| dc.description.abstract | The administration of Closed Supplementary Pension Entities (EFPC) show differences by themselves. Mainly related to their administrative costs, which is one of the premisses in the calculation of future benefit, affecting the participants' retirement and future. The administrative cost is one of the factors that reduces rentability, causing the reduction of the investment return tax. Due to the importance of administrative costs, it was approved in 2009 by the regulator organ - The National Superintendence of Pension funds (PREVIC), the resolution CNPC n. 29, which determine the rules and the deadlines to framework to the pension funds that present administrative costs index above the limits treated in this resolution. Thus, this research analyses which factors are related to the administrative costs, using a sample with information released by the PREVIC from EFPC, from the exercises from 2005 to 2013. Were analysed 235 EFPC for year. The methodology used estimations with Ordinary Least Squares (OLS) estimations, and fixed or random effects panel, with a total of 2.115 observations. In this way, the study concludes that the total investment, the rentability and the number of participants are statistically related to the total of administrative costs. In other words, the raise of these variable explains the raise in the administrative costs, which presented a growth in smaller proportions than the explanatory variables, proving the existence of economies of gains in this market. It was verified too, through descriptive analysis, agency problems in the entities of public sponsorship in relation to the private sponsorship entities. It is concluded in the end of the study that there is a direct relation from the explanatory variables with the administrative cost, with economies of scale presented as a viable alternative in the management of pension funds that have high administrative costs. | en |
