Our Retirement Target funds are a type of Lifestyle fund, which means they automatically change as you near retirement, getting your savings ready for when you need to take an income from them.

They’re designed for savers who don’t make active fund choices over the course of their working life.

There are two main stages



When savers are still some way from retirement.

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. 


Retirement target

When savers are approaching retirement

This stage happens in the final years before you’ve told us you want to retire. We recognise that your priorities are likely to change as retirement approaches, and 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 and isn'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 approaches used in the retirement target stage below:

We review our retirement target 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 professional financial adviser. If you don't already have one, you can find one at MoneyHelper.

Your Retirement Planner

You have lots of choice about how to access your retirement savings. We're here to help. Our website, Your Retirement Planner, has information and tools to help you understand your options when you get close to retirement.