Gestão e desempenho dos fundos de pensão
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2005-11-24
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This paper deals with the administrative costs of Brazilian pension funds. It is the first step in a thorough analysis of the management and performance of pension funds in the country. Simply put the mission of a pension fund is to obtain competitive returns, within tolerable levels of risk, and to maintain costs as low as possible. The paper also presents an analysis of pension funds administrative costs in the U.S.A. and the U.K., identifying the main factors that affect cost levels and their variations. Using information available at the Secretariat for Complementary Pensions and data directly provided by pension funds, the study shows a first picture of administrative costs of these funds in Brazil. In the conclusion future research steps are discussed.