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Payout phase in Poland

Payout phase in Poland. Pawel Pelc Deputy President of the Association of Capital Market UNFE p.pelc@radca.lex.pl. Plan of the presentation. Mandatory open pension funds Payout phase regulation Draft of the annuities law Who should pay benefits The form of payouts

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Payout phase in Poland

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  1. Payout phase in Poland Pawel Pelc Deputy President of the Association of Capital Market UNFE p.pelc@radca.lex.pl Association of Capital Market

  2. Plan of the presentation • Mandatory open pension funds • Payout phase regulation • Draft of the annuities law • Who should pay benefits • The form of payouts • Report Security through pension (UNFE 2002) Association of Capital Market

  3. Open pension funds • Open pension funds are vehicles for saving phase. • Open pension funds are privately managed legal entities created to invest pension contribution Association of Capital Market

  4. Payout phase in Polish law • According to pension funds law (art. 111) the payout of the savings accrued on the individual account is implemented through transfer of those sources to the chosen by member of the fund annuity company in which he bought lifelong annuity. Association of Capital Market

  5. Draft of the annuities law • Draft of the annuities law was send to the parliament on June 1998 and wasn’t voted up to the end of period of the parliament (2001) • According to the draft law, annuity should be paid by specially created annuity companies in a form with guarantied period of payment of without, single or for a couple Association of Capital Market

  6. Who should pay the benefit • Pension fund? • Annuity Company? • Life insurance company? • Social Security Institute? • Specially created state owned institution? Centralized – decentralized model Private – public management Association of Capital Market

  7. The form of payouts • Long life annuity • Programmed withdrawal • Lump sum • Unisex or separate gender tables of expected longer life should be used for annuities • Single or couple • Problem of costs Association of Capital Market

  8. Security through benefit • In the early 2002 UNFE (Superintendency of Pension Funds) has prepared report Security through benefit – about the payout phase regulation • According to the report the annuities should be sold by private insurance institutions (or specially created annuity companies or life insurance companies) in the form family pension, but through Social Security Institute to reduce costs • Partial programmed withdrawal was also analyzed. Association of Capital Market

  9. Thank you for your attention • You can contact me by e-mail: p.pelc@radca.lex.pl Association of Capital Market

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