Optimal investment strategies of an individual worker during the accumulation phase in the defined contribution pension scheme have been well studied in the literature. Most of them adopted the classical backward model and approach, but any pre-specifications of retirement time, preferences, and market environment models do not often hold in such a prolonged horizon of the pension scheme. Pre-commitment to ensure the time-consistency of an optimal investment strategy derived from the backward model and approach leads the supposedly optimal strategy to be sub-optimal in the actual realizations. This paper revisits the optimal investment problem for the worker during the accumulation phase in the defined contribution pension scheme, via the forward preferences, in which an environment-adapting strategy is able to hold optimality and time-consistency together. Stochastic partial differential equation representation for the worker's forward preferences is illustrated. This paper constructs two of the forward utility preferences and solves the corresponding optimal investment strategies, in the cases of initial power and exponential utility functions.

文献中已经对固定缴款养老金计划积累阶段的个体工人的最佳投资策略进行了深入研究。他们中的大多数采用了经典的后向模型和方法，但退休时间、偏好和市场环境模型的任何预先规定在养老金计划的如此长的期限内通常并不成立。从落后的模型和方法中预先承诺确保最优投资策略的时间一致性，导致所谓的最优策略在实际实现中并不是最优的。本文通过前向偏好重新审视了固定缴款养老金计划中工人在积累阶段的最优投资问题，其中环境适应策略能够将最优性和时间一致性结合在一起。说明了工人前向偏好的随机偏微分方程表示。本文在初始效用函数和指数效用函数的情况下，构造了两种前向效用偏好，并求解了相应的最优投资策略。