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Lifecycle Strategies

Does your current investment strategy match your retirement plans?

The Lifecycle investment strategies are designed to make it easier for you to invest your pension savings. However, if the Lifecycle investment strategy you’re currently invested in doesn’t match the way you intend to use your pension savings, you might not achieve the best outcome for your retirement goals.

You may wish to consider switching to one of the alternative Lifecycle strategies available for members to select if this reflects your retirement plans.

What if you’re currently invested in a Lifecycle strategy?

The three Lifecycle strategies available for M Plan members ('Lifecycle to Lump Sum ', 'Lifecycle to Drawdown ' and ‘Lifecycle to Annuity) switch your savings over time into funds that are aligned with the strategies' stated retirement objectives, whether that's;

  • taking 100% cash (Lump Sum),
  • taking a flexible income (Drawdown),
  • or buying a guaranteed income for life (Annuity),

Up until 9 years from your Target Retirement Age (TRA), the underlying fund allocation is the same for all three strategies. As you reach 8 years from your TRA however, the strategies start to diverge so that at retirement, the underlying fund allocation for each strategy is aligned to its stated retirement objective (i.e. Lump Sum, Drawdown, or Annuity,).

If you wish to switch to another Lifecycle strategy before reaching 8 years from your TRA, you will not incur any transaction costs because until this point, all three Lifecycle strategies are invested in the same underlying funds. Thereafter, you can still switch to a different Lifecycle strategy, but you will incur transaction costs.

What if you’re currently invested in an older Lifecycle investment strategy?

The following Lifecycle 2020 strategies will be closing in July 2025. If you are invested in the following Lifecycle 2020 strategies, your investments will be moving to replacement funds.

For more information about the changes and what this means for you, visit L&G - Investment Change (Picker Page)

The Lifecycle 2012 and the Lifestyle 2002 strategies listed below are no longer available to select as new investment options although members already invested in any of these strategies can continue to contribute into them.

If you wish to switch to an alternative investment strategy which better reflects your retirement plans, you may switch to any of the Lifecycle strategies available for members to select (as described above). However, you may incur transaction costs as your underlying fund allocation will change in line with the new Lifecycle strategy you choose.

Why does your Target Retirement Age (TRA) matter?

It’s important that you set a TRA that matches the date you want to take your pension savings. If you plan to retire earlier or later than your TRA it's important that you tell us about the change to your TRA as early as possible

This is because if you set a TRA that is earlier than you plan to access your pension savings, the underlying fund allocation will change earlier than It’s designed to, and this may generate lower returns. Conversely, if you set a TRA that is later than you plan to access your pension savings, the underlying fund allocation will change later than It’s designed to and as a result, your pension savings may remain in more volatile funds which could impact their value as you approach retirement.

You can change your TRA at any time by calling 0345 675 0017 or through Manage Your Account

Where do you go for further advice?

Neither Legal & General nor the Trustee is permitted to offer financial advice to members. This area is strictly regulated by the Financial Conduct Authority and only those persons who are qualified to give financial advice are allowed to do so.

If you require financial advice on your investment choices, you can find your nearest Regulated financial adviser by visiting MoneyHelper | Choosing a financial adviser. Please note, financial advisers will usually charge a fee for their services.

If you are aged 50 or over, you also have the right to contact 'Pension Wise', a free and impartial government service that helps you to understand your pension options. You can find more information at pensionwise.gov.uk