1.

Record Nr.

UNINA9910784071803321

Autore

Rudolph Heinz P

Titolo

Competition and performance in the Polish second pillar / / Heinz Rudolph, Roberto Rocha

Pubbl/distr/stampa

Washington, D.C. : , : World Bank, , 2007

ISBN

1-280-94030-1

9786610940301

0-8213-7120-7

Descrizione fisica

v, 53 pages : illustrations ; ; 26 cm

Collana

World Bank working paper ; , 1726-5878 ; ; no. 107

Altri autori (Persone)

RochaRoberto Rezende

Disciplina

363.909172

Soggetti

Pensions - Poland

Pension trusts - Poland

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references and index.

Nota di contenuto

Contents; Abstract; 1. Introduction; 2. Overview of the Polish Pension System; List of Tables; List of Figures; 3. Structure and Performance of the Second Pillar; 4. Main Regulatory and Supervisory Issues; 5. The Domestic Capital Market; 6. Recommendations for Improving the Performance of the Second Pillar; Appendix; References

Sommario/riassunto

This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help



to increase portfolio efficiency and competition. The paper suggests that, with the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines the products and options that authorities may consider for the design of the payout phase.