No, not for the duration of the pension plan. It will be 100% invested into the iShares S&P500 Index ETF. At the end of your chosen duration, you will be free to invest it into whatever you like via a different type of product if you wish.
If you would like to save and invest on a regular basis AND choose your own investment funds, check out www.SavingsForNomads.com which has a lot more flexibility but no guaranteed minimum return.