The risk capacity provides information on the extent to which an investor or a pension fund is able to absorb losses in value on the investments. The longer the investment time horizon and the greater the fluctuation reserves of the pension fund, the greater the risk capacity. The time horizon of an investment depends on the structure and stability of the portfolio of insured persons. Pension funds with a “young” and stable portfolio of insured persons have a higher risk capacity than pension funds with an “old” and/or unstable portfolio.