If you put on a special retirement account 100 zł per month (1200 zł per year), it’s about half that sum will be able to increase the amount of tax-free in the annual PIT settlement. And when you reach 60 (men) or 55 (women), but you already have a pension, then you set aside the money you can withdraw without the so-called. Belka tax, PIT or any other. These are the main features of the Act on the Retirement Savings Accounts (ECO), which presented the Financial Supervision Commission (KNF). The Commission also assumes that payments to EKO could be increased by 50 zł paid by the employer. And he could count his contribution to the deductible and do not count against the base of social security contributions for workers with EKO.
“Knowing that after retirement occurs relative decline in revenue, although widespread, however, usually consciousness itself is not enough to ensure that people working systematically to set aside additional funds for old age “- are currently in the development of the Financial Supervision Authority.
Three failed attempts
the Commission points out that the Individual Pension Accounts (IKE) opened so far about 860 thousand. people, but the payments made roughly every third. Individual Accounts pensions (IKZE) is less than 600 thousand., And payments hit 24 percent. However, in the Occupational Pension Schemes (PPE) involved 393 thousand. people.
“(…) the lack of wider participation in accessible formats additional saving for retirement in Poland is not a phenomenon inevitable. The high burden of employers and employees contributions paid to the base, a mandatory part of the pension system does not rule out the possibility of increasing the share of voluntary and an additional pillar of the pension system. It seems that the key to solving the problem is appropriate to construct forms of additional savings for retirement, which incorporates essential for saving tax incentive and functioning of that saving skłaniałyby mainly people on average and less earning “- says KNF.
I believe that this objective can be achieved by EKO. Like other forms of fully voluntary saving for retirement, this could also be carried out by investment funds, brokerage houses, insurance companies and banks. A new feature would allow to conduct EKO pension fund. In this case, the account would be a form of separated accounts in pension funds. In the event of the death of saving money from all kinds of EKO they would be inherited without the inheritance tax.
The replacement rate
KNF proposes to IKE, IKZE and PPE continued to operate. It is assumed that by adding EKO contributions to ZUS and OFE new account after 25 years of regular postponing retirement would raise by 10-15 per cent., And after 35 years of 15-23 per cent. Higher thresholds take into account the contribution of the employer.
It is important, however, the replacement rate, ie the ratio of salary to a pension at the end of the activity.
– Of course you should not strive for the replacement rate of 100 percent. because in such a system, we would have a lot of savings and retirement living costs are lower. You do not need to keep children, pay off loans, but come expenditure on drugs. It seems that the replacement rate of 60 percent. it is quite in order. It is similar in current retirees. Of course there are people with very low benefits, but this is a separate issue. In the case of a system based on the first and second pillar various estimates suggest that retiring at the age of 67, you will however count on the replacement rate of about 40 percent. The question is whether we accept it as future pensioners – says Wiktor Wojciechowski, chief economist Plus Bank.
What about the idea of KNF think TFI, OFE and brokerage houses will learn from Thursday’s Puls Biznesu.
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