Retirement Countdown Fund

Our Retirement Countdown Fund (RCF) is designed to protect pension savings in the NOW: Pensions Trust (‘the Scheme’) from falling in value before they’re due to be turned into retirement benefits.

How we use the RCF

The RCF forms part of our ‘pension saving journey’ for Scheme members.

For most of our members’ working lives we invest their pension savings in the Diversified Growth Fund (DGF), to help them grow as much as possible.

Fifteen years before members’ planned retirement age, we gradually switch pension savings to the RCF with the aim of protecting their value, reducing the risk of them falling in value before they’re due to be turned into retirement benefits.

At planned retirement age, 80% is in the RCF and 20% in the DGF. We call this the ‘Journey Path’.

Unless members tell us otherwise, we assume their planned retirement date is their State Pension age.

What the RCF invests in

To achieve its aim of protecting the value of pension savings, the RCF invests in cash and investments that behave in a similar way to cash, such as money market funds, cash deposits and short-dated bonds. These investments tend to hold their capital (face) value well in the short term.

Most of the investments are relatively ‘liquid’ – quick and easy to sell and turn into cash – so that the fund is flexible enough to meet members’ needs for taking benefits out.

The investments are aligned with our approach to responsible investing (RI).

The RCF's investment objectives

Find out more in our Statement of Investment Principles (SIP)






Fund units are valued and priced on a weekly basis. A single price is used for members’ purchases and sales.

Check our latest unit prices