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Economies of Scale and Pension Fund Plans: Evidence from South Africa

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  • Albert Touna Mama
  • Neryvia Pillay
  • Johannes W. Fedderke

Abstract

The focus of this paper is on the presence of economies of scale in administering pension funds. We make use of a unique dataset with extensive information on South African retirement funds from 1996 to 2006. For almost fifty years now, South Africa has operated under a system with small social security beneÂ…ts but with considerable options and freedom to long-term savers. The dataset contains aggregate information for various fund types, fund classes, as well as different benefit structures. Estimates of a translog cost function provide evidence of unused economies of scale in the industry. We also find that established funds have a substantial cost-advantage over young funds.

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Bibliographic Info

Paper provided by Economic Research Southern Africa in its series Working Papers with number 214.

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Length: 19 pages
Date of creation: 2011
Date of revision:
Handle: RePEc:rza:wpaper:214

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Related research

Keywords: Economies of scale; DeÂ…ned contribution; Pay as you go; Learning-by-doing; Annuitization;

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