantees and the value of their investments may go down as well as up. The value of their pension pot when they come to take benefits may be less than has been paid in.
The changes to the mix of investments in more detail
The Aegon LifePath Flexi (BLK) fund name is likely to include the year that members have told us they plan to retire. So, for instance, if they plan to retire in 2035, they’ll be in the version of the fund that has 2034 – 2036 in its name. On the letter we're sending to members this appears as <year - year>.
- If you’re invested in the Aegon LifePath Flexi (BLK) fund and have the year 2052 (or above) in your fund name you will remain invested in company shares (equities) for longer.
- If you’re invested in the Aegon LifePath Flexi (BLK) fund and have any year from 2025 up to 2051 in your fund name you’ll experience changes to your mix of investments. This means more of your money will now be invested for longer in assets such as company shares (equities) which are designed to grow your pension savings.
- If you’ve reached or are past your TRA, then your mix of investments will not change.
The old and new fund information is shown in the tables below.
Aegon BlackRock LifePath Flexi <year – year> (BLK) (Growth Stage)
| Old fund name | New fund name |
|---|---|
| Aegon BlackRock LifePath Flexi <year – year> (BLK) | Aegon LifePath Flexi <year – year> |
| Old fund objective | New fund objective |
| The fund objective is to provide target date retirement funds with an asset allocation that changes over time. The Fund will gain exposure to global equities, fixed income instruments, property and commodities and may also invest in other permitted assets. Each Aegon BlackRock LifePath Fund will automatically adjust its investment strategy as it progresses towards its maturity date, on or around 30 June in the middle year of the Fund. From 10 years prior to its maturity date the Fund's investment allocation changes over time towards a portfolio of predominantly fixed income assets and some equities. This portfolio is designed for members who wish to stay invested post-retirement and draw down an income from their Defined Contribution pot. Exchange rate movements can affect the value of investments that are in foreign currencies and therefore the LifePath strategy will use specific instruments with the aim of hedging out the majority of the foreign currency exposures. | The fund aims to provide you with long-term capital growth. It’s designed for members who intend to stay invested and access their pension pot flexibly after they reach retirement. It automatically adjusts its mix of investments with the aim of reducing risk as members approach their Target Retirement Age (TRA). When members are further from their TRA they will be invested in typically higher-risk investments, such as global equities (company shares). It then gradually increases their investment into typically lower-risk investments, such as fixed income instruments (loans to governments and companies) as members approach their TRA. It can also invest in other permitted assets. This fund is subject to Aegon’s climate commitments. |
Aegon BlackRock LifePath Flexi (BLK) (Retirement Stage)
| Old fund name | New fund name |
|---|---|
| Aegon BlackRock LifePath Flexi (BLK) | Aegon LifePath Flexi |
| Old fund objective | New fund objective |
| This fund is designed for members who wish to stay invested post-retirement and draw down an income from their Defined Contribution pot. The fund invests in predominantly fixed income assets and some equities. Exchange rate movements can affect the value of investments that are in foreign currencies and therefore the fund will use specific instruments with the aim of hedging out the majority of the foreign currency exposures. | This fund is designed for members who intend to stay invested and access their pension pot flexibly after they reach retirement. The fund invests in predominantly fixed income assets (loans to governments and companies) and some equities (company shares). This fund is subject to Aegon’s climate commitments. |
Source: Aegon UK
There’s no guarantee the fund will meet its objectives. The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they pay in.
More information about these funds can be found on the ‘Fund prices and performance’ page and selecting ‘TargetPlan funds’ then searching for the fund name.
When the changes will happen
Changes will start on or around 23 June 2025 and complete by the end of September 2025. We’ll update our literature and our website as soon as we can but investors may notice both the old and new information in use for a time.
What current members need to do
If members invested in this fund are happy with the changes, they don’t need to do anything as the changes will happen automatically.
Alternatively, if members don’t agree with these changes, they can move their investment into a different fund or funds they choose. To do this, they can log in to their TargetPlan account at aegon.co.uk/targetplan and select ‘View and manage’ from their dashboard.
Members may want to speak to a financial adviser, if they have one, about their options before making any decisions (there may be a cost for this). If they don’t have one, they can visit moneyhelper.org.uk/choosing-a-financial-adviser to find the right one for them.
It's important for members to check their TRA is up to date, as this determines when we start automatically switching their money from higher-risk investments to lower-risk investments.
To check their retirement age is up to date, members can log in to their TargetPlan account at aegon.co.uk/targetplan