Lifestyle strategies share a common objective. They aim to build pension savings when you still have a long way to go until you retire, and reduce risk of a fall in value as you near retirement.
With a lifestyle strategy, your investment switches are managed for you. In the final 10 years as you approach your Target Retirement Age (TRA), they automatically and gradually move your money from a higher-risk fund (the Long Term Growth Fund) into funds in a way which aims to support how you plan to use your pension pot when you retire (the Corporate Bond Fund and UK Government Fixed Interest Bond Fund).
If you haven’t chosen any investment options, you will automatically be invested in a Lifestlyle strategy by default.
If you are invested in a Lifestyle strategy, you should think about checking and/or changing your Target Retirement Age (TRA) so that the Lifestyle strategy moves your money from higher to lower-risk funds at the right time for your retirement plans.
You can take your benefits at your section's Normal Retirement Age, or you may want to take them either earlier or later. If this is the case, think about choosing your Target Retirement Age (TRA). Log in to your myRPS account to check or update your TRA.
As you get nearer to your TRA, your investments in the Lifestyle strategy will automatically start moving from 'higher growth' riskier funds to more 'stable' lower risk funds.
Check out the Lifestyle strategies below to see how they work -- you don't have to choose one at this stage.
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