Assessing the efficiency of occupational pension funds in Greece

Xakousti Chrysanthopoulou (), Athanasia Mavrommati () and Athanasios Migdalas ()
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Xakousti Chrysanthopoulou: Aristotle University of Thessaloniki
Athanasia Mavrommati: University of Patras
Athanasios Migdalas: Luleå University of Technology

Operational Research, 2023, vol. 23, issue 4, No 11, 30 pages

Abstract: Abstract In countries like Greece where long-term fiscal imbalances and bailouts are to a large extent attributed to particularly high pension expenditures as a share of Gross Domestic Product (GDP), (e.g., 15.5% of GDP in 2017) (pre)funded pension schemes are expected to play an important role. This is the first study that analyzes the technical efficiency of occupational pension schemes in Greece by applying the methodology of Data Envelopment Analysis on a sample of sixteen decision-making units for the period 2017–2020. The study also provides up-to-date information on the spread of occupational pension schemes in Greece. The results indicate that one out of two Greek occupational pension funds operated fairly efficiently and that the sector displayed a considerable variation and a systematic upward trend. Total equity and debt are the main determinants of occupational pension funds’ efficiency, followed by total assets and operating expenses. Furthermore, scale acts as a restriction on the efficient performance of small occupational pension funds. These findings imply a need for resource reallocation (e.g., reduction of the level of inputs used) and for favoring economies of scale (e.g., through the operation of ‘open’ pension funds).

Keywords: Data envelopment analysis; Greece; Occupational pension funds; Pension system; Technical efficiency (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s12351-023-00807-4

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