- Default strategies gradually derisk your pension as you approach retirement
- Don’t settle for one without reviewing it first
- High earners and those who don't fully rely on a DC pension may be able to take more risk
Pension default funds need to provide a savings vehicle for a wide range of investors so are designed to make do for most people rather than be the best option for you. As Jason Hollands​​​​, managing director of Bestinvest, says: "It is a little bit like being allocated a medium pair of jeans [but this] size won’t suit all".
If you don’t match the profile of an average pension saver, consider switching to something more personalised. Workplace pension schemes usually offer various investment options in addition to the default fund, so you can do this without having to leave the scheme.