Booklets

Deferred Members

If you were a member of the M Plan (Defined Contribution) with a Lifestyle investment strategy or a Defined Benefit member with ASCs/AVCs in Lifestyle, this booklet 'What is Lifestyle?' will tell you about what happens to your fund as you approach your recorded Target Retirement Age (TRA) and retirement.

You need to be certain of the Lifestyle strategy that you are a member of:

M Plan joiners 1997 - 2002. Lifestyle1997 (although you may have switched to Lifestyle)
M Plan joiners 2002 - present. Lifestyle
DB members with ASCs/AVCs invested in a Lifestyle strategy

If you're uncertain, you should contact your Pensions Officer.

You shouldn't underestimate the importance of recording a TRA which matches the date you want to start receiving your pension; taking into account your personal commitments and long term goals so that your Retirement Acccount is switched at the correct time.

A TRA that is later than you plan to retire will mean your fund will remain invested in equities longer; these can fluctuate in value in the short-term and if, for example, markets fall shortly before you retire, this could affect your final fund value.

A TRA that is earlier than you plan to retire will mean the Lifestyle process completes the switching into the less volatile investments too soon and thid may not provide the best return for you.

If you're approaching the start of the switching process Pensions Services will write to you to advise you that the switching process is about to start and giving you the opportunity of changing your investment strategy. This leaflet 'Lifestyle switching' will be included with the letter.

Downloads

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