Lifestyle strategies

You can choose to invest in any of the Lifestyle strategies below. If you want, you can invest in more than one of the strategies and as many (or as few) of the investment funds as you wish.

If you were invested in a Lifestyle strategy in May 2022, your funds were moved into one of the new strategies:

If you were invested in a BRASS Lifestyle strategy, your funds were moved into the new Full Cash Withdrawal Lifestyle
If you were invested in an AVC Extra Lifestyle, your funds were moved into the new Flexible Drawdown Lifestyle

You can change your fund choices at any time by logging into your myFund account. Go to the 'My pension' and 'Funds' page to change either the funds you're currently invested in, the funds you want to invest in in future, or both.

How Lifestyle strategies work

Lifestyle strategies share a common objective. They aim to build pension savings when you still have a long way to go until you retire, and reduce risk of a fall in value as you near retirement.

In the final 10 years as you approach your Target Retirement Age (TRA), they automatically and gradually move your money from a higher-risk fund (the Long Term Growth Fund) into funds in a way which aims to support how you plan to use your pension pot when you retire (the Corporate Bond Fund and UK Government Fixed-Interest Bond Fund).

Annuity Purchase Lifestyle

How it works: As you approach your TRA, your money is moved into funds which aim to maintain enough growth to protect the value of the annuity income you may wish to buy with your pension savings.

Typical investor: Members who want to convert their pension pot to a fixed-interest annuity at retirement.

View the factsheet for the Annuity Purchase Lifestyle below.

Annuity Purchase Lifestyle strategy (pdf)

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Flexible Drawdown Lifestyle

How it works: A greater proportion of your money is left invested in higher-risk funds when you reach your TRA. This means the money that you keep invested has the chance to keep growing and potentially last you longer in retirement.

Typical investor: Members who want to gradually draw down their pension pot as cash in the future.

View the factsheet for the Flexible Drawdown Lifestyle below.

Flexible Drawdown Lifestyle strategy (pdf)

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Full Cash Withdrawal Lifestyle

How it works: Most of your money is moved into funds with the aim of maintaining the value of your pension pot so it keeps pace with inflation.

Typical investor: Members who want to take their pension pot as cash in one lump sum.

View the factsheet for the Full Cash Withdrawal Lifestyle below.

Full Cash Withdrawal Lifestyle strategy (pdf)

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Also in this section

Each of Railpen Limited (registered in England and Wales No. 2315380) and Railway Pension Investments Limited (RPIL) (Registered in England and Wales No. 1491097) is a wholly owned subsidiary of Railways Pension Trustee Company Limited (Registered in England and Wales No. 2934539). Registered office for each company: 100 Liverpool Street, London EC2M 2AT. RPIL is authorised and regulated by the Financial Conduct Authority for some of its activities. The administration of occupational pension schemes is not a regulated activity. Full details about the extent of RPIL's authorisation and regulation by the Financial Conduct Authority are available from us on request.