Risk attitude in pension plans

Pension funds in the Netherlands have the obligation to act in the best interest of their participants. Most pension funds have a very large group of participants and it is difficult for the pension to know if they invest in a way that the participants would like. An important aspect of the preferences of the participants is the risk involved with the investments of the pension fund. Do participants want that the pension fund takes a lot of risk with the investments? This can result in higher or lower pension payments than expected. It is also possible that the participants prefer less risk, with the result that the future payments can be lower than the investments with a lot of risk, however the payments are more certain. Therefore the risk attitude of the participants of the different pension funds in the Netherlands would be very helpful information for the board of trustees. This way they can determine the most optimal mix of investments for their participants.