Architas and technology firm Birthstar have joined forces to launch seven ‘target date’ funds.

The seven Architas Birthstar target date funds will offer a specific date at which it will start paying out.

The seven funds on offer cover target dates from 2015 to 2050, and can be used to match financial goals such as retirement or children’s educational costs. Each fund will be managed by Architas, while the portfolio of investments inside each fund will be managed by AllianceBernstein.

Each fund requires a minimum monthly investment of £50 and annual management charges are capped at 0.55%.

Returns are targeted at CPI plus 4%, though this will undergo a managed decrease to roughly 1% above inflation as investors reach their target date.

Henry Cobbe, managing director of Birthstar said the funds aimed to give people a ‘cradle to grave fund’.

‘The investment menu that was available in the UK seemed to be either too complex and too expensive, or too simple and too expensive. The idea behind Birthstar was cutting through this focus much more to focus on outcomes,’ he said.