What is 年金 lifestyling? 社債 衝突，墜落 明らかにする／漏らすs de-危険ing dangers

By Tanya Jefferies

Updated:

What is pension lifestyling? The little-known strategy that can have a big impact on your fund in the run-up to retirement

What is 年金 lifestyling? The little-known 戦略 that can have a big 衝撃 on your 基金 in the run-up to 退職

The 社債 market 衝突，墜落 in 最近の months has drawn attention to a little-known or understood 投資 戦略 that many 労働者s are 'defaulted' into in the run-up to 退職.

Some older 労働者s have discovered to their horror that they are sitting on 抱擁する losses 権利 on the brink of 退職, which they might be 軍隊d to 延期する as a result.

This is because late in their working life, savers in 年金 計画／陰謀s typically see their マリファナs 転換d out of 株式市場s and all or part way into 社債s, which have 歴史的に been regarded as the 'safer' 選択.

The 過程 is known as lifestyling, de-危険ing, or いつかs 的-dating, but when it starts and how it 進歩s 変化させるs so you will need to ask your 計画／陰謀 or at the very least stay 警報 to any communications about it.

Of course, you should always read anything that arrives from your 年金 計画／陰謀. But it is more 決定的な in the １０年間 or so before 退職 age, as the 投資 approach 存在 used could have a big 衝撃 on your 結局の 年金 基金.

公式文書，認める that lifestyling 影響する／感情s people in 'defined 出資／貢献' 年金s, where you build a マリファナ 投資するd for 退職, not 'defined 利益' or final salary 計画／陰謀s, where an 雇用者 is 責任がある 支払う／賃金ing you a 保証（人）d income for life.?

> How has the 社債 market 衝突，墜落 衝撃d YOUR 年金?

What do you need to know about lifestyling?

Your 年金 計画／陰謀 will ask you about your 計画（する）s and choices regarding your 退職 date, and whether you want to take your 年金 マリファナ as cash, use it to buy an annuity and get a 保証（人）d income for life, or keep it 投資するd in an income drawdown 計画（する）.

Not answering means you are likely to be defaulted into whatever 投資するing 戦略 your 計画／陰謀 みなすs most suitable before you retire.

Anyone who wants to keep their 年金 基金 投資するd perhaps for １０年間s to come in 退職 might want to consider whether it is better to 選ぶ out of 'lifestyling' altogether and stick with 在庫／株s, which are riskier but have more 可能性のある for long-称する，呼ぶ／期間／用語 growth.

On the other 手渡す, 急落するing 社債 prices are creating 適切な時期s for new 買い手s, so moving into them might be 広大な／多数の／重要な タイミング for people just starting the lifestyling 過程 now.

It is 価値（がある） 強調する／ストレスing that the 雇用者s and 年金 会社／堅いs running workplace 計画／陰謀s 'lifestyle' 基金s with only the best of 意向s for their members.

The idea is to 保護する savers against abrupt 下降s when they are just about to start （電話線からの）盗聴 their 年金s.

一方／合間, all is not lost for those savers who have taken a 攻撃する，衝突する during 最近の 社債 market ructions.

The sell-off in 最近の months is 存在 driven by worry that 利益／興味 率s will have to stay higher for longer to 戦闘 インフレーション.

But those same 利益／興味 率 rises have also made annuities a more attractive 選択 again,?with better 取引，協定s now 利用できる after years when they were in the doldrums.

So, what if your 年金 hasn't started 存在 lifestyled yet, but you want to know more and be forearmed about what is to come?

Or what if you have just realised you are 中途の through the lifestyling 過程 already and want to know whether to stick with it, or are on the brink of 退職 and need to know your 選択s now??

We asked 年金 専門家s to explain all the practical ins and outs.

When does 年金 lifestyling typically start?

Usually this happens between six and 10 years from the 退職 age you have either chosen or your workplace 計画／陰謀 has selected for you.

Whether you are in an in-house 雇用者 計画／陰謀, or one run by a big 年金 会社／堅い or mastertrust, they are likely to 通知する you before you enter the de-危険ing 段階, so you have the chance to 選ぶ out.

If you 港／避難所't heard from them about this, check your personal 年金 詳細（に述べる）s online or give your 計画／陰謀 a （犯罪の）一味 to find out the start date.

It’s really important people think about their selected 退職 age or the age that they’ve been defaulted to if they didn’t select one, says Hymans Robertson partner Rona Train.

'This 衝撃s when the 行政官／管理者 will start to de-危険 them. If they change their selected 退職 age once they’re in the lifestyle 戦略, they may be either de-危険d if they bring it 今後 or re-危険d if they 押し進める it 支援する.'

Workplace 年金 provider Aegon says it starts lifestyling - changing the 資産 配分 of a 年金 - from six years from someone's chosen 退職 date.

'This timeframe can 変化させる depending on the 製品 and 戦略 the 顧客 is 投資するd in, and will be automatically updated if a 顧客 chooses a different 退職 date.'

Lifestyling might begin automatically after you have received a letter, so you need to be on the 警戒／見張り and be ready to make 決定／判定勝ち（する）s.

Aegon says its letters encourage members to review their 年金, consider their 退職 goals, and check they are in the 権利 投資 戦略.

'It’s 決定的な that 顧客s read all the （警察などへの）密告，告訴（状） sent to them by their 年金 provider, and 捜し出す help from a 財政上の 助言者 if they don’t understand or call their provider for more （警察などへの）密告，告訴（状）,' 追加するs the 会社／堅い.

Will you be 完全に moved out of 在庫／株s and into 社債s or cash?

A 十分な 移行 out of 在庫／株s used to happen before the 年金 freedom 改革（する）s in 2015, which was when people were 手渡すd direct 支配（する）／統制する of their 退職 基金s instead of having to buy annuity.

Before that, 計画／陰謀s tended to lifestyle all 年金s in the same way, says Rona Train of Hymans Robertson.

'Most 計画／陰謀s ended with a position of 75 per cent in 社債s and 25 per cent in cash as the 広大な 大多数 of people took their 最大限 allowable 税金-解放する／自由な cash lump sum and then bought an annuity with the 残りの人，物.

'This changed after 2015. Some 戦略s still 的 only 社債s and cash at 退職 but many have developed to 的 a more balanced 大臣の地位s of 株, 社債s and other 資産 types.

'These are designed to be more suitable for people who will 選ぶ to draw 負かす／撃墜する an income after the point of 退職.

'A 限られた／立憲的な number of lifestyle 戦略s 的 100 per cent in cash at the point of 退職. These are 大部分は in 計画／陰謀s where members are 推定する／予想するd to have small マリファナs when they retire and to take all of these マリファナs as cash when they retire.'

Aegon says it gives people three main 選択s on what to do with their money at 退職: buy an annuity; take it as cash; and 身を引く it flexibly.

'The 資産 mix or 投資s held for each of these three 選択s will 変化させる. For example, a lifestyle 基金 的ing an annuity will 一般に move to mostly 社債s and cash.

'This is because 社債s and annuity 率s have an inverse 関係 (when 社債s 落ちる, annuity 率s typically 増加する and 副／悪徳行為 versa) which gives greater certainty as to the level of annuity you can 購入（する）.

'If you’re 的ing cash, the lifestyle will move to mostly cash. If you’re 的ing 柔軟な drawdown, it is likely to be a mix of 社債s, cash, and 株式市場s.'

Dan Smith, 長，率いる of workplace 配当 at Fidelity International, believes it is important for there to be a de-危険ing 過程 during the approach to 退職.

This is in order for people to 接近 higher 危険 資産s 早期に in life while diversifying closer to 退職.

'De-危険 ing is driven by the change in member 客観的なs,' he says.

'While a younger member is 焦点（を合わせる）d on growth with a high 寛容 to 危険, someone entering a drawdown 製品 needs a more diversified growth 戦略, but with いっそう少なく volatility and 潜在的に an income 的.'

If you stay 投資するd in a income drawdown 計画／陰謀 in 退職, you need to 減ずる volatility because making 撤退s during more 消極的な market 条件s can have such a 重要な 衝撃 on your 基金, explains Smith.

'This can have a detrimental 衝撃 on the 推定する／予想するd life of a drawdown マリファナ in supporting an individual’s 退職 and most drawdown 戦略s look to 供給する some 安定 to 限界 the 衝撃 of this 危険.'

What if you want to 選ぶ out of lifestyling?

If you 計画（する） to stay 投資するd throughout 退職, you might prefer to stay with riskier 在庫／株s, although as explained above you should still 耐える in mind the need to have a balanced 大臣の地位 and how you will manage 撤退s during periods of market 激変.?

にもかかわらず, you might want to make choices on this yourself rather than have them taken over your 長，率いる.

It depends on your 計画／陰謀, but if you want to 選ぶ out of lifestyling 完全に you will probably have to move out of its default 基金 and 投資する in some of the other 基金s that it 申し込む／申し出s.

Workplace 計画／陰謀s run by 外部の 年金 会社／堅いs typically have a '塀で囲むd garden' of 基金s to choose from, but check the cha rges as they might be more expensive than the default one.

Rona Train of Hymans Robertson says if you are in an in-house 計画／陰謀 run by your 雇用者, you should let its 行政官／管理者 know you want to 選ぶ out before the lifestyling 過程 is 予定 to begin.

'In many 事例／患者s, you can now do this online but you can also follow the more 伝統的な 大勝する and phone up your 行政官／管理者. You will 普通は be able to find your 行政官／管理者’s 詳細（に述べる）s on your 最新の 年金 声明.'

Can you 停止（させる） lifestyling 中途の through the 過程?

'Some people who have already been lifestyled may wish to manage their 年金s on their own,' says Dan Smith of Fidelity.

'They have the 選択 to 選ぶ-out of their default 戦略 and instead choose their 願望（する）d 危険 appetite and "self-select" their 基金s.'

But Smith 警告するs the value of the 投資s in your 年金 and any income from them can go 負かす／撃墜する 同様に as up, 説: '年金s are a long-称する，呼ぶ／期間／用語 投資 and volatility is a normal part of long-称する，呼ぶ／期間／用語 投資するing.

'So, think carefully and consider talking to an authorised 財政上の 助言者 before making any 決定／判定勝ち（する）s.

'Remember, 撤退s from a 年金 製品 aren’t 普通は possible until you reach age 55 (57 in 2028).'

Aegon 公式文書，認めるs that you can change where you are 投資するd at any time, but you can’t backdate this.

'The change will be made when you request it. 顧客s can either change their 指名するd 退職 date to 延長する the lifestyle or change the whole 投資/基金 choice.'

If you are in your 雇用者's in-house 計画／陰謀, they will also let you 選ぶ out of lifestyling at any time, but you will need to select where your money should go to a nd tell the 行政官／管理者, says Train.

'The change in 投資s will depend on where you are in the lifestyle (how many years you have until your selected 退職 date) and where you decide to 投資する the money.

'For example, if you're の近くに to 退職, you’re likely to have your money 投資するd in a lower “危険” 戦略. If you then move all their 投資s to 公正，普通株主権s (for example), you would 効果的に be “re-危険ing”.'

What should you consider before your 年金 is lifestyled?

1. Whether the 退職 date your provider 推定する／予想するs matches with your own goals

'If it is earlier than when they might 現実に retire, there is a chance they could de-危険 earlier than is necessary and so leave some growth 適切な時期s off the （米）棚上げする／（英）提議する,' says Smith.

'Those approaching 退職 should keep their 年金 provider updated with their planned 退職 date to 確実にする the de-危険ing is 的ing the 権利 age.'

If you are de-危険ing 経由で a '的 時代遅れの' 基金, its 指名する will やめる literally make you aware of the 退職 date that the 戦略 is designed toward, he points out.

2. 態度 to 危険 and personal 客観的なs

'Not all drawdown 戦略s should look the same and should be tailored に向かって the individual’s 客観的なs,' says Smith.

'The 決定／判定勝ち（する） to 避ける lifestyling is an active 決定／判定勝ち（する）, 反映するing your own 態度 to 危険, akin to selecting your own 投資s.

'It is important for individuals to be 確信して in the 投資 決定／判定勝ち（する）s they are making or to 捜し出す advice from an appropriate 助言者 if not.'

3. 支払う／賃金ing for 財政上の advice

Whether you 選ぶ to have your 年金 lifestyled is just one part of an 全体にわたる 投資 戦略, says Aegon.

'Capacity for loss, 態度 to 危険, 税金 considerations and 未来 出資／貢献s are just a few factors to consider when selecting your own 投資 解答s.

'得るing 財政上の advice can be invaluable in 確実にするing all these are considered and the 権利 選択 is selected for you.'

Have annuity 取引，協定s 回復するd enough to 相殺する 社債 losses?

Annuities 供給する a 保証（人）d income until you die. But they have been shunned for years 予定 to poor 率s and 制限する 条件s, and after 伸び（る）ing a bad 評判 on the 支援する of annuity mis-selling スキャンダルs.

Most savers now keep their 基金s 投資するd and live off 撤退s instead, にもかかわらず the 財政上の market 危険 伴う／関わるd.

However, the 最近の run of 利益／興味 率 引き上げ（る）s mean annuity providers can afford to 基金 much more attractive 取引，協定s, 誘発するing a resurgence in sales.

> What should you 耐える in mind when buying an annuity?

Aegon says buying an annuity depends on 事柄s such as if you want one for yourself only or for you and your spouse, or if you have underlying health 条件s.

'The movement in annuity 率s is 一般に the inverse (or opposite) to that of 政府 社債s (also known as gilts).

'When gilt markets fell throughout 2022, annuity markets rose. So, whilst some gilt markets fell around 40 per cent over the last two years, annuity 率s have seen around a 50 per cent rise over the same period.'

Best buy annuity rates generated on 5 October 2023 (Source: Hargreaves Lansdown)

Best buy annuity 率s 生成するd on 5 October 2023 (Source: Hargreaves Lansdown)

On the brink of 退職, already lifestyled and sitting on losses...?

So, what are your 選択s aside from buying?an annuity? Aegon's 長，率いる of 年金s, Kate Smith, 申し込む／申し出s the に引き続いて tips.

- Stay 投資するd for a longer: Doing this has the 可能性のある to give your 年金 more time to 回復する.

- 延期する 退職: Keep on working and saving. While you are working, as long as you continue to 支払う／賃金 年金 出資／貢献s, so will your 雇用者, 上げるing the 量 投資するd.

- Consider working part-time: Doing this while 移行ing to 退職 means you’ll receive an income and still 利益 from 雇用者 年金 出資／貢献s and 減ずるs the 量 of money you need to draw from your 年金.

- Make smaller 撤退s: This can help to 保護する your 年金 マリファナ and give it more time to 回復する.

- Use other 資産s first: Instead of taking out your 年金, use other 資産s first to 供給する an income in 退職, for example cash 貯金.

- 跡をつける 負かす／撃墜する your old 年金s: You could be 行方不明の out on money you’ve saved in workplace 年金s from your previous 雇用者s that you’ve lost 跡をつける of or forgotten about.?

Check for any old 年金s paperwork you might have around the house in the first instance. If you can’t find anything, then get in touch with your former 雇用者s to get the 詳細（に述べる）s of any old 年金 マリファナs you might have ? or try using the Government’s 年金 tracing service.

- Check your 明言する／公表する 年金 量 and date: The 現在の 十分な 量 you can receive from the 明言する／公表する 年金 is £10,600 per year (£203.85 per week) ? but not everyone is automatically 適格の for the 十分な 量

Look at the 政府's 明言する／公表する 年金 予測（する） webpage to find out how much you might receive and when you’re able to （人命などを）奪う，主張する from. And if you have any gaps in your 国家の 保険 記録，記録的な／記録する look at how you can fill them to get the 十分な 明言する／公表する 年金.

- Get help if you need it: MoneyHelper is a 政府-支援するd website 申し込む／申し出ing 解放する／自由な, impartial 指導／手引 on all 肉親，親類d of money topics.

財政上の 助言者s are 専門家s who can 供給する personalised advice based on your individual circumstances.

Some links in this article may be (v)提携させる(n)支部，加入者 links. If you click on them we may earn a small （売買）手数料，委託（する）／委員会／権限. That helps us 基金 This Is Money, and keep it 解放する／自由な to use. We do not 令状 articles to 促進する 製品s. We do not 許す any 商業の 関係 to 影響する／感情 our 編集（者）の independence.

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