LifePlan
LifePlan helps take the time and effort out of managing your investments because your account automatically switches to funds exposed to less risk as you approach retirement. As the value of investments goes up and down, switching your account in this way is intended to make it less vulnerable to any significant falls in value just before you retire.
LifePlan may be suitable for you if you’re uncomfortable managing your investments or don’t have the time to regularly monitor investment performance. LifePlan invests your account on the basis that you plan to take your benefits at your target retirement age. You can choose to take your benefits earlier or later than this, but if you choose to do so you should check that your account is invested appropriately.
Remember, pensions are a long-term investment and the value of investments goes up and down. Some volatility is to be expected from time to time.
Step 1 - Approaching Retirement Funds
Choose how you think you might want to use your account at retirement (you can change your mind at any time before retirement, but remember to check that your account is invested appropriately, as your chosen option determines which Approaching Retirement Funds you are invested in).
Step 2 - Growth Funds and switching period
Choose a combination of 'Growth Fund' and a 'switching period' of either 5 or 10 years.
Step 3 - Target retirement age
Choose your 'target retirement age'
The LifePlan strategy aims to grow your account in the early-to-mid stages of saving for your retirement, before switching to funds exposed to less risk as you approach retirement.



Use our fund selector tool below to choose and find out more about the LifePlan combinations available to choose from.
Annuity (regular income for life)
Your account is invested in three Approaching Retirement Funds at your target retirement age, in the expectation that you plan to use most of your account to buy an annuity. The Annuity Focus Fund aims to provide returns similar to changes in the cost of buying an annuity. The Mixed Investment Fund aims to provide you with some growth and the Cash Fund aims to provide some lower-risk returns.
Drawdown (take income as and when you need it)
Your account is invested in two Approaching Retirement Funds at your target retirement age, in the expectation that you plan to reinvest the value of your account elsewhere and 'drawdown' an income from it as and when you need it. Most of your account is invested in the Mixed Investment Fund with the aim of continuing to provide growth up to your retirement age, but with less variability than if it was all invested in company shares. The rest is invested in cash.
Cash (take it all at once)
Your account is invested in two Approaching Retirement Funds at your target retirement date, in the expectation that you plan to take all of your account as cash. Most of your account is invested in cash to reduce risk and variability of returns, but some of your account is invested in the Mixed Investment Fund, with the aim of continuing to provide some growth up to your retirement age.
Global Equity Fund
When you're still a long way from retirement, your account will be invested in the Global Equity Fund only until the start of your 'switching period', with the aim of providing long-term growth. Your 'switching period' is the period before your target retirement age, during which your account is automatically and gradually moved out of your Growth Funds and into the ‘Approaching Retirement Funds’ - you can choose five or ten years depending on how close to retirement you want to remain invested entirely in the Global Equity Fund. A small amount of your account is moved into the Cash Fund in the final three years, in the expectation that you will take some of your account as a tax-free cash lump sum.
Mixed Investment Fund
Your account will be invested in the Mixed Investment Fund only until the start of your 'switching period', with the aim of providing long-term growth, but with less variability than investing only in company shares. If you have chosen Annuity as your approaching retirement fund, your 'switching period' is the period before your target retirement age when your account is automatically and gradually moved out of your 'Growth Fund' and into the ‘Approaching Retirement Funds’. A small amount of your account is moved into the Cash Fund in the final three years, in the expectation that you will take some of your account as a tax-free cash lump sum. If you've chosen Drawdown or Cash as your approaching retirement fund, you'll already be invested in the Mixed Investment Fund, so the only switching will be into the Cash Fund in the final three years.
Global Equity Fund moving to Mixed Investment Fund
Your account will be invested in the Global Equity Fund only until you are 30 years away from your target retirement date. It will then gradually move from the Global Equity Fund into the Mixed Investment Fund over the following 10 years. Your account will be invested in the Mixed Investment Fund only when you are 20 years from your target retirement date until it starts to move to your Approaching Retirement Funds nearer to retirement. The aim is to provide long-term growth but to reduce variability as the value of your account gets higher and as you get nearer to retirement. If you have chosen Annuity as your approaching retirement fund, your 'switching period' is the period before your target retirement age, when your account is automatically and gradually moved out of your Growth Funds and into the ‘Approaching Retirement Funds’. A small amount of your account is moved into the Cash Fund in the final 3 years in the expectation that you will take some of your account as a tax-free cash lump sum. If you've chosen Drawdown or Cash as your approaching retirement fund, you'll already be invested in the Mixed Investment Fund, so the only switching will be into the Cash Fund in the final three years.
When you’re first enrolled into the Scheme your contributions will automatically be invested in a specific version of LifePlan, chosen by the Trustee. It will continue to apply to you throughout your membership unless you make your own investment choice:
Approaching Retirement Fund | Growth Fund and switching period | Target retirement age |
Annuity (regular income for life) | Global Equity Fund moving to Mixed Investment Fund between 30 and 20 years from retirement, with some switching over the final 10 years to the Annuity Focus Fund, and some to the Cash Fund in the final three years. | 60 |
You can choose to take some of your account as tax-free cash at retirement, and this version of LifePlan assumes you will, so some of your account will gradually move into the Cash Fund in the final three years before your target retirement age. This fund invests in a range of cash and cash-like investments and aims to provide stability by giving a low-volatility return.