The draft amendment of the open pension fund (OFE) law will be examined by the lower chamber of the Polish parliament (Sejm) in the mid-November, according to vice-premier and minister of finance Jacek Rostowski.
The minister stressed that the government wanted to keep all equities in open pension funds allowing the funds to continue to invest and to support the real economy.
At the beginning of September, the government proposed to move bond portfolios of 13 existing pension funds to the state Social Security Board (ZUS) and to lift hurdles on the funds' investment programmes, also eliminating their benchmarks. Poles will have three months (after the changes take effect) to choose whether they want to transfer their old-age pension contribution (proposed at 2.92% of gross wages vs. current 19.52%) to the fund or ZUS. If they make no decision, they will be transferred to ZUS by default.
Co-founders of the pension reform, conducted in 1998 in Poland, i.e. Jerzy Buzek, Jerzy Hausner and Leszek Balcerowicz are highly critical about the planned changes .
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