Target-date funds are enjoying a moment in the sun as U.K. corporate retirement plans begin to use them as a result of pension freedoms adopted in 2015. These vehicles are a familiar feature of defined contribution plans in the U.S., where they grabbed some 18.4% of the $3.28 trillion total defined contribution assets among the largest plans in 2016, according to Pensions & Investments' annual survey of the largest U.S. retirement plans. But they've lagged in the U.K., largely because plan members were obliged to purchase annuities upon retirement, rather than keeping their retirement assets invested.