Aberdeen Asset Management has launched four multi-asset funds aimed a retirees exploring post pension reform options.

Aberdeen is targeting those who choose not to take an annuity with the funds which are risk-rated from two, at the most cautious, which is the Aberdeen Multi Asset Conservative Fund, up to five for the Multi Asset Growth 3 Fund, which is the riskiest in the range.

The funds will invest in passive, enhanced index and actively managed funds.

The pension reforms that took effect on Monday provide individuals with more freedom and flexibility at retirement. Aberdeen said the range may also be appropriate for individuals still saving for their retirement.

Aberdeen Asset Management head of defined contribution Steven Nicholls said the four funds have been launched to offer ”low-cost solutions” to individuals’ retirement objectives.

He said: “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.”

Except for the Multi Asset Conservative Fund which has a 0.3 per cent annual charge, all the funds have a 0.4 per cent charge.