There are two main stages

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When savers are still some way from retirement

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Retirement target

When savers are approaching retirement

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Growth stage

In this stage these funds invest in a mix of investments designed to grow your pension pot. You can choose the fund that best meets your savings needs and attitude to risk.

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Retirement target stage

This stage happens in the final years (up to seven years) before you’ve told us the date you want to retire.

We recognise that your priorities are likely to change as retirement approaches, and we'll automatically move your fund into investments that get you ready for retirement. These changes are designed to meet the retirement target you've selected whether that's a Flexible Target, an Annuity Target or a Cash Target.

The value of investments in the growth and retirement target stages can fall as well as rise, are exposed to market movements and aren't guaranteed. 

The value of your pension pot when you come to take benefits may be less than has been paid in. Find out more about the options below:

We review our lifestyle funds regularly and may change them if we believe it’s in the best interests of investors.

The choice is yours

Your choice of investment fund can have a big effect on your pension benefits. If you're in any doubt about which fund's right for you, you should speak to a financial adviser. If you don't have a financial adviser, you can visit MoneyHelper to find the right one for you. MoneyHelper gives free and impartial guidance to help make your money and pension choices clearer.