All OFE funds to hit individual retirement accounts this year

The decision to transfer 100 percent of funds accumulated in open pension funds (OFE) to private individual retirement accounts will be taken in April, and the operation itself may be carried out even this year, according to unofficial report by tabloid Super Express.

The newspaper calculates that each of 16 million OFE participants would receive an average of PLN 10,000. OFEs would be transformed into open investment funds, and PTEs in TFIs, i.e. funds would still be managed by the same institutions. Understandably, ZUS would stop subsidizing OFE as well.