With the growth of private and public defined contribution (DC) pension plans around the world, market rates of return should increasingly play a large role in the retirement patterns of individuals. The reverse could, however, also be true - i.e., a country's population demographics could...

This paper presents an analysis of pension funds' performance in Poland and Hungary, two Central European countries characterized by strong regulation of their private pension fund industries. Thus, the paper extends the literature which has so far mostly focused on performance of pension fund...