Alongside the contributions that you and the Company make into your Personal Account, if you are an active member, or if you are a deferred member, your contributions are invested to help it grow. You can choose how it’s invested, but if you don’t we’ll invest your Personal Account in the current default investment strategy – the Target Lump Sum Lifestyle Fund – which has been designed so you can take your savings as cash when you retire.

Because this is a Lifestyle fund, we use your Target Retirement Age (TRA) to gradually start switching your money out of higher-risk markets as you approach retirement. This helps to protect your savings from sharper falls in value just before you access them.

If your TRA isn’t right, we might start switching your funds too early or too late, so it’s really important you tell us if you decide to change it. You can do this online by logging into your Personal Account or contacting Aviva.

How the Lifestyle Target Lump Sum strategy works

Growth phase

Your savings are invested in a global equity fund which is designed to provide long-term growth. The fund invests in company shares on a global basis, including emerging markets which are typically higher-risk funds.

Consolidation phase

20 years before your TRA, we gradually start switching your savings into diversified growth funds designed to provide long-term investment growth that are less exposed to market fluctuations.

Pre-retirement phase

5 years before your TRA, some of your savings move into lower-risk cash funds designed to minimise exposure to market fluctuations and to provide growth similar to bank and building society interest rates.

Find out more about your investment options on the Investments page.

The Trustee regularly reviews the default investment strategy to ensure it’s appropriate for members who don’t make their own investment choice. Therefore the default can change from time to time in response to various changes, such fund performance and members’ typical choices at retirement.

The Trustee is currently carrying out a full investment strategy review and changes may be introduced during 2023. Any changes will be communicated to all members before being implemented.

You can make changes to your investment choice at any time by logging into your Personal Account, or contacting Aviva.