This is the default where new members have been invested if they did not make a selection of their own.

Plane flying over the ocean

The default strategy is designed for members who want:

  • The option to take 25% of their fund as a lump sum
  • To buy a guaranteed income for life with the rest of their pension savings through buying an annuity


You can select other funds from the options available under the scheme if you wish.

The default strategy aims to

  • Provide strong growth whilst the member is ‘young’
  • Protect their pension savings against the price of buying a secured income through an annuity as the member approaches retirement
  • Protect the value of their 25% cash lump sum as they approach retirement
  • Keep fund management charges as low as possible
  • Avoid unnecessary transactions and their associated costs
Person lying in the back of a camper van
Map on a dashboard of car

How does it do this?

  • It invests in a number of different funds depending on how close to retirement you are
  • It automatically switches between funds as you approach retirement over the 10 years before a member’s normal retirement age


You can select your retirement age – it is important to review this to check it is right for you (the default for the scheme is 65).


There are other switching strategies available if you do not plan to buy an annuity.

The default investment arrangement uses the following underlying funds

NameAssumed investment growth above inflation, before chargesCosts and charges met by members
The Exempli balanced fund1.00%0.50%
The Exempli cautious fund0.00%0.50%
The Exempli annuity fund0.00%0.25%

Information on the figures and assumptions used can be found in the behind the scenes section.

The illustrations in this table assume that members are wholly invested in the default strategy.

This is the investment strategy used by the largest number of members in the scheme.

Years to retirementif the fund had a 0% chargeusing the fund’s current charge
Years invested from todayif the fund had a 0% chargeusing the fund’s current charge
Years invested from todayif the fund had a 0% chargeusing the fund’s current charge

When we show figures

When projecting pension savings, we show the value in today’s terms, which means we have already taken into account the impact that inflation may have on the buying power of those pension savings. Some funds may not be expected to grow as much as inflation and so the buying power of those pension savings would be expected to go down over time.


Inflation is assumed to be 2.5% each year.


As the scheme is closed to new contributions, these illustrations assume no further contributions will be paid.


Values shown are estimates and are not guaranteed.


The expected growth rates and charges assumed are those set out in the Behind the scenes section.

Below are the different funds and the investment return and charges we’ve assumed in our example scenarios. A list of the funds available in the scheme and their charges can be found in the What funds are available page.

Fund/Strategy NameAssumed investment growth above inflation, before chargesCosts and charges paid by membersWhy have we used this fund in our examples?
The Exempli adventurous fund3.00%0.50%This is the fund with the highest assumed investment return before charges.
The Exempli balanced fund1.00%0.50%This is the most popular fund.
The Exempli cautious fund0.00%0.50%This is the fund with the lowest assumed investment return before charges.
The Exempli annuity fund0.00%0.25%This is the fund with the lowest cost and charges.
The Exempli drawdown fund1.00%0.75%This is the most expensive fund.

These figures are based on


  • information on charges provided by Provider X.
  • assumptions on how your pensions savings may grow which are in line with those used in the annual benefit statements sent to members.


You should note that Provider X were not able to provide transaction costs and charges for The Exempli adventurous fund due to further development needed on their systems. The standard costs and charges has therefore been given.


The Trustee(s) are working with their advisers and providers to remedy this situation and believe that next year a more comprehensive assessment will be possible.

Behind the scenes

To show the impact charges could have on your pension savings over time we have prepared a number of illustrations based on some example scenarios.


The Trustee(s) have produced these illustrations in line with February 2018 guidance from the Department for Work & Pensions to help members understand the costs and charges that apply to their pension savings.


Read on to find out more about what goes into these illustrations, including how we’ve calculated the figures and the assumptions we’ve used.

Funds and example scenarios

Read on to find out more about the funds available and their charges as well as look at the impact the charges may have based on some example scenarios.


Investment performance cannot be guaranteed and fund values can go down as well as up. If you are thinking about changing the fund(s) you are invested in, or would like more guidance around the options available to you, we recommend that you seek advice from an Independent Financial Adviser (IFA).