The paper measures and evaluates technical efficiency among pension fund managers in Chile. Recent pension reform has established pension fund management market in nine countries in Latin America. The new pension providers compete for affiliates on the basis of fees, rates of return, and quality of service, and are subject to extensive regulation. Applying data envelopment analysis to data from Chile 1982-1999, the paper examines issues of efficiency, competition, and regulation. The analysis concludes that pension fund managers operate below the estimated "efficiency frontier", and there is no evidence of a sustained upward trend in technical efficiency over time.