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The Warsaw Voice » Business » November 14, 2013
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Poland removes equity allocation floor for pension fund assets in revised bill
November 14, 2013   
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The Polish government dropped plans to have privately managed pension funds maintain a minimum equity allocation of 75% after a pending overhaul, a revised version of the bill published online shows.

A clause which had introduced such a floor was removed from the updated version.

A government document listing the government's response to feedback submitted by social partners on the bill says that requests to drop the 75% floor had been "taken into account."

The bill does, however, retain the cabinet's right to set investment limits by asset class for the pension funds, within the framework of a series of such limits already set out in the bill itself.

The new version of OFE bill also extends periods for Poles to choose between sending all premiums to ZUS or portions of them to pension funds.

Poles will have four months from April 1, 2014 to July 31, 2014 to chose if their future premiums will be sent in their entirety to ZUS or if a portion will be sent to OFE. Also, labor market entrants will have four months to chose between pure ZUS pension or OFE/ZUS pension mix. Poles will have an opportunity to reverse the choice for four months in 2016 and for four months every four years after 2016. The previous bill version envisaged three-month selection periods.
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