Lung, EdwinRoodt, CraigRyan, LauraWarren, GeoffreyWymer, Kirsten2024-03-082326-6899http://hdl.handle.net/1885/315822We identify and discuss four key elements to address when designing the investment strategy for default retirement plans: whether to cater for member needs or their wants, objectives, the member for which the default is being designed, and risk appetite. Addressing these design elements requires making assumptions about the member, of which the literature provides limited guidance to plan sponsors. We outline the main assumptions and demonstrate the potential impact on retirement experience through illustrative models. We find that mismatches between the member and the way that they are characterized can adversely impact on welfare.application/pdfen-AU© 2021 Portfolio Management ResearchLong-term/retirement investingretirementportfolio management/multi-asset allocationportfolio theory202110.3905/JOR.2020.1.0812022-10-16