If you don’t choose where to invest your pension, your money will automatically go into your scheme’s default fund. This is designed to manage things for you, from when you join right through to retirement.
If the default option isn't right for you, you can choose from other funds. The best choice will depend on how comfortable you are making investment decisions, how much you need your savings to grow, and how much risk you’re happy to take.
If you don’t choose a fund yourself, your savings will be invested in the default fund chosen by your employer. Our main default fund is Aegon Workplace Default, but the default fund for your scheme may differ. You can find out what your scheme default fund is by logging into your account.
The advantage of a default fund is that your pension contributions are invested and managed for you. It aims to grow your savings over the long term, and holds a mix of investments so you're not reliant on the success or otherwise of one type alone.
In the last few years before you retire, it gradually moves into investments designed to prepare your savings for when you take a retirement income. This type of fund is called a Lifestyle fund.
Your employer will have chosen one of three types of lifestyle fund:
- Flexible - designed to reduce investment risk as retirement nears, while keeping your retirement income options open.
- Annuity - designed to prepare you savings for an annuity purchase when you retire. An annuity offers a guaranteed income for life..
- Cash - prepares savings for you to take a cash lump sum on retirement.
You can find out more about each type of retirement income on our Your Retirement Planner hub..
Default funds are ideal for those who prefer a hands-off approach to saving for retirement. But they don’t take into account your individual circumstances, so you should make sure it matches your plans. Remember, you can choose an alternative investment if you prefer.
Your employer will have set a target retirement age for you. It's important to check that this matches your plans,. and to update it if it doesn't, as it may impact your investment strategy.
If the default option isn't right for you, perhaps because it takes more or less risk than you're comfortable with, or because it's targeting a retirement outcome that doesn't suit you, your can choose your own investments.
To keep investing simple, we offer ready-made investment portfolios that are governed and managed by experts. You can choose lifestyle funds from our Workplace Target range, or select a fund that matches you risk appetite from our Risk-Managed range.
Workplace Target range
These funds have built-in lifestyling, which means they change automatically as retirement nears to prepare your savings for the retirement income you want.
Risk-Managed Portfolios
If you want to choose a fund that matches your risk appetite, without a lifestyling approach built in, you can choose from our Risk Managed Portfolios.
There are six portfolios to choose from. You select the level of risk you’re most comfortable with, from cautious through to adventurous, and we manage your portfolio for you.
If you're a more confident investor or have a financial adviser to help you, there are over 6,000 investments to choose from (as at 31 December 2025)., allowing you to build an investment strategy that's exactly tailored to your needs.
The range includes:
- Insured funds – pension only
- Collectives (open-ended investment funds like unit trusts or OEICs)
- Funds that consider environmental, social and governance (ESG) factors
- Equities (company shares)
- Investment trusts (a type of closed ended investment fund)
- Exchange-traded funds (ETFS)
Investment trusts, ETFs and more complex investments are only available through an adviser.
Log in to your account to explore the options available, or go to our Fund research centre.
There’s no guarantee a fund will meet its objectives. The value of an investment can fall as well as rise and isn't guaranteed and you may get back less than you invest. Before deciding to invest please read the fund factsheet to find out about where it invests, its objectives, charges and fund-specific risks.
Help and support
For tips on choosing investments, please take a look at our Guide to investing.
If you’re unsure whether a fund is suitable for you, you may want to speak to a financial adviser. If you don’t have an adviser, you can visit MoneyHelper to find one, or contact Origen Financial Services. Origen Financial Services Ltd, is wholly owned by Aegon but operates independently. There may be a charge for advice.
