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EN
This study concerns the Polish pension system reform, a long-run economic process, which could result in significant changes in many sectors of the economy. The authoress aims at analyzing the impact of pension system reform on economic growth when the process of demographic transformation is intensified. She introduces an analytical general equilibrium model, which illustrates capital flows of pension system in the transformation process. It contains the results of simulation research. She concludes that the reform of 1999 prevents the public finance crisis, improves the economic security of an individual, causes favourable changes in capital market, controls the labour market and is conducive to economic development. It is necessary to consider the possibility of raising the retirement age and of an increase in the degree of privatization.
EN
The article attempts to assess the state of the Polish pension system after its functioning for over 8 years. The role and potential of pension funds were analysed in the Polish financial system. The effectiveness of investment policy carried out by funds has been assessed. The answer is given to the question whether open pension funds realise their tasks in the appropriate way and what are the results of the pension system reform in Poland. ,
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