What is a target dated fund?

This is a lifestyle fund that follows a set investment strategy ending in a target investment year. Most scheme members will retire at a certain age, for example 65, and will automatically be put into the target dated fund appropriate to them. So, for example, if they're retiring in 2040, once they are six or seven years away from retirement, they'll automatically be moved into the 2040 version of their lifestyle fund.  You can find out more about lifestyle or target dated funds here.