As you approach retirement, it's likely you'll want to invest in a way that will increase the security of the money you've built up in your account. Bonds are a form of IOU that companies issue. They're certificates for a guaranteed amount of money that will be paid at an agreed point in the future.

Gilts are bonds that the government issues. Because the government issues them, they're regarded as extremely secure investments.

The bond fund also has exposure to index-linked gilts, which means that the returns are linked to UK inflation.

Investing in the property fund may be suitable if, as with equities, you're in the early to middle years of your career. Although property can demonstrate volatility due to it's sensitivity to movements in the economy, over the long-term it has historically given good returns that have outpaced inflation thereby increasing the buying power of your money. The impact of stamp duty on the cost of buying and selling properties can also dilute performance over the short-term. Investing in property should not therefore be considered for short-term periods.

Cash has historically provided low rates of return, but it provides security and stability over the short term.