We believe an investigation by public inquiry is required into the approach of pension providers using an investment strategy of 'lifestyling', involving moving pension savings into funds referred to as 'lower-risk'.
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In 2022 people nearing retirement suffered catastrophic losses as a result of such strategies. Marketing material by pension providers described 'lifestyling' investment strategies that involved moving money to ‘lower-risk’ funds. This often meant investment in long term gilts which were regarded as lower risk. We do not believe the consequences were appropriately risk-assessed. We think that the government and regulators should hold pension providers to account.