Company pension allocation help

Lomcevak

I've (fairly recently) joined a new company, which offers a 4% (me) 8% (them) contribution to a DC pension managed by Fidelity. Total contributions are about £700/month, via salary sacrifice. The fund options are quite limited:

Name    ISIN    Allocation    TER    Risk level
Fid BlackRock Corp Bond Fund All Stocks    GB00B09SRJ29    Corporate Bonds    0.35%    M1
Fid BlackRock Emerging Markets Fund    GB00B5N1WY24    Emerging Markets    0.55%    H
Fid BlackRock Global Equity 50/50 Fnd    GB00B09STC99    Global Shares    0.50%    M2
Fid BlackRock Ovr 15Yr UK Gilt Idx Fd    GB00B09TL592    UK Gilts    0.30%    L2
Fid BlackRock Ovr 5Yr I-L-Gilt Fund    GB00B09TL261    UK Gilts    0.30%    L2
Fid Schroder QEP Global Active Value    GB00B29PVP16    Global Shares    0.93%    H
Fid Standard Life Global Real Estate    GB00B17PDK58    Global property    0.85%    M2
Fidelity Artemis Global Capital Fund    GB00B29PVK60    Global Shares    1.11%    H
Fidelity BlackRock Cash Fund    GB00B09TL824    Money Market    0.30%    L1
Fidelity Invesco High Income Fund    GB00B1FRD693    Shares (mostly UK, some Global)    1.44%    M2
Fidelity Standard Life GARS Fund    GB00B3Y5BF38    N/A - fund manager discretion    1.07%    M1
Fidelity Threadneedle Property Fnd    GB00B1YCDH68    UK Commercial Property    1.12%    M1

(I've tried to trim this to a minimal useful level, while keeping it semi-readable - sorry, can't find a MSE option that really preserves formatting). There are also three 'badged' company pension funds, which just map on to variations of the list above while adding an extra 0.1% AMC for the trouble :mad:

Default allocation is:

- 50% 'badged' equity fund, which is in reality 75% BlackRock 50/50 global equity and 25% BlackRock EM
- 50% 'badged' diversified fund, which is 100% Standard Life Global Absolute Return (GARS) Fund

Badged funds have TER 0.62% and 1.17% respectively. I can save 0.1% straight away by opting in to the unbadged versions.

The question: The choice here looks fairly poor to me, expensive and limited. Default allocation looks fairly horrible, especially the Standard Life GAR fund. Anybody have advice on what to do? I'm considering going 100% Bonds via the BlackRock funds and treating this as an bond-only part of a wider allocation, as i'm already equity-only from my previous company (£120k in DC pension contributions from a previous company, global equity 70/30 fund at less than 0.1% TER). I'm worried that this might make me go too bond-heavy fairly quickly though? So would 80% bond fund, 20% global equity and/or EM be a better balance? Or is there anything else to consider here? Thoughts welcome, as i'm a bit lost.

edit: also a bit wary of bonds at the moment, as we're at the top of a long bond market run and they seem exposed to interest rate rises? But, then again, this argument seems to have been true for a while now without much happening.

Very brief background: I'm 40, married, higher-rate taxpayer, debt free and will be mortgage free in about 5 years, wife has excellent DB pension. Also have a small SIPP for other investments. Expect to retire not before 60.