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Milliman SmartShield

Growth exposure with daily liquidity and intelligent downside risk management for more consistent retirement outcomes.

Backed by Milliman

A global risk management specialist

Founded in 1947 with more than 5,000 employees worldwide, Milliman is an actuarial and consulting firm supporting insurers and pension providers across a wide range of retirement solutions.

In the UK, Milliman has worked with major insurers and pension funds across annuities, smoothed funds, variable guarantees, multi-asset income and guided drawdown.

Milliman’s consultancy and thought leadership includes work with AXA, Just, L&G, Royal London, People’s Pension and Phoenix/Standard Life, alongside over 25 years’ experience managing market risk and working with 44 of the top 50 insurers globally.

Focused on Retirement

Navigating the challenges of generating reliable retirement income

Milliman understands the challenges of generating reliable retirement income, particularly in challenging market conditions. Our experience of financial market risk management underpins the disciplined, rules-based framework behind SmartShield.

Retirement income challenges

How do you balance income, growth and downside risk — consistently?

Reliance on timing decisions, trade-offs between flexibility and certainty of outcome, and the risk of lock-in or missed recovery all make it difficult to apply a consistent investment approach.

Cashflow / bucket strategies

  • • How much income should you hold in cash — and for how long?
  • • When should you use growth assets to replenish the pot — and how do you manage timing risk?
  • • Is your approach dynamic and systematic — or reliant on ad hoc decisions?

Smoothed managed funds

  • • Do they work as you expect, especially in periods of prolonged market stress?
  • • Are there additional charges for smoothing?
  • • How long will it take you to sell holdings?

Drawdown / multi-asset diversification

  • • How much volatility is acceptable once you begin withdrawals?
  • • How exposed are outcomes to sequence risk during sustained market falls?
  • • Will bonds go up when equities go down?

Annuities

  • • Do your clients want to give up access to capital for certainty?
  • • How comfortable are they in relinquishing control of the timing and level of their income?
  • • When is the right time to buy?
SMARTSHIELD

A more consistent approach to managing downside risk management

SmartShield supports a more structured approach to managing downside risk — while maintaining exposure to growth — and avoiding ongoing, difficult decisions.

A disciplined, rules-based framework systematically adjusts exposure as conditions change, delivering growth exposure with daily liquidity and intelligent downside management. SmartShield is developed from almost 15 years’ experience of managing financial market risk.

With dynamic, systematic adjustment

  • In stable markets, portfolios remain invested to capture growth.
  • As volatility rises or markets fall significantly, growth asset exposure is dialed down — helping reduce the impact of sustained declines.
  • When volatility reduces and markets start to recover, growth asset exposure is dialed back up again.

Designed for retirement

A growth-focused, multi-asset passive fund with built-in risk management that:

  • Seeks to reduce the impact of material market downturns.
  • Helps clients stay invested through challenging market conditions.
  • Is designed to support long-term investment and income strategies.

An all-weather approach to giving retirees the confidence to stay invested and allowing them to manage their sequencing risk.

LEARN MORE

Insights & Resources

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MGTS Milliman SmartShield Fund Adviser Brochure

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Where to buy: current availability

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The recent rise in financial market risk: What’s driving increasing risk for investors and what it could mean for portfolios, especially for those nearing or in retirement.

Retirement income: the impact of market risk. Practical ways to combine a multi-pot strategy with dynamic hedging to better manage downside risk during market stress.

Regulatory information

Fund Documents

Fact Sheet

Fund Fact Sheet

BROCHURE

Key Investor Information Document

Prospectus

Fund Prospectus

For Investment Professional Use Only

Products and services outlined on this website are available exclusively to institutional investors, wholesale investors, and financial advisers.

Milliman Financial Strategies Limited (“MFS”) is an authorised MiFID investment firm and is regulated (reference number: 539399) by the Financial Conduct Authority (FCA) in the United Kingdom since 2012.

All investments involve risk, including the possible loss of capital. Past performance is not indicative of future results. Recipients must make their own independent decisions regarding any strategies, securities, or financial instruments mentioned herein.

MFS does not make any representations that products or services described or referenced herein are suitable or appropriate for the recipient. Many of the products and services described or referenced herein involve significant risks, and the recipient should not make any decision or enter into any transaction unless the recipient has fully understood all such risks and has independently determined that such decisions or transactions are appropriate for the recipient.

Any discussion of risks contained herein with respect to any product or service should not be considered to be a disclosure of all risks or a complete discussion of the risks involved. Please see the fund’s prospectus for more information.

The recipient should not construe any of the material contained herein as investment, hedging, trading, legal, regulatory, tax, accounting or other advice. The recipient should not act on any information in this document without consulting its investment, hedging, trading, legal, regulatory, tax, accounting and other advisors.

MFS does not ensure a profit or guarantee against loss. Materials may not be reproduced without the express consent of MFS.

Contact Us

Call our dedicated Milliman phone number: 0207 071 3915 or email [email protected]