
Investment changes to your pension plan
See how the changes may affect you.
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Explaining the Plan’s investment changes
In June 2023, changes are being made to the three lifestyle strategies available under the Paribas London Pension Scheme - BPSS section.
Watch the videos below to understand how these changes may affect you.
This video introduces the changes, what is happening and how it may affect you.
Watch this video to see how the changes will affect the Drawdown Lifestyle, which is the default investment.
Watch this video to see how the changes affect members who invest in the Annuity Lifestyle.
Watch this video to see what the changes mean to those invested in the Cash Lifestyle.
If you are unsure of how your retirement savings are currently invested, login to your PlanViewer account to find out.
Please see below for information on the lifestyle strategies, the default investment and other investment options.
Lifestyle strategies are investment strategies made available to you as part of your workplace pension. Instead of keeping your money in the same fund, or funds, throughout your working life, the lifestyle strategies gradually move your investments as you get closer to your chosen retirement date, based on guidance from the Committee, the Trustee and their advisers.
There are three lifestyle strategies available to you as part of the Plan which you can choose based on your chosen retirement goals:
- The Drawdown Lifestyle (the default investment)
- The Annuity Lifestyle
- The Cash Lifestyle
For most of the time, the three strategies all invest in the same way. When you are far from retirement, a lifestyle strategy aims for higher growth by investing in assets such as equities. At this stage, people tend to have a higher tolerance to falls in value, as there is more time to recover. As you move closer towards your chosen retirement age, your money is gradually moved into a fund that holds a wider range of investments. In the last few years until you retire, the strategy moves into investments that are more in line with your chosen retirement goal.
Default lifestyle strategies offer pension scheme members an easy and effective way to save for retirement, where they do not have to do get involved with investment decisions if they don’t want to. They are used by members who have reviewed their options and decided they want to leave things in the hands of the experts. Default investments are designed to be suitable for as many people as possible and they are constantly monitored and adjusted to market conditions, based on the advice of trustees and their advisers. For your scheme, the Drawdown Lifestyle is the default investment chosen for Plan members from the three lifestyle strategies available.
No, it's not mandatory to remain in the Drawdown Lifestyle. This is the investment option that is normally used by members of the Plan who do not actively choose where to put their money.
You are free to choose your own selection of funds through the ‘self-select’ option which means you will be responsible for choosing and managing your own investments. While the Drawdown Lifestyle is your scheme’s default investment and has been designed to suit the needs of many different members, you should review it regularly to ensure it continues to be right for your needs.
If you're not sure what to do about your investments, you should consider taking authorised financial advice. This is especially important if you have already made a withdrawal from your pension or are thinking of doing so in the next five to ten years, as the choices you make will affect how much you have for your retirement.
All three lifestyle strategies use the same five funds - more information on each of these funds can be found by reading the individual fund factsheets.
- The Global Sustainable Growth Fund
- The Diversified Growth Fund
- The BlackRock Over 5 Year Index Linked Gilt Fund
- The Global Sustainable Bond Fund
- The Cash Fund
If you’d like further information on the changes to investments, please read the ‘A guide to our investment changes’ that was recently sent to you in April.
Learn more about what happens to the contributions that are made to your pension.
Read for more information about how you can manage your money in your pension.
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Important information - please keep in mind that the value of investments can fall as well as rise, so you may get back less than you invest. This information is not a personal recommendation for any particular investment or action. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age.