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<div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>TDFs in the United States</span> </div> </a> <ul id="toc-TDFs_in_the_United_States-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-TDFs_in_the_United_Kingdom" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#TDFs_in_the_United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>TDFs in the United Kingdom</span> </div> </a> <ul id="toc-TDFs_in_the_United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Controversy" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Controversy"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Controversy</span> </div> </a> <ul id="toc-Controversy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 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class="sidebar nomobile nowraplinks plainlist"><tbody><tr><th class="sidebar-title" style="background:#cce;margin-bottom:0.4em;"><a href="/wiki/Personal_finance" title="Personal finance">Personal finance</a></th></tr><tr><td class="sidebar-image" style="background:white;margin-bottom:0.4em;"><span typeof="mw:File"><a href="/wiki/File:Coin_of_Maximian.jpg" class="mw-file-description" title="Coin issued during the reign of the Roman emperor Maximian"><img alt="Coin issued during the reign of the Roman emperor Maximian" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Coin_of_Maximian.jpg/140px-Coin_of_Maximian.jpg" decoding="async" width="140" height="137" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Coin_of_Maximian.jpg/210px-Coin_of_Maximian.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a0/Coin_of_Maximian.jpg/280px-Coin_of_Maximian.jpg 2x" data-file-width="600" data-file-height="587" /></a></span></td></tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Credit_(finance)" class="mw-redirect" title="Credit (finance)">Credit</a> <b>·</b> <a href="/wiki/Debt" title="Debt">Debt</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Mortgage_loan" class="mw-redirect" title="Mortgage loan">Mortgage</a></li> <li><a href="/wiki/Car_loan" class="mw-redirect" title="Car loan">Car loan</a></li> <li><a href="/wiki/Charge_card" title="Charge card">Charge card</a></li> <li><a href="/wiki/Credit_card" title="Credit card">Credit card</a></li> <li><a href="/wiki/Unsecured_debt" title="Unsecured debt">Unsecured personal loan</a></li> <li><a href="/wiki/Rent-to-own" title="Rent-to-own">Rent-to-own</a></li> <li><a href="/wiki/Student_loan" title="Student loan">Student loan</a></li> <li><a href="/wiki/Pawnbroker" title="Pawnbroker">Pawn</a></li> <li><a href="/wiki/Title_loan" title="Title loan">Title loan</a></li> <li><a href="/wiki/Payday_loan" title="Payday loan">Payday loan</a></li> <li><a href="/wiki/Refund_anticipation_loan" title="Refund anticipation loan">Refund anticipation loan</a></li> <li><a href="/wiki/Refinancing" title="Refinancing">Refinancing</a></li> <li><a href="/wiki/Debt_consolidation" title="Debt consolidation">Debt consolidation</a></li> <li><a href="/wiki/Debt_rescheduling" title="Debt rescheduling">Debt rescheduling</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Employment_contract" title="Employment contract">Employment contract</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Salary" title="Salary">Salary</a></li> <li><a href="/wiki/Wage" title="Wage">Wage</a></li> <li><a href="/wiki/Salary_packaging" title="Salary packaging">Salary packaging</a></li> <li><a href="/wiki/Employee_stock_ownership" title="Employee stock ownership">Employee stock ownership</a></li> <li><a href="/wiki/Employee_benefits" title="Employee benefits">Employee benefits</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Retirement" title="Retirement">Retirement</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <div class="hlist"> <ul><li><a href="/wiki/Pension" title="Pension">Pension</a></li></ul> </div><div class="hlist"> <ul><li><ul><li><a href="/wiki/Defined_benefit_pension_plan" title="Defined benefit pension plan">Defined benefit</a></li> <li><a href="/wiki/Defined_contribution_plan" title="Defined contribution plan">Defined contribution</a></li> <li><a href="/wiki/Social_pension" title="Social pension">Social pension</a></li></ul></li> <li><a href="/wiki/Social_security" class="mw-redirect" title="Social security">Social security</a></li></ul> </div></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <a href="/wiki/Personal_budget" title="Personal budget">Personal budget</a> and <a href="/wiki/Investment" title="Investment">investment</a></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Active_management" title="Active management">Active management</a></li> <li><a href="/wiki/Alternative_investment" title="Alternative investment">Alternative investment</a></li> <li><a href="/wiki/Asset" title="Asset">Asset</a> <ul><li><a href="/wiki/Asset_allocation" title="Asset allocation">allocation</a></li> <li><a href="/wiki/Asset_(economics)" title="Asset (economics)">economics</a></li> <li><a href="/wiki/Capital_appreciation" title="Capital appreciation">growth</a></li></ul></li> <li><a href="/wiki/Bond_(finance)" title="Bond (finance)">Bond (finance)</a></li> <li><a href="/wiki/Cash" title="Cash">Cash</a></li> <li><a href="/wiki/Diversification_(finance)" title="Diversification (finance)">Diversification (finance)</a></li> <li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity (finance)</a></li> <li><a href="/wiki/Environmental,_social,_and_governance" title="Environmental, social, and governance">ESG</a></li> <li><a href="/wiki/Estate_planning" title="Estate planning">Estate planning</a></li> <li><a href="/wiki/Exchange_traded_fund" class="mw-redirect" title="Exchange traded fund">ETF</a></li> <li><a href="/wiki/Finance" title="Finance">Financial</a> <ul><li><a href="/wiki/Financial_adviser" title="Financial adviser">adviser</a></li> <li><a href="/wiki/Financial_asset" title="Financial asset">asset</a></li> <li><a href="/wiki/Financial_plan" title="Financial plan">plan</a></li> <li><a href="/wiki/Financial_planner" title="Financial planner">planner</a></li> <li><a href="/wiki/Financial_independence" title="Financial independence">independence</a></li></ul></li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Growth_investing" title="Growth investing">Growth investing</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedge (finance)</a></li> <li><a href="/wiki/Impact_investing" title="Impact investing">Impact investing</a></li> <li><a href="/wiki/Investment_advisory" title="Investment advisory">Investment advisory</a></li> <li><a href="/wiki/Investment_performance" title="Investment performance">Investment performance</a></li> <li><a href="/wiki/Investment_style" title="Investment style">Investment style</a></li> <li><a href="/wiki/Investor_profile" title="Investor profile">Investor profile</a></li> <li><a href="/wiki/Market_risk" title="Market risk">Market risk</a></li> <li><a href="/wiki/Passive_management" title="Passive management">Passive management</a></li> <li><a href="/wiki/Portfolio_optimization" title="Portfolio optimization">Portfolio optimization</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Stock" title="Stock">Stock</a></li> <li><a href="/wiki/Stockbroker" title="Stockbroker">Stockbroker</a></li> <li><a class="mw-selflink selflink">Target date fund</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e0e0ff;"> <span class="nobold">See also</span></th></tr><tr><td class="sidebar-content hlist" style="padding:0.2em 0 0.8em;"> <ul><li><a href="/wiki/Asset_pricing" title="Asset pricing">Asset pricing</a></li> <li><a href="/wiki/Bank" title="Bank">Bank</a></li> <li><a href="/wiki/Citizen%27s_dividend" title="Citizen's dividend">Citizen's dividend</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Credit_union" title="Credit union">Credit union</a></li> <li><a href="/wiki/Economic_bubble" title="Economic bubble">Economic bubble</a></li> <li><a href="/wiki/Financial_deepening" title="Financial deepening">Financial deepening</a></li> <li><a href="/wiki/Financial_inclusion" title="Financial inclusion">Financial inclusion</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">Financial risk</a></li> <li><a href="/wiki/Fintech" title="Fintech">Fintech</a></li> <li><a href="/wiki/Guaranteed_minimum_income" title="Guaranteed minimum income">Guaranteed minimum income</a></li> <li><a href="/wiki/Market_impact" title="Market impact">Market impact</a></li> <li><a href="/wiki/Risk-return_spectrum" class="mw-redirect" title="Risk-return spectrum">Risk-return spectrum</a></li> <li><a href="/wiki/Social_dividend" title="Social dividend">Social dividend</a></li> <li><a href="/wiki/Structured_product" title="Structured product">Structured product</a></li> <li><a href="/wiki/Sustainability" title="Sustainability">Sustainability</a></li> <li><a href="/wiki/Systematic_risk" title="Systematic risk">Systematic risk</a></li> <li><a href="/wiki/Universal_basic_income" title="Universal basic income">Universal basic income</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility (finance)</a></li> <li><a href="/wiki/Watered_stock" title="Watered stock">Watered stock</a></li></ul></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374" /><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Personal_finance" title="Template:Personal finance"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Personal_finance" title="Template talk:Personal finance"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Personal_finance" title="Special:EditPage/Template:Personal finance"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <figure typeof="mw:File/Thumb"><a href="/wiki/File:TDF_genericglidepath.jpeg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/en/thumb/7/77/TDF_genericglidepath.jpeg/306px-TDF_genericglidepath.jpeg" decoding="async" width="306" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/7/77/TDF_genericglidepath.jpeg 1.5x" data-file-width="395" data-file-height="252" /></a><figcaption>stylized glide path of a target date fund, shifting investments to become more conservative over time</figcaption></figure> <p>A <b>target date fund</b> (<b>TDF</b>), also known as a <b>lifecycle fund</b>, <b>dynamic-risk fund</b>, or <b>age-based fund</b>, is a <a href="/wiki/Collective_investment_scheme" class="mw-redirect" title="Collective investment scheme">collective investment scheme</a>, often a <a href="/wiki/Mutual_fund" title="Mutual fund">mutual fund</a> or a collective trust fund, designed to provide a simple investment solution through a portfolio whose <a href="/wiki/Asset_allocation" title="Asset allocation">asset allocation</a> mix becomes more conservative as the target date (usually retirement) approaches.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Target-date funds were invented by <a href="/wiki/Donald_Luskin" title="Donald Luskin">Donald Luskin</a> and Larry Tint<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> of Wells Fargo Investment Advisors (later Barclays Global Investors(BGI)), and first introduced in the early 1990s by <a href="/wiki/Barclays_Global_Investors#1999.E2.80.932009" class="mw-redirect" title="Barclays Global Investors">BGI</a>.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> Their popularity in the US increased significantly in recent years due in part to the auto-enrollment legislation <a href="/wiki/Pension_Protection_Act_of_2006" title="Pension Protection Act of 2006">Pension Protection Act of 2006</a> that created the need for safe-harbor type Qualifying Default Investment Alternatives, such as target-date funds, for <a href="/wiki/401(k)" title="401(k)">401(k)</a> savings plans. With the UK enacting auto-enrollment legislation in 2012, target-date funds are used by the <a href="/wiki/National_Employment_Savings_Trust" title="National Employment Savings Trust">National Employment Savings Trust</a> (NEST), and are expected to become increasingly popular as their design should satisfy the DWP's eligible default fund criteria.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>A similar approach, called age-based asset allocation, was proposed by Mark Kantrowitz in the mid-1990s and was rapidly adopted by all 529 college savings plans.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Design">Design</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=2" title="Edit section: Design"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Target-date funds are aimed at people planning for retirement and have appeal because they offer a lifelong managed investment strategy that should remain appropriate to an investor's risk profile even if left unreviewed. Research suggests that age is by far the most important determinant in setting an investment strategy, thus Target Date, or age-based funds are particularly attractive as default investment funds.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> They do not offer a guaranteed return but offer a convenient multi-asset retirement savings strategy through a single outcome-oriented fund.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>Target-date funds' asset allocation mix typically provides exposure to return-seeking assets, such as <a href="/wiki/Equity_(finance)#Equity_investments" title="Equity (finance)">equities</a>, in early years when risk capacity is higher, and becomes increasingly conservative as time progresses with exposure switched progressively towards capital-preservation assets, such as government- and index-linked bonds.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p><p>The speed with which a target date fund de-risks its asset allocation is known in the industry as the "glide-path", using the analogy of an airplane (the fund, presumably) coming in for a landing (the landing being, presumably, arriving at the Target Date with the appropriately low-risk mix of underlying assets). </p><p>By taking a managed, or stochastic, approach to de-risking the fund, target-date funds offer a higher level of both technical and fiduciary care than earlier lifestyling techniques that rely on an automated, or deterministic, approach.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>The theoretical underpinnings to glidepath design are based on combining modern portfolio theory, with the theory of "Human Capital", the <a href="/wiki/Present_value" title="Present value">present value</a> of expected future earnings.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="The_Glidepath">The Glidepath</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=3" title="Edit section: The Glidepath"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The strategic asset allocation model over time is known as the <i> glidepath </i> illustrating how an investment strategy becomes increasingly conservative over time towards the target date. An example of a glidepath for a selection of savings strategies for the UK market is shown in the above graphic. Generally, each fund's managements provide different glidepaths depending upon the end requirement of each client (a lump sum for withdrawal or an income producing portfolio for income drawdown), in terms of different target dates. </p> <div class="mw-heading mw-heading2"><h2 id="Nudge_and_behavioral_economics">Nudge and behavioral economics</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=4" title="Edit section: Nudge and behavioral economics"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Target Date Funds are commonly used as default funds as they make it easier for savers to select a savings strategy. This reduces the risk of inferior outcomes that behavioral tendencies might create. </p><p>According to 2016 research study of retirement plan participants, 74% of respondents would like to see more socially responsible investments in their retirement plan offerings and most (78%) believe it is important to make the world a better place while growing their personal assets.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>A 2016 Survey of Defined Contribution Plan Participants found that 71% of millennial-age investors would be "more willing to contribute to their retirement plan if they knew their investments were doing social good". The survey also finds 84% of millennials want their "investments to reflect their personal values" and 77% want more socially responsible investments in their retirement planning.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="TDFs_in_the_United_States">TDFs in the United States</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=5" title="Edit section: TDFs in the United States"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the US, the use of Target Date Funds accelerated from 2006 onwards with the introduction of automatic-enrollment pensions legislation, where the convenience of a single 'fund for life' made them the most popular type of default strategy. Since that, time TDF assets under management have grown more than 10x reaching $763 billion at end 2015.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> As of March 2020, assets in target-date mutual funds and collective investment trusts (CITs) totaled approximately $1.9 trillion.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> At the end of 2020, target-date assets in CITs reached $1.18 trillion according to data from Morningstar. Target-date mutual funds held $1.57 trillion.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Target_Date_Funds_AUM_$bn_(US).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Target_Date_Funds_AUM_%24bn_%28US%29.jpg/220px-Target_Date_Funds_AUM_%24bn_%28US%29.jpg" decoding="async" width="220" height="133" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Target_Date_Funds_AUM_%24bn_%28US%29.jpg/330px-Target_Date_Funds_AUM_%24bn_%28US%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cc/Target_Date_Funds_AUM_%24bn_%28US%29.jpg/440px-Target_Date_Funds_AUM_%24bn_%28US%29.jpg 2x" data-file-width="773" data-file-height="468" /></a><figcaption>TDF growth in the US from 2000</figcaption></figure> <p>The main Target Date Benchmarks in the US are: </p><p>S&P Target Date Indices<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Dow Jones Target Date Indices<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> Morningstar Lifetime Allocation Indexes<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Major TDF managers in the United States include Fidelity, Vanguard, T. Rowe Price, BlackRock (which manages the "Lifecycle Funds" – the target-date funds within the US Government <a href="/wiki/Thrift_Savings_Plan" title="Thrift Savings Plan">Thrift Savings Plan</a>), Principal Funds, Wells Fargo Advantage, American Century, and Northern Trust. </p><p>Note that the actual sizes of the books of different managers are difficult to estimate, as many hold assets in vehicles other than mutual funds. Northern Trust, for example, uses Collective Trust Funds (CTFs), which typically do not figure in Morningstar or Bloomberg estimates of AUM. </p> <div class="mw-heading mw-heading2"><h2 id="TDFs_in_the_United_Kingdom">TDFs in the United Kingdom</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=6" title="Edit section: TDFs in the United Kingdom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the UK, the use of Target Date Funds is gaining traction, with the first launch in 2003, and current<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (September 2024)">when?</span></a></i>]</sup> AUM estimated to be approximately £4.0bn.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> This is expected to increase with the advent of automatic enrolment pensions legislation.<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Manual_of_Style/Dates_and_numbers#Chronological_items" title="Wikipedia:Manual of Style/Dates and numbers"><span title="The time period mentioned near this tag is ambiguous. (September 2024)">when?</span></a></i>]</sup> </p><p>Major TDF managers in the UK include: </p><p>Retail: Architas BirthStar (managed by AllianceBernstein), Fidelity </p><p>Institutional: AllianceBernstein, BirthStar, BlackRock, Fidelity, JPMorgan, NEST, State Street Global Advisers </p><p>Multi-employer pensions schemes (also known as 'master trusts') are amongst the early adopters of Target Date Funds in the UK market. </p><p>BlackRock Master Trust: BlackRock Lifepath Target Date Funds<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p><p>Carey Workplace Pension Trust: BirthStar Target Date Funds<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Intelligent_Money" title="Intelligent Money">Intelligent Money</a>: IM Optimum Portfolios<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Intelligent Money provides Target Date Portfolios (rather than Funds). </p><p>Lighthouse Pensions Trust: BirthStar Target Date Funds<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>Target Date Benchmarks in the UK are: </p><p>FTSE UK DC Benchmarks<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Controversy">Controversy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=7" title="Edit section: Controversy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The funds are not without their critics, who point to the unexpected volatility of some near-dated target-date funds in the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>, suggesting they were not as conservatively positioned as their name would imply.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> While this is expected in the earlier phases of <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a>,<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> it was unexpected at the money-market and bond stage of near-dated funds. In response to this, the SEC and DoL hosted a joint hearing on Examining Target Date Funds in June 2009,<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> which found that while target-date funds were generally a welcome innovation, disclosure had to be improved to ensure investors were fully aware of a target-date fund glidepath, which may differ from manager to manager. The rules on disclosures for target-date funds were published by the SEC in 2010.<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=8" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Defined_contribution_plan" title="Defined contribution plan">Defined contribution plan</a></li> <li><a href="/wiki/401(k)" title="401(k)">401(k)</a></li> <li><a href="/wiki/529_plan" title="529 plan">529 plan</a></li> <li><a href="/wiki/Nudge_theory" title="Nudge theory">Nudge theory</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Exchange-traded_fund" title="Exchange-traded fund">Exchange-traded fund</a></li> <li><a href="/wiki/Stock_fund" title="Stock fund">Stock fund</a></li> <li><a href="/wiki/Bond_fund" title="Bond fund">Bond fund</a></li> <li><a href="/wiki/Money_fund" class="mw-redirect" title="Money fund">Money fund</a></li> <li><a href="/wiki/Income_fund" title="Income fund">Income fund</a></li> <li><a href="/wiki/Lifestyling" title="Lifestyling">Lifestyling</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Target_date_fund&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output 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Retrieved <span class="nowrap">2022-11-25</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Clever+Banker&rft.atitle=What+is+a+target-date+retirement+fund%3F&rft.date=2022-11-25&rft.aulast=Wilson&rft.aufirst=John&rft_id=https%3A%2F%2Fcleverbanker.ca%2Fwhat-is-a-target-date-retirement-fund%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ATarget+date+fund" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://corporate.morningstar.com/us/documents/MediaMentions/IbbotsonSEC_DOJ_Target-DateHearingCommentary.pdf">Ibbotson's reaction to the Joint SEC DOL Target-Date Fund Hearing</a></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.sec.gov/news/press/2010/2010-103.htm">SEC Proposes New Measures to Help Investors in Target Date Funds</a></span> </li> </ol></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?useformat=desktop&type=1x1&usesul3=0" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Target_date_fund&oldid=1268933629">https://en.wikipedia.org/w/index.php?title=Target_date_fund&oldid=1268933629</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Category</a>: <ul><li><a href="/wiki/Category:Investment_funds" title="Category:Investment funds">Investment funds</a></li></ul></div><div id="mw-hidden-catlinks" class="mw-hidden-catlinks mw-hidden-cats-hidden">Hidden categories: <ul><li><a href="/wiki/Category:All_articles_with_dead_external_links" title="Category:All articles with dead external links">All articles with dead external links</a></li><li><a href="/wiki/Category:Articles_with_dead_external_links_from_June_2018" title="Category:Articles with dead external links from June 2018">Articles with dead external links from June 2018</a></li><li><a href="/wiki/Category:Articles_with_permanently_dead_external_links" title="Category:Articles with permanently dead external links">Articles with permanently dead external links</a></li><li><a href="/wiki/Category:Articles_with_short_description" title="Category:Articles with short description">Articles with short description</a></li><li><a href="/wiki/Category:Short_description_is_different_from_Wikidata" title="Category:Short description is different from Wikidata">Short description is different from Wikidata</a></li><li><a href="/wiki/Category:All_articles_with_vague_or_ambiguous_time" title="Category:All articles with vague or ambiguous time">All articles with vague or ambiguous time</a></li><li><a href="/wiki/Category:Vague_or_ambiguous_time_from_September_2024" title="Category:Vague or ambiguous time from September 2024">Vague or ambiguous time from September 2024</a></li></ul></div></div> </div> </main> </div> <div class="mw-footer-container"> <footer id="footer" class="mw-footer" > <ul id="footer-info"> <li id="footer-info-lastmod"> This page was last edited on 12 January 2025, at 06:21<span class="anonymous-show"> (UTC)</span>.</li> <li id="footer-info-copyright">Text is available under the <a href="/wiki/Wikipedia:Text_of_the_Creative_Commons_Attribution-ShareAlike_4.0_International_License" title="Wikipedia:Text of the Creative Commons Attribution-ShareAlike 4.0 International License">Creative Commons Attribution-ShareAlike 4.0 License</a>; additional terms may apply. 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