OFEs transfer PLN 3.16 bln to ZUS after Q3

Private pension funds OFEs transferred PLN 3.16 billion to the social insurance board ZUS under the pre-retirement asset shift at end-Q3. In the same period, OFEs received PLN 2.52 billion in transfers from ZUS. According to the changes to the pension system introduced in 2013, each OFE member will have their assets transferred from their pension fund to ZUS over the 10-year pre-retirement period. ZUS will handle eventual benefits payments. The government claimed that such gradual mechanism would largely protect pension savers against fluctuations on the capital markets.