Investment choices

The Scheme has been designed to match your needs at different times in your life. As your circumstances change, your pension investments can change with them.

Your Investment Approach – Choices

When you've decided on the level of Contributions made to your account, you can then choose one of two investment approaches: LifePlan or PersonalChoice.

Here is a quick summary of LifePlan and PersonalChoice.

LifePlan PersonalChoice
How it works Adapts automatically to your changing investment priorities as you move through your career towards retirement.

Aims to provide you with a good level of growth in the early to mid-stages of saving for retirement by investing in the Growth Fund.

As you approach your target retirement age, your account will gradually switch from the Growth Fund to investments that are considered to be lower risk and more appropriate for your retirement.
Allows you to invest your account in any combination of the funds available.
Who it's for Aimed at those who want the time and effort taken out of managing their investments. Usually selected by more confident investors who want more control over the investment of their account than with LifePlan.
Why it might not be right for you If you want more control over how your account is invested, PersonalChoice might be more appropriate for you. If you feel uncomfortable managing your own investments or don't have the time, LifePlan might be more appropriate for you.

For more information please read the more detailed sections on this site for LifePlan and PersonalChoice.

If you don't make any investment choices...

Your contributions will be invested in the default fund – Destination Drawdown LifePlan.

If you wish to opt-out of the default fund you must let us know your preferred options by completing an Investment options form. If you wish to opt-out of the Scheme altogether you need to complete an Opt‑Out form.

The Trustee regularly reviews the choice of funds available within the Scheme and will make any changes that are deemed appropriate. These changes can apply to the accrued value of your account and future contributions. The Trustee also has the ability to change the underlying managers, structure, operation and charges of each fund. Any changes can be made without prior notice but you will always be informed if you are affected.

Financial advice

The value of your account may go down as well as up. By law, employees of TSB, the Trustee and the Scheme administrator cannot give you advice on choosing your investment funds. Use of this site does not constitute advice to you. If you are unsure about any of the investment decisions that you have to make, it is strongly recommended that you contact an independent financial advisor (IFA). You can find details of an IFA in your local area by visiting

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