The Efficiency of Pension Funds in the New Legal and Economic Reality in 2014
The Efficiency of Pension Funds in the New Legal and Economic Reality in 2014

Summary/Abstract: In December 2013 regulations on the functioning of open pension funds havechanged. They have put severe limitations when it comes to the investment policy of thefunds and reduced the number of their members.We decided to examine the influence of the new realities of functioning on OFEs’ efficiencyone year after the introduction of the reform. For this purpose we used the DEA method(radial and non-radial) and Malmquist’s productivity indices.The funds have reacted to the changed situation improving applied technologies butefficiency improvement in this area proved to be insufficient. Our analysis showed a strongdecrease of efficiency indicators in most OFEs caused by the outflow of members and lesseffective use of transferred contributions. The deterioration in the efficiency affected evenlarge market-leader funds.

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