Allen & Overy Pension Scheme

Choosing your approach

	Lifecycle Select one of the Lifecycle options. Lifecycle means that your Retirement Account is invested in a set way depending on how many years you are away from your Planned Retirement Age. As you approach retirement, the way in which your fund is invested will change automatically to help protect your benefits at retirement by gradually switching away from equities into other asset classes depending on your Lifecycle choice. The switching of funds will take place automatically and will begin 15 years from your Planned Retirement Age. You should check on the progress of your account regularly and consider if your selected Lifecycle option remains appropriate for you. You should make sure that you understand the underlying investments and remember that you will still be able to make changes to your investment portfolio should you wish by switching to the Self-Select investment option (see below).
OR
	Self select You can choose to select your own investment mix from a range of individual funds offered through the Standard Life fund platform. Which funds you choose will depend on factors such as your age and your views on the future performance of the investments. Unlike the Lifecycle option, if you select your own funds you will be responsible for making any changes to how your fund is invested. You will need to be more involved in the general management of your account.

	Important: You can only invest your account using one of these options at a time; you cannot invest part of your fund in a mix of investment funds and part of it in the Lifecycle option. You can, however, move between the two approaches as you wish over the course of your working lifetime. Whichever investment strategy you choose, you still need to understand how the various investment funds work.