0 a service where financial experts invest the money of many people in many different companies --
1 a company that sells shares to the public and invests the money obtained in many different companies or lends it to governments --
2 → unit trust --
A population of rules is maintained in the same way that real investors might chose an advisor or actively managed mutual fund.
Defined contribution liabilities resemble more closely those of a mutual fund, having no guarantee element.
Trading rules can be thought of as hiring a mutual fund advisor, or an investment newsletter.
The same trend has been observed in mutual fund fees and expenses, as indicated in several recent industry publications.
Mutual fund expenses and investment costs of pension funds are different.
The pension system is approximately seven times larger than the mutual fund system.
However, drawing income directly from individual mutual fund accounts provides no pooling of longevity risk.
Given the empirical evidence on mutual fund performance, we expect costs to have an important influence on pension fund performance.
