We have changed the underlying investments within the Pre-Retirement Fund (from 6 September 2016), so that it’s not so dependent on annuity prices. This makes it more suitable in light of the pension freedoms that were introduced from 6 April 2015, as you no longer have to purchase an annuity with your pension savings.
Before 6 September 2016 – Pre-Retirement Fund:
After 6 September 2016 – Pre-Retirement Fund:
The new asset allocation of the Pre-Retirement Fund includes 20% in cash. So we’ve switched members out of the Cash Fund to make sure they don’t have too much of their funds invested in cash.