Schroders has rolled out a new pre-retirement fund aimed at providing its pension scheme members the flexibility to take their pension pot as a lump sum.

Dubbed as Schroders Flexible Retirement Fund, the multi-asset fund will also allow pension scheme members to purchase an annuity or to draw down over a period of time.

With a an ongoing charge of 0.3% per annum, the fund aims to deliver CPI +2% over a business cycle of between three to five years and targets a maximum loss of 8% over any investment period.

The portfolio comprises a range of asset classes and benefits from active asset allocation from Schroders multi-asset team.

Schroders defined contribution investment solutions manager Tim Horne said: "The pensions landscape in the UK will change fundamentally on 6 April 2015 with the introduction of pensions freedom.

"We have produced a truly unique strategy for our clients Schroders Flexible Retirement Fund targeting a return above inflation and a maximum loss over any investment period, to give individuals the freedom to make the most of their pension pot," he added.

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By GlobalData