TL;DR: pension should be invested in new entrepreneurs for the long term.
Considering a personal pension fund as savings at the time of retirement is a fundamentally faulty position that leads inexorably to poverty.
The reason for this mistake is inflation. Which devalues the balance of the pension account on a daily basis, and at the same time makes the life of a pensioner more expensive every year, forcing him to withdraw more money from the fund.
The only true strategy for managing a pension fund is to invest for the long term in the next generation of entrepreneurs. Owning them will provide a decent old age. This strategy has endless upside, both in terms of finances and your personal contribution to public progress.
It should be remembered, however, that investing in a new entrepreneurship is always a venture. The “5-10% Rule” states that this range of the total pension fund can be considered safe for this type of investment.