How did investors in the Swedish Premium Pension System (PPS) react to the stock markets shock ignitedin 2020 by the COVID-19 pandemic? The share of investors that traded more than doubled, and tradesshifted capital from equity funds to low risk interest funds. In economic terms, however, trading activitystayed at very low levels—less than two percent of investors traded in March 2020 and there was no effecton pension withdrawals. Given the vast evidence on retail investors’ strongly increasing trading volume incrisis times, the reaction of PPS investors looks surprisingly smart, i.e., avoiding the many mistakes thatinvestors incur when they try to outsmart the market. Potentially, the often-criticized choice architecture ofthe PPS that induces strong inertia provided positive side effects in times of a severe market shock.