Analysts estimate millions of open pension fund accounts are fraudulent

According to analysts more than a quarter of the pension fund accounts are fraudulent as many of the owners are fictitious or dead. About 2.8 million pension fund accounts have as yet not recorded any income, making 26.65% of the market virtually dead. Sebastian Bojemski, the spokesman for the Pension Fund Supervisory Office (UNFE) says, "There is little chance for improvement of the situation as long as the insurance agents keep producing false contracts." Moreover, the Social Insurance Company (ZUS), the only institution potentially capable of verifying the insurance contracts, cannot do so because of an inadequate information management system. ZUS has already recorded 790,000 cases of multiple pension fund subscriptions. This should be considered a serious threat to pension fund profitability, since according to banking experts, the number of accounts guaranteeing reasonable profit is 400,000. (Prawo i Gospodarka, page 1, 9)