EMERYTALNA KATASTROFA PDF

Rethinking Pension Reform. Ten Myths About Social Security Systems. Washington D.C.; Gwiazdowski R. Emerytalna katastrofa. Warszawa Studia i Prace Wydziału Nauk Ekonomicznych i Zarzą-dzania, Gwiazdowski, R. (). Emerytalna katastrofa. Warszawa: Zysk i S-ka. Iwanik, J. (). Emerytalna katastrofa i jak się chronić przed jej skutkami by. Robert Gwiazdowski · (shelved 1 time as ) avg rating — 8 ratings — published

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Poland was among the first European countries to reform the pension system due to significant demographic changes. Infurther regulations were passed and, after a short delaythe reform was implemented in and The new multi-pillar system was based fully on the Defined Contribution model. The new pension system comprised three components: The kaatstrofa two were mandatory, whereas the third one was voluntary.

The first component was based on PAYG mode, while the other two were fully-funded. Inthe system was emfrytalna by adding a fourth Defined Contribution, emerytana, fully-funded component — Individual Retirement Accounts. Katasrrofa new mandatory system covers all insured persons born afterbut people born before then were able to choose between splitting their old age contribution between the Social Security Fund and an Open Pension Fund, or transferring their whole emeryttalna age contribution to the Social Security Fund.

The accrued rights of people covered by the pension reform who used eemrytalna work before the end of were recognized as initial capital in the PAYG DC component. The pension reform originally covered both private and public sector workers and also new members of military and similar services. But sincesteps were taken to exclude some groups from pension reform. All members of military and similar services were excluded from the common system even if they joined such services after the start of pension reform.

Prosecutors were also excluded from the common system and the solution which was given for judges was also extended to prosecutors. The number of workers entitled to this solution was limited in aktastrofa to the pre-reform system. In addition to this, teachers were offered special concessions. Ina periodic extraordinary regulation was accepted, by which fmerytalna contributions to Open Pension Funds were transferred to them in the form of special Emefytalna and not in cash.

From time to time, some significant changes were made in the regulations related to Open Pension Funds. Immediately prior to Poland joining the EUEurostat issued in March an interpretation of the ESA95, according to which, arrangements based katatrofa the DC mode shall not be treated as a part of the social security system.

Based on this interpretation, transfers to Open Pension Funds are treated as transfers increasing the public deficit. T-bonds held by Open Pension Funds also increase the public debenture.

This means that in order to fulfill the Maastricht criteria, Poland must have a budgetary deficit which is about 2 percentage points lower than those countries which did not reform their pension systems.

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The EU has not accepted any Polish attempt to change this situation, except a temporary solution, by which Poland had the right to include such transfers not from the beginning in total amounts. Also ina special solution was implemented, related to the pay-out phase for women in the age range.

As the retirement age for men is 65 but for women is 60the first women katastrfa to the old age benefit from the new pension system could retire from January onwards, while the first men entitled to old age benefit from the new pension system will retire not earlier than January There is still a lack of regulation related to annuities.

The first draft related to annuities was proposed inbut it was not accepted until the end of the parliamentary period in Then for a long time the discussion phase was ongoing in which katasrrofa concepts were presented or initial draft laws were prepared.

However, none of them have been finalized since then.

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Inthe government was closest to finalizing the regulation, when the law related to this issue was accepted by Parliament, but vetoed by the President. The financial crisis, which started in in US and spread throughout the world, so far has not affected Poland in a significant way.

But also in Poland some serious problems were created by the crisis. Slower GDP growth but not recession has led the government to increase the public deficit and the public debenture in relation to GDP.

As a result, Poland is no longer in line with the Maastricht criteria. Also, Open Pension Funds lost a major part of the profits earned for their members before the crisis. Due to high market concentrationthere is a lack of price and investment competition between Open Pension Funds.

All these factors were referred to by the Ministry of Labor in close cooperation with the Ministry of Finance to propose in and significant changes to the pension system. The latest proposal by the Ministry of Labor includes not only a significant reduction in the part of the old age contribution that is transferred to Open Pension Funds but also an increase in the part of the contribution used for financing the PAYG scheme.

Another element of this proposal is the regulation of the old age pay-outs fully as PAYG scheme including also part of the old age benefit which is based on savings in Open Pension Fundsallowing the early transfer of the funds from Open Pension Funds to the PAYG scheme and allowing a lump sum payment in for the members of Open Pension Funds entitled to old age benefit not lower that twice the minimum old age benefit.

If the changes proposed by the Ministry of Labor are accepted by the government and Parliament, the shape of the Polish pension system will be significantly modified.

The new shape of the mandatory pension system proposed by the Ministry of Labor will be DC, fully PAYG, with an option to choose an investment of a small portion of the old age contribution on a funded basis only during the saving phase. This new shape of system and the change in the role of Open Pension Funds will open further discussions about the regulations related to Open Pension Funds.

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Those entities will no longer be a fundamental part of the pension system, which shall guarantee diversification between labor and financial markets. The natural consequence of reshaping the system, in the way proposed by the Ministry of Labor, may be the liquidation of Open Pension Funds or withdrawal from restrictive regulations related to their activity.

The issue of opening this segment of the market also to ordinary investment funds may arise, especially if savings in Open Pension Funds are no longer mandatory. After such changes, the Polish pension system will probably be much less transparent than it is currently.

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The Polish economy may lose part of its stability guaranteed by the assets of Open Pension Funds. However, the Polish statistics may look better than at present, as the long term pension liabilities will not be recognized as a part of the balance sheet. Those steps will not solve the main problem: The birth rate in Poland is one of the lowest in Europe.

It now appears that due to a strange statistical interpretation of Eurostat from that DC schemes are not part of the social security systemthe pension reform will be reduced to shift from the DB to the DC mode only without securing financing of the payouts of benefits when the relation between workers and retirees is worst than now.

This text represents personal view of the author, not necessarily the opinion of the institution in which the author is employed. Reforma emerytalna w Polsce. Czego potrzeba polskiemu systemowi emerytalnemu?

– walka z zusem to nie jest jakaś heca

O systemie emerytalnym raz jeszcze. Kary za naruszenie art.

Nowelizacja ustawy o organizacji i funkcjonowaniu funduszy emerytalnych: Co dalej z OFE? Jeszcze raz o polityce inwestycyjnej OFE i dyskusji na ten temat.

OFE a instrumenty pochodne. Otwarte fundusze emerytalne a instrumenty pochodne. Rachunek premiowy i co z tego wynika. Subkonto w ZUS a dziedziczenie.

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Polish Pension Reform — Lost Decade? Copyright c pawelpelc.