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The Warsaw Voice » Business » March 7, 2018
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Polish government and pension plans
March 7, 2018   
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Polish state authorities see the new employer-sponsored and state -subsidized pension plans PPK as "the most serious" concept for building a universal voluntary private pension system in Poland, state fund PFR head Paweł Borys, in charge of the program, said for the daily Parkiet. Competition from employee pension plans, an alternative to PPK, will rather be slight, Borys expects. The introduction of PPK should result in creating a very strong base of local institutional investors, with long-term investment horizon and fewer limitations on their investments then in the case of private pension funds OFE. Polish government hopes that more than half of Poles will decide to join PPK pension plan and that share will rise once the trust in the new system strengthens, he reiterated.
The government is also working on the transformation of private pension funds OFE, but the upcoming reform must avoid the risk of equity sellout on the Warsaw Stock Exchange (WSE), state investment vehicle PFR head Pawel Borys said. The current proposal assumes imposing a requirement for OFE to invest a fixed 75% share of their AuM in Polish equities. Should OFE have somewhat more shares, part of these shares would be transferred to the demographic reserve fund FRD.
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