摘要：The pension funds show us the alternative to the unfunded systems. This is the reason for long-terming attention. Disadvantages of funds financing include problems as indexation, inflation, or administrative and investment costs, which are decreasing the future profit for pensionary and efficiency of pension funds. This study aims to describe and analyse the administrative and investment costs and the determinants that affect these costs. The method of literary research and search of professional studies focused on empirical analysis of administrative and investment costs is used. Furthermore, the method of analysis and synthesis is used. The result of this study is an indication of the content and significance of costs and the definition of the main determinants influencing these costs. A prerequisite for the quality functioning of pension funds is the organization of the labor market and a high share of active participants. Determinants that increase costs include the number of participants in pension funds and total assets, the guarantee of income by the pension fund, and some investment instruments. Based on a search of empirical studies, the existence of economies of scale was confirmed. The limit of the study is the comparison of several countries where different legislation operates.
