The concern with the long term viability of most of existing government-operated pension systems, due to demographic changes, have led to various proposals for pensions reform, many of which have already been put into action. However, pension reform remains a highly controversial issue due to its complexity. This article brings attention to the management performance issue concerning funded systems. Detailed evidence and discussion is given to both investment performance results of public pension reserve funds, within the Social Security system, and to private pension funds in Portugal. Policy implications are also analysed and discussed.peer-reviewe
