If your pension fund doesn't day-trade, you never pay those fees for liquidity. Liquidity isn't free, and no one is forced to buy liquidity (unless your money

If your pension fund doesn't day-trade, you never pay those fees for liquidity. Liquidity isn't free, and no one is forced to buy liquidity (unless your money is managed by an incompetent/corrupt manager due layers and layers of your employer-sponsored pension contracted to a bank....)