OFEs transfers PLN 747.4 mln to ZUS in January

Private pension funds OFE transferred PLN 747.7 million to the Social Security Fund ZUS under the pre-retirement asset shift in February. In the other direction, PLN 227.2 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.