Analysis and Evaluation of Measurement Methods of Investment Efficiency of Open Pension Funds in Poland

The article concerns the issue of investment policy – the increasingly discussed effi-ciency of the Open Pension Funds (OPFs). There are many methods elaborated in the lit-erature on evaluation of the efficiency of the funds but, unfortunately, the basic ones are dominant in practice. Less known measures are still not implemented. It is therefore necessary to create a specific measure, representing the efficiency and whose widespread use would help to accurately assess the funds. The purpose of the paper is to present and evaluate measurement methods of invest-ment efficiency of the Open Pension Funds. It contains characteristics of an investment policy and its efficiency, as well as the presentation of the methods of its measurement, their advantages and disadvantages. There were discussed both well-known and com-monly used, as well as those still not very well-known measurements referred to as alter-native and belonging to methods of the extended analysis of investment efficiency.