Choosing the lifestyle strategy means that:

• You invest in passively managed 'tracker' funds
• Your money is automatically switched between different asset classes as you progress through your career
• You invest in equities up to 8 years before retirement, then gradually switch to bonds and cash to lock in previously earned growth
• If you're planning to retire early, you can tell us your target retirement age and the switching will start 8 years before that date
• You don't need to make any investment decisions

Early to mid-career, you'll be invested in the equity fund. As you approach retirement, you'll gradually switch into a combination of bonds and cash. The aim is to lock in any growth you've achieved in the equity fund and reduce the effect of stock market volatility in the 8 years before retirement. By switching in this way you're safeguarding your portfolio in anticipation of buying a pension.

To see how the lifestyle funds are managed, and what the charges are, go to fund management & charges.

Here's how the switching process works in the run up to retirement.

Members 'lifestyling' before 1 January 2005, who haven't voluntarily opted for 8 year switching, will retain the 5 year switching process.

The trustee has discretion to change the lifestyle strategy and any detail of the underlying funds at its discretion. We'll tell you whenever changes are planned.