The company offers a single investment fund consisting of a diversified growth fund, a retirement protection fund and a cash protection fund.
The company now plans to move members into a retirement countdown fund, normally 10 years before they retire.
This will use the same investment strategy as the cash protection fund, which focuses on money market funds, cash deposits, interest rate derivatives and short-dated bonds with low credit risk.
Members can opt to stay in the diversified growth fund for longer.
Mr Nilsson said: “The pensions landscape is fundamentally shifting and any investment strategy that targets annuity rates needs to be urgently addressed.
“Given the profile of our members and their expected fund sizes over the coming years, we expect the vast majority to take all of their pension pot as cash at retirement.
“The new lifestyle investment strategy therefore focuses on funding for cash but gives consideration to those who want to take an alternative route.”
