There are two investment strategies available, LifePlan or PersonalChoice.
If you choose to invest in LifePlan, your contributions will be invested in one of the growth funds and automatically switched to approaching retirement funds to protect your investments as you approach retirement. You'll choose the target retirement age and when your funds will start switching.
If you choose to invest in PersonalChoice, you can spread your investments across the funds.
Growth funds
Your Journey ExtraCharacteristics This fund includes a wide range of investments such as UK and overseas equities, fixed and index-linked interest bonds and cash.
Aims: To produce strong long-term returns, like those achieved by equity funds but with less volatility.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who are comfortable with some investment risk in anticipation of receiving stronger long-term returns. This fund isn’t considered suitable for members close to their target retirement age.
Your JourneyCharacteristics Like 'Your Journey Extra', this fund invests across a wide range of investments.
Aims: There is more investment in assets which are less volatile, so the return should be more predictable than ‘Your Journey Extra’ but with lower long-term returns.
Who is it likely to be suitable for? Members at least ten years from retirement who can afford some investment risk in anticipation of good long-term returns. It’s most likely to be suitable for members who’d prefer to sacrifice some expected return in exchange for a more consistent performance. It isn’t considered suitable for members approaching their target retirement age unless they understand the risk.
Global JourneyCharacteristics This fund invests entirely in world equities. It has the potential to both produce strong returns and be highly volatile, but as the investments are spread over a range of stock markets the performance should be less volatile than if it were invested in one single country (or territory).
Aims: To produce strong long-term returns by investing in world equity markets.
Who is it likely to be suitable for? Members at least ten years from retirement age who can accept more risk in anticipation of receiving strong long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance. It isn’t considered suitable for members approaching their target retirement age.
Approaching retirement funds
Your Destination (Increasing Income)Characteristics This fund is designed to match your account value to the cost of buying a pension that increases in payment.
Aims: To ensure that the amount of increasing pension you can buy with your account doesn’t drop as you approach retirement.
Who is it likely to be suitable for? Members relatively close to retirement who want to buy a pension that increases in payment when they retire.
Your Destination (Level Income)Characteristics This fund is designed to match your account value to the cost of buying a pension that doesn’t increase in payment.
Aims: To ensure that the amount of level pension you can buy with your account doesn’t drop as you approach retirement.
Who is it likely to be suitable for? Members relatively close to retirement who want to buy a level (rather than increasing) pension when they retire.
Destination CashCharacteristics This fund invests in a range of cash and cash-like investments.
Aims: Although this fund isn’t guaranteed to either retain its value or increase, it aims to protect your investments by prioritising stability over return.
Who is it likely to be suitable for? Members close to retirement who want to take some or all of their benefit as a cash sum lump. If you are in LifePlan and select tax-free cash then some of your account will be invested in this fund as you approach retirement.
Additional funds
UK Equity FundCharacteristics This fund invests entirely in the UK stock market.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance.
North America Equity FundCharacteristics This fund invests entirely in the North American stock market.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance.
Continental Europe Equity FundCharacteristics This fund invests entirely in European stock markets, excluding the UK.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance.
Japan Equity FundCharacteristics This fund invests entirely in the Japanese stock market.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance
Asia Pacific Equity Fund (excluding Japan)Characteristics This fund is entirely made up of stocks and shares in the developed Asia Pacific markets, excluding Japan.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance.
Emerging Markets Equity FundCharacteristics This fund is entirely invested in the emerging markets of developing countries.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance.
Property FundCharacteristics This fund invests entirely in commercial, industrial and retail properties in the UK.
Who is it likely to be suitable for? Members at least ten years from their target retirement age who can afford to take more risk in anticipation of receiving stronger long-term returns. It’s most likely to be suitable for members who are looking for long-term growth and can handle volatility in short-term capital values and performance.
Corporate Bond FundCharacteristics This fund invests entirely in corporate bonds.
Who is it likely to be suitable for? Members who are close to retirement and/or prefer a stable investment to potentially high returns.
For more information on the funds, you can also take a look at the fund investment information, which includes fund prices.
We’ve negotiated excellent rates with the investment providers. You can find details of current charges on the fund charges factsheet.
You can only have one investment approach for your whole account (i.e. LifePlan or PersonalChoice), and you can change your investment choices whenever you like simply by visiting Your Pension. If you decide to invest in PersonalChoice, it's important that you monitor your investments regularly to make sure they're still meeting your needs.
The default investment strategy, which is where your contributions will go if you don't make any investment choices, is a specific version of LifePlan chosen by the Trustee. The target retirement age is 60 and the switching period is 10 years. The growth fund is Your Journey Extra, and the approaching retirement fund is Your Destination (Increasing Income). It also assumes that you'll be taking a tax-free lump sum.
Reviewing your investments
It’s important that you're involved with managing your account on a regular basis, as making your investment choices is not a one-off decision. To help you, at least once a year you’ll receive a benefit statement so you can see if you’re on track to reach your retirement target. You should also use this update as an opportunity to review your investment choices.
If you'd like to change your investments at any time, visit Your Pension, the online pensions administration system where your unique Scheme membership information is held. Your Pension allows you to take a look at your current investment choices, and if you make investments through PersonalChoice, allows you to take control and switch your funds easily.
Currently, there's no charge for changing your investment choices, although the trustee reserves the right to change this.
