Aberdeen Asset Management has created a multi-asset fund range as an alternative to the traditional annuity purchase just days after British pension reforms.

Aberdeen Asset Management has launched four new low-cost multi-asset funds focused on long-term savings following the UK's new pension freedoms.

The Aberdeen Multi Asset Conservative fund, aimed at cautious investors, will charge an annual management fee of 0.3 per cent, while the Aberdeen Multi Asset Growth 1, 2 and 3 funds will each incur a 0.4 per cent charge.

The new range will be run by the company's investment solutions team, investing in passive, enhanced index and actively managed funds. Based on a five-year track record of historical data, the funds use synthetic risk and reward indicator targets to manage volatility.

“The pension reforms, which primarily bring more flexibility and freedom to post-retirement investing, also act as an important reminder of the need to start a pension as early as possible and to make sufficient contributions,” said Aberdeen Asset Management's head of defined contribution, Steven Nicholls.

“These four multi-asset funds have been launched to offer low cost solutions to individuals’ retirement objectives.”