3 ms·

Pensions have an unlimited time horizon, while personal 401ks don't. Yeah, you could put the money in more conservative investments, but you still as an indivi

• smileysteve 10y ago
  If you have a large group of people commencing to draw down your fund, your time horizon can be quite short. Similarly, if you have future workers not in the program, you can't "pyramid scheme" it. 20 years of investing are required for most classic pensions and the CHP example workers are likely to have as many or more years than that. An appropriate age based fund (which would admittedly, likely have huge fees) would reduce risk of the money you'd be drawing down on in the next 10 years.