When I started out with a pension I chose the high risk approach where your broker invests in riskier funds. I forgot about it and ten years later The pot is huge so the advice is to slow it down a bit and invest in a boring steady eddie yield. I was always high risk attitude so I don't wanna go back yet but I fear if a crash happens down the line I will lose a chunk of it. I'm 25 years from retirement so I'm in two minds.
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Splitting some off into "safe" could be the way to go now. Personally I'm more high risk massive growth first to get that pool of money and then syphon it off into lower risk assets to live off the dividends and growth. For sure though I think if you own cash instead of assets you're going to end up screwed. But that just my opinion.