The purpose of the article is to present and discuss the most important changes in the Polish pension system implemented in 2011–2013 — in particular regarding its capital part. The first part of the article describes the main legal changes introduced in the analysed period, and the second part focuses on their impact on the effectiveness of investments made by open pension funds. The analysis shows that analyzed legal changes can negatively influence not only the sector of open pension funds itself (and their investments), but also the long-term financial stability of the Polish pension system.
The article presents the main problems concerning the methodology of counting the value of Polish public debt and pension contributions’ transfers to open pension funds (OPF). It also includes simulation results, which helps to compare the increase in Polish general government debt due to transfers of pension contributions to OPF with the potential increase in hidden pension liabilities (in case of transferring pension contributions only to The Social Security) and the value of OPF’s net assets in 1999–2013.
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