The purpose of this article is to investigate the technical efficiency of Indian pension funds using data envelopment analysis (DEA) and to assess the reasons of inefficiency if any. This article analyzes the efficiency performance of all the pension funds available to Indian subscribers from the year 2015–2019 using radial measurers (BCC) of DEA based on secondary data collected from the annual reports of New Pension System Trust. Findings indicate that the average efficiency of Indian pension funds was 75.38% and this sector experienced overall stability in the average efficiency levels during the study period. Almost 40% of the pension funds operated efficiently in one or more years during the study period. The minimum slack was found in the input “expense ratio.” This confirms that risk associated with investments is the cause of inefficiency and not the expense ratio in the Indian pension sector. Tobit regression is applied to explore the main drivers of efficiency in the India pension funds. The study finds that fund size has positive association with the efficiency of the pension funds. Public sector funds were more efficient than the private sector funds. This study is first of its kind that has assessed the efficiency of Indian pension funds. The study brings into light the operating characteristics and efficiencies of the Indian pension funds for the period 2015–2019 and therefore holds important insights for policy makers, practitioners, and decision-makers.

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养老基金的效率评估：来自印度的证据

本文的目的是使用数据包络分析 (DEA) 调查印度养老基金的技术效率，并评估效率低下的原因（如果有）。本文基于从 New Pension System Trust 年度报告中收集的二手数据，使用 DEA 的径向测量器 (BCC) 分析了 2015 年至 2019 年印度订阅者可用的所有养老基金的效率表现。调查结果表明，印度养老基金的平均效率为 75.38%，该部门在研究期间的平均效率水平总体稳定。在研究期间，近 40% 的养老基金在一年或多年内有效运作。在输入的“费用比率”中发现了最小松弛。” 这证实了与投资相关的风险是效率低下的原因，而不是印度养老金部门的费用率。Tobit 回归用于探索印度养老基金效率的主要驱动因素。研究发现，基金规模与养老基金的效率呈正相关。公共部门基金比私营部门基金更有效率。这项研究首次评估了印度养老基金的效率。该研究揭示了 2015-2019 年期间印度养老基金的运营特征和效率，因此为政策制定者、从业者和决策者提供了重要的见解。Tobit 回归用于探索印度养老基金效率的主要驱动因素。研究发现，基金规模与养老基金的效率呈正相关。公共部门基金比私营部门基金更有效率。这项研究首次评估了印度养老基金的效率。该研究揭示了 2015-2019 年期间印度养老基金的运营特征和效率，因此为政策制定者、从业者和决策者提供了重要的见解。Tobit 回归用于探索印度养老基金效率的主要驱动因素。研究发现，基金规模与养老基金的效率呈正相关。公共部门基金比私营部门基金更有效率。这项研究首次评估了印度养老基金的效率。该研究揭示了 2015-2019 年期间印度养老基金的运营特征和效率，因此为政策制定者、从业者和决策者提供了重要的见解。