Investment pathways
Deciding how to invest your pension savings after moving into drawdown can feel complex. Investment pathways provide four ready-made options designed around different retirement plans, helping you choose an investment approach based on how you expect to use your money.
This information is for general guidance only and does not constitute personal financial advice. Current legislation and your personal circumstances may change.
What are investment pathways?
Investment pathways are designed to make investment decisions easier when you start thinking about how you want to use your pension savings. They provide a ready-made investment option based on your plans for your pension over the next five years.
Who are investment pathways for?
Investment pathways are available if you've moved some of your pension savings into flexi-access drawdown. They are designed for customers who want an investment option aligned to how they expect to use their money over the next five years.
Our four ready-made pathways are built around the most common ways people use their pension savings through flexi-access drawdown.
Choose the pathway that best matches what you expect to do with your money, and your savings will be invested with that objective in mind.
Which investment pathways is right for me?
There isn't a "best" investment pathway. The right option depends on how you expect to use your pension savings over the next five years and your own individual circumstances.
Our four investment pathways are designed around the most common ways people access and use their pension savings in retirement.
Each pathway invests your pension savings differently to support its specific objective. You can find out more about each option below, including how the money is invested and the risks involved.
Pathway 1 - Leave your money invested
No plans to take your pensions savings within the next five years.
Pathway 2 - Secure a guaranteed income
Planning to set up a guaranteed income for life within the next five years.
Pathway 3 - Take a regular income
Planning to start taking a long-term income from your pension within the next five years.
Pathway 4 - Take all your money
Planning to withdraw all of your pension savings within the next five years.
Learn more about each pathway
Each investment pathway invests in a different fund designed to support a specific retirement objective. Find out more about each fund and their risk levels below.
Risk levels
Click on the risk levels below to understand what each risk level means.
Investment Pathway 1
This fund invests across a range of global investments with the aim of growing your money over the long-term for customers who do not expect to access their pension savings within the next five years.
Investment Pathway 2
This fund invests mainly in bonds and is designed for customers who plan to use their pension savings to buy a guaranteed income, known as an annuity, within the next five years.
Investment Pathway 3
This fund invests across a range of global investments and is designed for customers who plan to take a regular income from their pension savings within the next five years.
Investment Pathway 4
This fund invests mainly in cash and short-term deposits and is designed for customers who plan to withdraw all of their pension savings within the next five years.
Your pension savings are invested with the aim of helping your money grow over time. If you'd like to learn more about how investments work, the relationship between risk and potential returns, and the different types of pension investments available, you can visit our pension guides.
Before deciding how to access your pension savings, you may wish to shop around and compare the options available from different providers. You do not have to take your money through an Investment Pathway with us and can choose to transfer to another provider to access Investment Pathway options if these better suit your needs and circumstances. Make sure you understand any charges, features and risks before making a decision.
The information provided here is for general information only and isn't personal financial advice.
If you're not sure which investment option is right for you, it's a good idea to get guidance or professional advice before making any decisions. You can find information about choosing a financial adviser from places like the MoneyHelper website. If you're thinking about accessing your pension savings, you can also get free, impartial guidance from places like Pension Wise to help you understand your options.
Things to know about investment pathways
Investment pathways are designed around how you expect to use your pension savings over the next five years.
You don't have to choose an investment pathway. You can also select from our wider range of investment options if you'd prefer a different approach. See our pages on self-select funds and target date funds.
Your plans may change over time, so it's important to review your investments regularly to make sure they still meet your needs.
If your chosen pathway no longer reflects your plans, you can switch to another pathway or investment option at any time.
Investment pathways are designed with a five-year timeframe in mind, but you're not tied in for five years.
Changing your investments may affect how closely your outcome matches the pathway objective.
Investment pathways are based on how you plan to use your pension savings, rather than the level of investment risk you're comfortable taking.
If you'd prefer to choose investments based on risk, you may wish to explore our target date funds or self-select funds.