Pension scheme fees and charge ratios in 44 countries: A comparative study

Abstract

Based on data received from pension supervisory authorities, the article reviews 85 different pension schemes in 44 jurisdictions by looking at fees and charges as well as their legal ceilings and their development since 2014. A key finding is the observed decrease in fees and caps. The article presents jurisdictions according to clusters, i.e. by groups of countries with identical or very similar items already covered by pension fees, and analyses the extent to which various cost and fee elements are covered by fees charged to members. Finally, we calculate charge ratios for each cluster to quantify the impact of fees and charges on pension savings. Occupational defined contribution pension schemes and personal plans linked to employment tend to be much more cost effective than personal schemes that have no direct employment link.Liquid funds/stock funds. The maximum fees on assets of other funds are included in this range.

Deficiencies in the Supplementary Pension Market in Poland From the Perspective of Regulatory Policy

“…Previous studies on the functioning of the supplementary pension system in Poland have focused on detailed analysis of the pension system architecture, participation rates and the amount of contributions paid, accumulated funds and projected benefit levels [Adamska-Mieruszewska andMosionek-Schweda 2015, Jedynak 2017]. Some analyses also refer to the characteristics and effects of tax incentives [Rutecka 2014, Rutecka-Góra 2019a, costliness [Han and Stańko 2020] and the efficiency of products [Berthon et al 2014, Marcinkiewicz 2015, Szczepański and Brzęczek 2016, Dopierała 2017, Šebo and Voicu 2018, Sołdek and Stachnio 2018. However, there are no analyses assessing the impact of the regulations applied on the proper functioning of supplementary pensions, especially from the point of view of savers.…”