Over the last decade the pensions landscape has fundamentally changed, from auto-enrolment to pension freedoms. These new policies have moved risk and responsibility to employees and employers - increasing flexibility but also complexity. What effect will all this have in the long term? To help improve potential outcomes for over a million of our customers we’re making changes to one of the funds used in our ‘lifestyling’ investment solution.

Phased switching or lifestyling, often the default investment option for pensions, was designed to help maintain the level of annuity that people can buy by gradually investing their funds in assets that change in line with annuity rates as they approach retirement. However the new pension freedoms rules mean less people are buying annuities and instead are remaining invested after retirement or taking lump sums so annuity targeted lifestyling is not always the best option.

Jenny Holt, our Head of Customer and Workplace Proposition said: "The changes to our investment approach are customer-led and address the greater choice people now have when it comes to how they plan to use their pension savings to meet their needs."

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