History
Target-date funds were first introduced in the early 1990s with BGI being the first institution to offer such products. Their popularity in the US increased significantly in recent years due in part to the auto-enrollment legislation Pension Protection Act of 2006 that created the need for safe-harbour type Qualifying Default Investment Alternatives, such as target-date funds, for 401(k) savings plans. With the UK enacting auto-enrollment legislation in 2012, target-date funds will be used by NEST National Employment Savings Trust, and are expected become increasingly popular as their design should satisfy the DWP's eligible default fund criteria.
Read more about this topic: Target Date Fund
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