Financial Sector Assessment Program Update : Republic of Poland - Competition and Performance in the Polish Second Pillar
In March 1999, Poland implemented a systemic pension reform that involved the introduction of a multi-pillar pension system to replace the defined benefit (DB), pay-as-you-go (PAYG) system that had been operating since 1949. This technical note on...
| Main Authors: | , |
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2013
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2006/10/18019654/poland-competition-performance-polish-second-pillar-technical-note http://hdl.handle.net/10986/16052 |
| Summary: | In March 1999, Poland implemented a
systemic pension reform that involved the introduction of a
multi-pillar pension system to replace the defined benefit
(DB), pay-as-you-go (PAYG) system that had been operating
since 1949. This technical note on the pension sector was
elaborated as part of the Poland Financial Sector Assessment
Program, or FSAP update that took place in April-May 2006.
The note assesses the structure and performance of the
second pillar, as well as its regulatory and supervisory
framework. The note is structured as follows. Section two
provides an overview of the whole pension system after the
1999 reform, including coverage and fiscal policy in the
transition to the new system. Section three analyses the
structure and performance of the second pillar, including
asset growth, portfolio composition, investment returns, and
fees. Section four examines the regulatory and supervisory
framework for the second pillar. Section five analyzes
briefly the status of capital market development and the
main obstacles to the further development of financial
instruments suitable to pension funds. Finally, section six
provides a number of policy recommendations. |
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