This paper is unique in its database of real people. It is based on 2,000 real insureds of a large pension fund, their actual behavior as well as their psychological attitudes as reflected in a questionnaire that was answered by a sample of 470 people.
A major un-anticipated finding of the study is the overwhelming support for the reform – about 80 percent-, and the trust of the participants in the pension fund.

Using a simulator that was developed for this study, it is shown that the pension annuity is very sensitive to the parameters of the model, especially the rate of return on investment. The unique data allows us to characterize the population un-covered before the reform as less advantageous economically.