AllianceBernstein has combined its defined contribution default ‘target date fund’ investment strategy with Retirement Bridge, its new low-cost drawdown offering available from the age of 55.
The launch is aimed at the vast majority of pension scheme savers who do not make an active choice about how their assets are invested during their career, or how their savings are used in retirement.
AllianceBernstein pensions strategy group managing director Tim Banks says: “Our extensive market research shows that around three-quarters of 55 to 64-year-olds have not decided what to do with their pension pot.
“We believe that providing a default solution that keeps them investing during this important time in their life, while also offering full flexibility to change their mind, best meets the modern working environment.”
BlueSky Pensions is set to be first provider to offer members AllianceBernstein’s integrated default strategy.
Bluesky chief executive Paul Bannister says: “This strategy gives our members the time they need to make decisions for their retirement, while maintaining the right to change their mind at any time.”