The thesis examines various parameters of pre-funded pension systems with individual accounts that are in some aspects mandatory. Instead of describing such systems comparatively in detail, rationale of some of the system design choices is discussed. Main focus is on institutional design, cost containment and investment regulation. It is argued that given the mandatory nature of such systems, governments should seek to regulate them in ways that promote cost-effectiveness, while allowing for meaningful investment return on system assets. Also, where sound, adequate use should be made of existing industry and regulatory structures as a cost-containment and confidence-building measure.