Some or all of your money is likely to be invested in funds if you have a:
- stakeholder, or
- workplace ‘defined contribution’ pension.
It’s a good idea to check that where your pensions are invested best meets your needs as you move near retirement. For example, if you’re planning to use some or all your pension to get a guaranteed income it usually makes sense for your money to move gradually to lower-risk investments.
Are you planning to use some of all your pension to get a flexible retirement income? Then it makes sense to keep your money in more balanced investments. This is because although lower-risk investments can help protect how much money you have, if you don’t get much investment growth, your money might not last as long.
Some pension funds will change the way your money is invested automatically, but not all do.
You can speak to your pension provider to find out how your money is currently invested and what your options are.
But it might be a good idea to get financial advice about the best option for you.