What would a pension/ALM-using institution use to rebalance?

If a pension were to rebalance would they use a buy and hold, constant mix, or CPPI strategy? I would guess it is between a buy and hold and CPPI strategy depending on the general risk factors because constant mix is not concerned with a floor, is this correct?

An important note, a pension would only have a remixing strategy like ^ if they had an asset-only approach.