Pensioners want smoothed incomes in retirement, but it is doubtful whether they can or should be given an absolute guarantee. Defined benefit schemes, which do smooth income, are open to manipulation and may not be financially viable. Defined contribution schemes can produce reasonably smooth incomes if assets are diversified and investment results are smoothed. This chapter describes smoothing algorithms that efficiently switch to safer investments before retirement. The algorithms provide a better alternative to traditional smoothing mechanisms because they are not subject to arbitrary discretion or anti-selection.