Investment pathways

Investment pathways were introduced by the Financial Conduct Authority (FCA) to help improve retirement outcomes for customers who want to flexibly access their pension savings.

What are investment pathways?

Investment pathways are investment solutions, designed to meet a customer’s specific retirement goal. 

We’ll ask non-advised customers moving into drawdown to choose the option that most closely matches their needs.

Once the customer has chosen an option, we’ll offer them the corresponding investment pathway solution which they can then choose.

You can also choose the investment pathway solutions for your advised clients.

Our investment pathways solutions

We’ve used our extensive knowledge and experience to design our own four investment pathways. These use our well-known investment solutions which have a proven track record for delivering on risk, returns and governance.

So whatever pathway a customer chooses or you recommend, they’ll have peace of mind knowing it will benefit from regular reviews, hands-on supervision and ongoing governance to help make sure it meets its objectives.

We offer a choice of four pathways, based on what the customer intends to do with their pension savings over the next five years (from the point they start flexibly accessing their savings). Each investment pathway invests in a mix of funds and asset classes and aims to meet different retirement needs, as shown in the table below.

Investment pathway 1: aims to deliver growth above inflation for a customer who has no short-term plans to access their savings.

Download factsheet (PDF, 140KB)

Investment pathway 2: aims to maintain annuity buying power for a customer looking to buy an annuity in the short-term.

Download factsheet (PDF, 140KB)

Investment pathway 3: aims to deliver growth above inflation to support sustainable income withdrawal.

Download factsheet (PDF, 152KB)

Investment pathway 4: aims to offer the potential for above inflation growth while supporting short term withdrawal needs.

Download factsheet (PDF, 141KB)

Find out more

To find out more about our investment pathway solutions, speak to your usual Royal London contact.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.