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Advisory article

Planned pension reform seen as neutral for sovereign rating - S&P


The announced reform of the private pension funds OFE system is neutral for Poland`s sovereign rating, rating agency Standard & Poor Associate Benjamin Young wrote in a comment sent to PAP.


- Under our published criteria, this is neutral for Poland’s sovereign rating, the agency wrote. - We view the announced cancellation of some 8%/GDP in government debt as essentially an accounting exercise that swaps an explicit liability for a contingent one.




- The announced changes to Poland’s pension system are broadly in line with our expectations, published August 16th, S&P says. - In general, Standard & Poor’s takes an agnostic view on the virtue of fiscal rules, which are often overtaken by events.



Poland will transfer the Treasury bond portfolios of its mandatory pension funds to the social security board ZUS, while leaving existing equity portfolios untouched, and give workers free choice if they wish to continue to fund the rump pension funds with a portion of their social security premiums.  


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