The paper aimed at assessment of the implemented and proposed changes in the legal environment governing operation of the pension funds in Poland. That included the legislative process in which the legislator approved the solutions aiming at improvement of competitiveness, decrease of costs of the existing system and increase of profitability in the pension funds market. The presented changes (innovations) clearly privileged the position of members in open pension funds. They decreased the fund management fee depending on the volume of assets. The bonus account was established from which the best PTE's can obtain additional profits. The contribution fee was decreased and unified. The negative direct influence of the largest pension funds on the weighted average rate of return was decreased. Additionally, new concepts aiming at streamlining the pension system are developed. They include the e.g. expanding the funds investment opportunities (e.g. in real property) and decreasing the limitations concerning foreign investments.