Capital pension system legislation to be ready soon – Morawiecki

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Poland wants to draft the legislation which will rvamp its capital pension savings system by the turn of Q2 and Q3, deputy PM Minister Mateusz Morawiecki said. “Together with the Labor Ministry we are trying to build a mechanism that we outlined a few months ago,” he explained.

According to plans, Poland intends to transfer 25 percent of pension savings currently collected at the Open Pension Funds (OFE) to the state’s Demographic Reserve Fund and convert the remaining 75 percent of OFE assets into private investment funds.

Poland will seek to reduce the concentration of assets in the system as part of the reform Morawiecki said. “The three biggest OFE have 75 percent of assets, while all the others have only 25 percent.”

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