Default fund
The investment fund your workplace pension contributions go into automatically unless you actively choose a different one.
Most auto-enrolment members never change their investment choice, so the default fund is where the majority of UK workplace pension money ends up. The FCA caps default fund charges at 0.75% per year. Default funds are typically 'lifestyle' or 'target date' strategies that start heavily in equities and gradually shift toward bonds and cash as you approach retirement.
Default funds are designed to be 'good enough' for the average member, but they may not be optimal for everyone. If you're decades from retirement, a pure equity fund may produce higher returns (with more volatility). If you're very close to retirement, the default's de-risking may happen too early or too late for your plans.
This calculator provides estimates based on 2025/26 tax rates and is not financial advice. Scottish taxpayers are subject to different income tax rates and bands. The calculations assume your salary is your only source of income and do not account for benefits in kind or other taxable income.
For personalised guidance on your pension contributions, speak to an FCA-regulated financial adviser. You can find one via Unbiased or VouchedFor.