OFEs transfers PLN 630 mln to ZUS in June

Private pension funds OFE transferred PLN 630.1 million to the Social Security Fund ZUS under the pre-retirement asset shift in June. In the other direction, PLN 248.9 million in premiums were transferred. Under the Polish law, each OFE member has their assets transferred to ZUS over the 10-year pre-retirement period, with the latter handling eventual benefit payments. At the same time, OFEs still receive a portion of the monthly social security premiums from those who opted to remain in the OFE pension fund system. This mechanism was introduced to protect pension savers against fluctuations on the capital markets.