Zastosowanie różnych miar efektywności do oceny zarządzających oszczędnościami przyszłych emerytów
Application of Different Efficiency Measures to Evaluate the Managers who Control Future Pensioners’ Savings

Summary/Abstract: The pension system, which was reformed at the end of the XX century, was not working capably. It resulted in introducing essential modifications of the system by the government, among which the changes affective from 2014 influenced the pension funds the most. Here the questions arise how to protect pension savings to assure future pensioners obtaining fair pensions and what are the possible consequences of these changes. To answer these questions is the aim of the study which will proceed by evaluation of the investment efficiency of pensions funds, operating in Poland in years 2000–2013, in comparison to constructed benchmarks and Social Insurance Institution. Analysis is provided applying Sharpe, Treynor, Sortino, Sharpe-Israelsen, information ratio, and Sharpe’s alpha, together with statistical tests.

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