The Statement of Investment Principles (SIP) sets out how NOW: Pensions invests members’ pension savings. The SIP includes the Trustee’s investment beliefs, objectives and policies.
We also publish an annual Implementation Statement that sets out how we follow, review and update the SIP during the Scheme Year.
Background
The SIP is reviewed at least once every three years, and when there’s a significant change in investment policy. Our most recent investment strategy review finished in September 2023 and will be carried out in early 2024.
What’s changing?
We’ve published our latest SIP. Here are the key changes to note.

1. Simplifying the Default Plan
We’re revising the investment strategy and objectives, but keeping a similar level of risk and return.
We continue to expect most members to take all their pension savings as cash, or transfer their savings out when they retire. Our Default Plan has been designed to protect the buying power of savings as members near their planned retirement age.
We’re making changes to make it easier for members to understand where their money goes.
2. Changing when the Default Plan automatically switches investments
The Default Plan invests in the Diversified Growth Fund (DGF) and the Retirement Countdown Fund (RCF). The DGF is designed to grow pension savings. As members near retirement, savings are gradually moved to the RCF to protect buying power.
We’re decreasing the time it takes for members’ savings to move between the DGF and the RCF. This change will allow your savings to stay growing for longer.
3. More responsible investment
We’ll continue to develop how we invest our members’ pension savings to make sure we deliver value for our members. We’ll continue to invest responsibly and in line with the goals we’ve committed to. This includes our commitment to net zero, a target to invest in line with the Trustee’s responsible investment beliefs (increasing from 50% to 75%) and our sustainability priorities.
To find out more, download our Statement of Investment Principles (September 2023).
How are we investing now?
The changes we’ve made to the SIP will be carried out in early 2024. Meanwhile, we’re investing in line with the June 2022 SIP.
Download our June 2022 Statement of Investment Principles.
Our latest annual Implementation Statement covers the Scheme year to 31 March 2023.