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The Protection Fund invests primarily in long-dated government gilts. This fund has a completely different aim from the other investment-linked funds. It offers an investment which will rise and fall in value broadly in line with long term interest rates - one of the main determinants of the cost of an annuity. It therefore offers plan holders approaching retirement the opportunity to switch into a fund which aims to minimise any changes in the level of pension income at retirement resulting from changes in the cost of purchasing an annuity in the period before retirement.