of people to stepwise reduce their investment risk the closer to retirement. This behavior is reflected in many life-cycle fund allocation policies, see for instance [@Milliman2010] or [@TIAACREF_LifecycleFunds2015]. An important economic reasoning behind is that the older the person, the less time to retirement entrance is left and therefore the less likely it is for her to overcome a potential market crash, strongly connected to the fear of having an insufficient wealth left for retirement. Moreover, it is reasonable that the closer to retirement time, the more satisfaction is connected with savings, i.e. with a lower consumption surplus, which yields a higher initial wealth for the decumulation phase. Based on these economic reasons, it is meaningful to consider age-varying preference parameters (dependent on the age of the pension cohort or the individual investor) in form of a coefficient of risk aversion, later called $b(t)$, and a weighting factor, later referred to as $a(t)$, that governs the relative importance of consumption at different points in time. The latter has no impact on risk aversion but can control for the varying preference between consumption and terminal wealth over time. In an analysis of the optimal controls in Section \[sec:NCS\] we show that 