LEADER 03722oam 22006855 450 001 9910784071803321 005 20200520144314.0 010 $a1-280-94030-1 010 $a9786610940301 010 $a0-8213-7120-7 024 7 $a10.1596/978-0-8213-7119-0 035 $a(CKB)1000000000289693 035 $a(EBL)459669 035 $a(OCoLC)506982655 035 $a(SSID)ssj0000085959 035 $a(PQKBManifestationID)11122051 035 $a(PQKBTitleCode)TC0000085959 035 $a(PQKBWorkID)10025777 035 $a(PQKB)11627356 035 $a(MiAaPQ)EBC459669 035 $a(Au-PeEL)EBL459669 035 $a(CaPaEBR)ebr10180742 035 $a(CaONFJC)MIL94030 035 $a(OCoLC)935270965 035 $a(The World Bank)156851285 035 $a(The World Bank)ocn156851285 035 $a(US-djbf)14969170 035 $a(EXLCZ)991000000000289693 100 $a20070816d2007 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aCompetition and performance in the Polish second pillar /$fHeinz Rudolph, Roberto Rocha 210 1$aWashington, D.C. :$cWorld Bank,$d2007. 215 $av, 53 pages $cillustrations ;$d26 cm 225 0 $aWorld Bank working paper ;$x1726-5878 ;$vno. 107 300 $aDescription based upon print version of record. 311 $a0-8213-7119-3 320 $aIncludes bibliographical references and index. 327 $aContents; 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 330 3 $aThis paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. The paper suggests that, with the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines the products and options that authorities may consider for the design of the payout phase. 410 0$aWorld Bank e-Library. 606 $aPensions$zPoland 606 $aPension trusts$zPoland 615 0$aPensions 615 0$aPension trusts 676 $a363.909172 700 $aRudolph$b Heinz P$0611839 701 $aRocha$b Roberto Rezende$0611838 712 02$aWorld Bank. 801 0$bDJB 801 1$bDJB 801 2$bBAKER 801 2$bDLC 906 $aBOOK 912 $a9910784071803321 996 $aCompetition and performance in the Polish second pillar$93842251 997 $aUNINA