Different types of pension involve different kinds of uncertainty. For example, public sector pension schemes involve a 'policy risk', that the scheme might be reformed in the future so that benefits turn out differently than expected. Private pension schemes are less subject to this policy risk, because governments are unlikely to confiscate private property. But defined-contribution pensions do involve capital-market risk during the accumulation...
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Citation
Guarantees - counting the cost of guaranteeing defined contribution pensions (Mongolian). World Bank pension reform primer series Washington, DC : World Bank Group. http://documents.worldbank.org/curated/en/750861468321542688