This paper explores optimal control strategies for target benefit pension plans in the presence of inflation risk. It proposes a premium refund clause to protect members who pass away during the accumulation phase. The pension fund can invest in a risk-free asset, an inflation-indexed bond, and a stock. By maximizing the expected utility of benefits and final wealth using the Cobb-Douglas utility function, the optimal investment and benefits strategies are determined through Hamilton-Jacobi-Bellman (HJB) equations. Numerical analyses examine the influence of important parameters on benefit payment and fund wealth.