Pensions are a little tricky as it’s very personal to your level of risk and what you want to do with your pension pot.
I did have a L&G pension with an old firm.
For me personally my pension is very long term, and while I could request bespoke funds it was a real pain for them to assess it for me, I ended up going for their highest risk multi-asset fund which has a stronger outlook but was more volatile. From memory I think it was around 8% annualised volatility, I’ve since moved my pension as I’m not with that company anymore.
If your company offers financial guidance or advice (normally an advisory firm will put the pension plan in place and support it) it’s worth taking advantage of their free (or comp’ed) guidance.
Now is a very tough time for long term investments with the pandemic about and the world banks making the equities market behave unpredictably.
To answer the rebalance question, with these pension providers they will have a note where they automatically downgrade you from one fund to the next lower risk one as you approach retirement age. From memory I think the pension firm we were using started this 20-25 years before retirement and would downgrade every 3-5 years.
That’s why I went for the highest risk, I wanted to try and make the most gains possible before the portfolio automatically started getting more defensive. This is my personal situation though, and pensions are very personal!