Date: 4th July 2018

The main purpose of the Research is to analyse whether the characteristics of the life cycle de-risking strategies are homogenous enough insofar that the default investment option will not need further calibration (regulatory provisions) with regard to its design. The other focus of the Research is to see how transparent and understandable these risk mitigation techniques are presented in the statutory documentation of the funds in focus, in view of the standalone Key Information Document that will accompany the PEPP product.