Competition and Performance in the Polish Second Pillar

Rudolph, Heinz ; Rocha, Roberto

Washington, DC:World Bank

关键词: ACCOUNT HOLDERS;    ACCOUNTING;    ASSET CLASS;    ASSET CLASSES;    ASSET MANAGEMENT;   

DOI  :  10.1596/978-0-8213-7119-0
RP-ID  :  40537

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper provides an assessment of thePolish funded pension system and the quality of theregulatory framework for the accumulation phase. There aretwo elements that distinguish the Polish pension fundportfolios from other reforming countries': therelatively high component of domestic equity, and thenegligible component on international securities. Althoughthis asset allocation has provided relatively high realrates of return in the past, it may not be the case in thefuture, as further portfolio diversification to otherinstruments will become necessary to ensure sustainablerates of return. The paper provides a number ofrecommendations to expand the opportunities of investmentsto pension funds. The paper finds that pension fundmanagement companies have been able to exploit scaleeconomies in certain areas of the business, such ascollection of revenues, and proposes to study mechanisms toenhance them even more by centralizing also the accountmanagement system, which may also help to increase portfolioefficiency and competition. The paper suggests that, withthe payout phase starting in 2009, broad definitions inareas such as the role of the public and private sector needto be established. The paper examines products and optionsthat authorities may consider for the design of the payout phase.