photoluminescence yields (>20%). [5] In principle, this would allow open-circuit voltages (V OC ) very close to the radiative limit (≈1.3 V for a bandgap of 1.6 eV) using already existing perovskites. However, despite the tremendous effort devoted by the scientific community on the improvement of this solar cell technology, the experimental efficiencies are still far from the Shockely-Queisser (S.Q.) theoretical predictions of power conversion efficiency (PCE) up to 30%. [6] Specifically, in order to further improve the PCE, the effort must be focused on increasing the V OC and the fill factor (FF) through the reduction of nonradiative recombination losses. Moreover, a better understanding on the predominant energy loss mechanisms in the working device has to be accomplished.Perovskite solar cells generally consist of a 300-500 nm layer of photoactive absorber, sandwiched between two charge transporting layers that have the function of selectively transporting the photogenerated electrons (holes) to the cathode (anode). In an ideal solar cell, all photons are absorbed in the perovskite films, generating electrons and holes with unity efficiency, and-under open-circuit conditions-the only recombination channel is the radiative recombination of free electrons and holes in the same layer where they are generated. Commonly, reported values for V OC are much lower due to unwanted nonradiative recombination. During the past years, many studies have evaluated recombination in perovskites layers and suggested that defects at the perovskite surface or at grain boundaries as possible reasons Today's perovskite solar cells (PSCs) are limited mainly by their open-circuit voltage (V OC ) due to nonradiative recombination. Therefore, a comprehensive understanding of the relevant recombination pathways is needed. Here, intensity-dependent measurements of the quasi-Fermi level splitting (QFLS) and of the V OC on the very same devices, including pin-type PSCs with efficiencies above 20%, are performed. It is found that the QFLS in the perovskite lies significantly below its radiative limit for all intensities but also that the V OC is generally lower than the QFLS, violating one main assumption of the Shockley-Queisser theory. This has far-reaching implications for the applicability of some well-established techniques, which use the V OC as a measure of the carrier densities in the absorber. By performing drift-diffusion simulations, the intensity dependence of the QFLS, the QFLS-V OC offset and the ideality factor are consistently explained by trap-assisted recombination and energetic misalignment at the interfaces. Additionally, it is found that the saturation of the V OC at high intensities is caused by insufficient contact selectivity while heating effects are of minor importance. It is concluded that the analysis of the V OC does not provide reliable conclusions of the recombination pathways and that the knowledge of the QFLS-V OC relation is of great importance. J J qV n k T radiative recombination current J rad...