When I signed up for my pension fund, I agreed that money would be spent as directed by the fund managers in a manner consistent with maximizing the size [1] of my investment in 2050.<p>This was my choice. If I disliked this, I could have made no contribution to the fund, or even quit my job.<p>[1] I oversimplify. They try to maximize an objective function which penalizes volatility, particularly volatility at the end of the life of the fund.