Do people really want freedom of choice? Assessing preferences of pension holders

Reforms of private pension plans across the world are involving the introduction of more options for pension holders to make choices to suit their preferences. Freedom of choice is not, however, a unidimensional concept despite being commonly perceived as such by policymakers. Using a unique panel survey among Dutch employees, we offer a refined typology of preferences with respect to freedom of choice. For most pension contract issues-level of pension savings, investment choice, and risk coverage-a minority (14-26%) of participants value individual freedom of choice, whereas most would either... Mehr ...