Estonia's pension funds have placed at the bottom of the performance chart in an OECD report covering 30 developed countries during the 2008-2012 period.
Rather than growing during the period, the funds declined in value by 5.2 percent, reported Eesti Päevaleht.
The report highlighted the paradox between the high cost of managing the funds and the weak returns.
The analysis noted that prices in Estonia grew faster than in other OECD countries during the crisis, which seriously bit into real income.
Representatives of banks pointed out that the nation's pension funds are heavily based on stocks, which can lead to huge growth when times are good, but also makes any potential fall all the more painful.