This paper deals with the question if it is possible to combine the insights and recommendations of life-cycle investing with the proven gains of defined benefit pension funds. A downside of such collective pension plans is namely that it imposes a uniform funding policy, leaving little scope for personal characteristics. Therefore, a new pension agreement was proposed by the Dutch government, containing the requirement that in all pension contracts investment risks will be taken conform (implicit) life-cycles.

(This thesis is not available in full due to confidentiality.)