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Theoretical and Applied Economics
No. 3 / 2019 (620), Autumn

Assessing the performance of Pillar II in Romania – time weighted versus money weighted rate of return

Bogdan Andrei DUMITRESCU
The Bucharest University of Economic Studies, Romania
Andreea Elena DRAGHIA
The Bucharest University of Economic Studies, Romania

Abstract. Adequate and complete reporting of the return rates for pension funds is of utmost importance for the success of the second pension pillar. This paper points to the limitations of the current way of reporting the returns by the Romanian pension funds administrators, given by the exclusive use of the time weighted rate of return and argues for the merits of jointly using an alternative indicator, namely the money weighted rate of return. Both return indicators are calculated in nominal and real terms over the 2008-2018 periods and also for various sub-samples, the results pointing to relevant differences.

Keywords: pension funds’ performance, money weighted rate of return, time weighted rate of return, Pillar II, Romania.

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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