Photo: Jacek Turczyk / PAP
“We would just like in mature economies, the third pillar of the pension was built based on the contribution of employers, employees and the state – in roughly equal amounts. The stimulus from the state to be tax credits for long-term retirement savings, “- said Morawiecki.
According to him, workers capital plans are likely to significantly strengthen the capital market in Poland. Morawiecki calculated that if the PKK przystąpiłoby 75 percent. eligible, ie approx. 5.5 million people, is the premium of 4 per cent., after several years of operation of the system on the market could hit every year, 12 billion zł. “in the case of contributions in the amount of 7 percent. the capital market would be set aside annually 22 billion zł, which would be a big injection of the capital market “- said Deputy Prime Minister.
“But this proposal is not only beneficial for the economy – will be felt mainly old age pensioners, for example, earning the national average with the maximum amount of the contribution to the pension PPK will be up to 2,400 zlotys higher “- reported.
Morawiecki said that the proposal to transfer 75 percent. assets of the funds to the IRA is actually the liquidation of the second pillar associated with OFE and replace it with savings in the third pillar managed by TFI.
” Our intention is to save the third pillar brought real gains for future pensioners. This will be achieved through genuine competition between TFI “- said Deputy Prime Minister. According to him, the competition between OFE does not and, even without the proposed changes, it will not. “The OPF in 2014 affected 8.3 billion, but at the same time their operation cost in the same year up to 2 billion zł” – pointed out.
“due to the slider mechanism (ie, gradual transfer of money from OPF to ZUS from 10 years before retirement – PAP) OFE lose their raison d’être, is a business in decline. Currently, more of the system flows, than it affects “- said Morawiecki.
When asked whether contributions, which today are passed to pension funds – in the case of insured persons who have chosen this option – will be automatically ended up in the new IKE, Deputy Prime Minister replied that this is not yet a foregone conclusion. “The Ministry of work prepared an overview of the pension system. Above details will be wondering when we will look at his results,” – he said.
Morawiecki presented on Monday the details of a plan for open pension funds, which first mentioned during Saturday’s congress of the Law and Justice party leader Jaroslaw Kaczynski. Morawiecki presented the pillars of “Capital Construction Program,” which is to be part of his “Plan for Responsible Development”.
this program envisages the transfer of 1 January 2018, 75 per cent. OFE assets (103 million zł) on Individual Pension Accounts of all participants of OPF 16.5 million, ie approx. 6.3 thousand. zł per person and the transfer of the remaining 25 percent. of pension fund assets to the Demographic Reserve Fund. At the same time there would be a transformation of OFE in the “Investment Funds Polish Shares” and Pension companies would be transformed into the Investment Fund Company (TFI).
“there was not and has no plans to nationalize pension funds, but we have a very good plan on how to build the Polish capital” – assured Morawiecki. “The plan is that the money from OFE want to give the Poles” – pointed out.
He added Morawiecki IKE replace OFE and therefore it would be a kind of “new social contract”. At the same time it would be obliged to buy for at least 75 percent. measures IKE periodic pension or lifetime, with 25 percent. a lump sum. It was about it that the money had not been “przejedzone.”
On the other hand, the remaining 25 percent. assets of OFE (35 billion zł) would be transferred “under the Act” to the Demographic Reserve Fund, “the real purpose of strengthening the financial buffer of the pension system.” These agents within the FRD could manage Polish Development Fund, and some of them could also hit the third pension pillar.
Another presented on Monday by Morawiecki pillars Capital Construction Programme, the introduction of a general system of voluntary occupational pension schemes in the corporate sector, ie. Employee Equity Plans. Management of occupational capital would have to deal with the Polish Development Fund. By contrast, smaller companies wybierałyby between the PPK and the so-called. Individual Plan Capital. The program automatically saved would be employed people between 19 and 55 years of age, although participation in the PPK could give up.
Another pillar of the capital construction is to be the third pillar of the reform of pension schemes, involving the simplification of IKE and IKZE and the construction of individual capital plans for the smallest companies (up to 19 employees). The program would apply, therefore approx. 2.2 million workers employed by micro and would apply from 2019 years.
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