Poland to start consultations on private pension funds reform bill
October 4, 2013
Poland's Finance Ministry will submit the bill reforming the functioning of the country’s privatized part of the pension system to social consultations this or next week, Finance Minister Jacek Rostowski told radio audience Thursday morning.
"The bill will be sent to consultations this or next week," Rostowski told news radio station TOK FM.
At issue are Poland's plans to roll back its 1999 partial privatization of the social security system, sending the portion of the private pension funds (OFE) invested in Treasury bonds (estimated at 51.5% of OFE assets) back to the social security system and making further participation in the system optional. Investment in Treasury papers will be prohibited.
Poles will be allowed to verify their choice between OFE and state insurer ZUS after two years from the initial decision and such windows of opportunity will be made available at regular intervals of time, Rostowski also said Thursday morning.