摘要：Administrative costs per participant vary widely across pension funds, even when economies of scale are considered.
Defining potential sources of these costs is important because such costs decrease the rate of return pension funds
achieve on their participants' assets. Consequently, these costs decrease future pensions. This article seeks to gain a
better understanding regarding which other factors impact administrative costs incurred by pension funds using data on
over 200 Dutch pension funds concerning the year of 2015. The study confirms that scale economies were the most
significant indicator of lower administration costs per participant. Furthermore, it is found that the amount of assets per
participant held by a fund had a significant positive relation with costs.
