Not only is it necessary for participants to know the risks they run, but for pension funds it is equally important to know what risks their participants are willing to run. When it comes to their pension provisions, the Dutch turn out to be risk-averse and consider themselves financially incompetent. This emerged from a recent survey by De Nederlandsche Bank.
Other central banks have had similar experiences: see, for example, Daly (2016) on the experience of the Federal Reserve Bank of San Francisco. 14 / 14  BIS central bankers' speeches