In August 2002 a new method of investing social security savings came into operation. It consists of offering members five types of funds in which to place their savings, the funds being differentiated by the percentage of equities and fixed-income securities that they may invest in. This reform recognizes that members differ in age, in accumulation of savings, in aversion or predisposition to risk and in their horizon of time left for contributing and that they are therefore in positions to accept different degrees of risk when investing their savings.