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Faith in OFE pension funds dwindles, Advisory and Opinions - EquitiesPoland.pl
Coverage of high-potential mid-market firms in Poland

Advisory article

Faith in OFE pension funds dwindles

Faith in OFE pension funds dwindles over past 2.5 yrs; but 40% critical of gov`t reform

Faith that Poland`s private pension funds OFE can provide higher pensions and greater security than the state system has halved over the past two and a half years, but 40% of Poles are still critical of government plans to roll back Poland`s 1999 partial privatization of social security, a poll has shown.

While the percentage of Poles saying the state`s social security plan ZUS provides better returns (25%) and greater security (37%) has edged down only lightly, the percentage naming OFE has halved to 16% and 13% respectively since early 2011, the poll from the CBOS pollster showed.

 

Faith in OFE pension funds is stronger amongst OFE pension fund clients. Some 26% of OFE clients polled said that OFE will provide the higher eventual payout, 10 pps above the rate in the population at large and 8 pps above the percentage naming ZUS.

 

The loss in support for OFE funds has bolstered the ranks of those who say they see no difference in return or safety between the two rival pension institutions, poll results show.

 

The loss in faith in private pensions funds comes as the pension fund industry falls under a storm of criticism from the government as policy makers craft alterations to the nation`s pension system, in part to cap the rise in public debt which social security privatization has caused.

 

Amongst possible policy options, Poland has said it could eliminate the fixed-income portion of those funds or follow one of several paths to making the private system optional.

 

Given the choice between OFE and ZUS, 50% of the current OFE members would continue to pay a part of their social premium to OFE and 36% would not, the CBOS survey showed.

 

Asked to comment on the proposed changes to the system, 40% of the surveyed expressed a negative opinion and only 9% a positive opinion. Over 50% of Poles either aren`t aware of the issue or don`t have an opinion.

 

The survey was conducted on July 4-11, 2013 on a representative group of 1005 adult Poles.

Source: PAP

2013-07-30



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