Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Following a standard review, the provider's changes aim to reflect latest thinking on target replacement rates and member outcomes.
Allocation to risk assets has increased in line with the risk level of the fund. For example, risk level five funds will see a "slightly larger increase", while risk level one and two funds will see "very little change".
The move will see higher allocations to growth assets, including UK equities, local currency emerging market debt, and property, and some defensive assets such as corporate bonds.
Other defensive assets, such as UK gilts, will be reduced or removed, while absolute return exposure will be eliminated.
The changes will affect savers in both Standard Life's contract-based schemes and master trusts, which both use the Active Plus range as a default fund.
Standard Life said it was increasing the risk profile as it believes this necessary going forward to help savers achieve a good outcome in retirement.
Head of investment solutions Gareth Trainor said a recent review found the funds had "delivered the level of return needed to support good outcomes over the longer term".
"The changes we're making are designed to make sure they continue to do this," he added. "We've looked at all parts of the funds and taken into account the latest thinking on target replacement rates and member outcomes.
"We've also considered the risk levels we believe people will need to take to reach these targets in the future. We've been working closely with our independent governance committee and the trustees of our master trust board throughout our review and they're supportive of the changes we're making."
The provider said the two fund ranges will continue to use the same strategic asset allocations, constructed used a diversified risk-based methodology.
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