The Benchmark Retirement Fund Default Portfolio has the following investment objectives:

• To reduce volatility of returns
• To achieve a real return of 5% (net of fees) over a rolling 3 year period
• To reduce risk of large negative returns over rolling 12 months
• To reduce risk by spreading assets between more than one investment manager

The Default Portfolio has a risk profile lower than that of the moderate risk portfolios and as such the expected long-term returns should also be lower.