The fifth step is to choose where you want your retirement savings to be invested. Before choosing between the 'Lifestyle' and 'Own Choice' options you might want to consider the following:

• how much control you want over how your investments are managed. For example, are you a confident investor with time to regularly review your fund choice or would you prefer to have your retirement savings automatically switched for you?
• are you looking for maximum growth from your investments or are you looking to protect against pension conversion risk because you’re close to retirement?
• what are the charges? Each fund has an inbuilt Annual Management Charge (AMC) but there are additional charges such as audit fees. The higher the charges the greater the amount that will be deducted from your individual account.
• how long have you got for your investments to grow? Pension investments are normally for the long-term because you don’t need access to them until you retire. You have time to weather the ups and downs so long-term investors can afford to take some risk with the aim of achieving a higher return.
• do your personal circumstances and attitude to risk mean that you should be choosing a higher or lower risk option?

If you invest in either of the Lifestyle options then the Trustees will manage your investments for you through pre-determined investment strategies. If you choose your own investments then it is up to you to ensure that these are reviewed from time to time and remain appropriate for your circumstances.