Abstract. In this paper we consider the problem of calculating the resultant and individual effectiveness of Open Pension Funds. In the Polish law there exists a definition of the average rate of return of a group of pension funds which, as it was proved by Gajek and Kałuszka (2000), does not satisfy some economic postulates. These authors proposed another definition of the average rate of return. In this paper we discuss new definitions presented in the papers of Gajek i Kałuszka (2001), Białek (2005). We compare all definitions. Several properties of the average rate are discussed. In particular, it is shown that the average rate of return is a martingale provided the prices of assets on financial markets form a (vector) martingale and provided some additional condition is satisfied. The second part of the article is devoted to the construction of the measure of a given one fund. This measure is based on the author’s proposition of the price index and it seems to be a proper tool for ranking of funds.

1. FULLTEXT: The resultant and individual effectiveness of open pension funds, Microsoft Office Document, 0.4MB
2. FULLTEXT: The resultant and individual effectiveness of open pension funds, Microsoft Office Document, 0.4MB

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1. Simulation of the amount pension payments from the second pillar
2. Taxonomic analysis of the similarity of OPFs investment portfolios during the downturn in the financial markets (in years 2007-2008)