What is a Retirement Target fund?

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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 harvest an income from them.

They’re designed for savers who don’t make active fund choices over the course of their working life, and aim to do the hard work for you.

There are two main stages

Growth - When savers are still some way off from retirement.

Retirement target - When savers are approaching retirement.

Growth stage

In this stage these funds invest in a mix of investments designed to grow your pension.

You can choose the fund that best meets your savings needs and attitude to risk.

Retirement target stage

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 and progressively move your fund into investments that get you ready to target a retirement income.

These changes are designed to meet the retirement target you've selected.


For example, Flexible Target funds are designed for people who don’t yet know how they’ll take an income in retirement, and want to keep their options open.


They may also suit those who want to build up an income using a mix of different approaches.

We also offer funds for those who already know how they plan to take an income in retirement - either by buying an annuity or by cashing in their savings. Find out more using the links below.

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 near you at unbiased.co.uk(Opens new window)


The value of investments can fall as well as rise meaning the final value of your pension plan may be less than the amount invested. We review our Retirement Target funds regularly and may change them if we believe it’s in the best interests of investors.

You have lots of choice about how you 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.