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Lifestyling for pension funds needs to be more bespoke and based on the individual's age, the chief investment officer for the National Employment Savings Trust (NEST) has said.

NEST has a series of target-date funds, called the NEST Retirement Date Funds, to help members manage risk right through their savings career and as they approach retirement.

Mark Fawcett, chief investment officer for NEST, said: "We have also created an internal market between the funds to minimise transaction costs.

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"So as older members are de-risking and approaching retirement, we will be transferring growth assets to our younger members who are still in the accumulation and growth phase, so we do not have to go to the markets and incur costs when we don't have to."