03722oam 22006855 450 991078407180332120200520144314.01-280-94030-197866109403010-8213-7120-710.1596/978-0-8213-7119-0(CKB)1000000000289693(EBL)459669(OCoLC)506982655(SSID)ssj0000085959(PQKBManifestationID)11122051(PQKBTitleCode)TC0000085959(PQKBWorkID)10025777(PQKB)11627356(MiAaPQ)EBC459669(Au-PeEL)EBL459669(CaPaEBR)ebr10180742(CaONFJC)MIL94030(OCoLC)935270965(The World Bank)156851285(The World Bank)ocn156851285(US-djbf)14969170(EXLCZ)99100000000028969320070816d2007 uf 0engurcn|||||||||txtrdacontentcrdamediacrrdacarrierCompetition and performance in the Polish second pillar /Heinz Rudolph, Roberto RochaWashington, D.C. :World Bank,2007.v, 53 pages illustrations ;26 cmWorld Bank working paper ;1726-5878 ;no. 107Description based upon print version of record.0-8213-7119-3 Includes bibliographical references and index.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; ReferencesThis 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.World Bank e-Library.PensionsPolandPension trustsPolandPensionsPension trusts363.909172Rudolph Heinz P611839Rocha Roberto Rezende611838World Bank.DJBDJBBAKERDLCBOOK9910784071803321Competition and performance in the Polish second pillar3842251UNINA