Pension fund benefits are crucial for the welfare of many in society and pension fund savings have accumulated such huge amounts that they now constitute a major part of world-wide institutional investments. However, the literature on pension fund economics and finance is rather limited, caused, in part, by limited availability of data. This book contributes to this literature and focuses on two important areas: pension fund efficiency and investment behaviour.

Inefficiency in pension fund administration and investments have a huge impact on their final benefits, particularly when...