WARSAW, April 15, 2019 (Reuters) - Poland’s government plans to transfer all state-guaranteed private pension funds to individual retirement accounts, Prime Minister Mateusz Morawiecki said on Monday.
The ruling Law and Justice (PiS) party has long planned to move the assets managed by state-guaranteed private pension funds, many of which are owned by foreign managers such as MetLife, NN Group or Aviva, and has for months been debating how best to redistribute them.
Pension savings are a ticking time-bomb in Poland. It has one of the lowest birth rates in the European Union and faces a mounting burden of paying out state pensions to people who did not save enough under communism.
The plan announced on Monday assumes that all the assets managed by OFE - a total of 162.3 billion zlotys ($43 billion) - will be transferred to 15.8 million individual retirement accounts.
Pensions will be paid out from both the private retirement accounts and from the country’s social insurance institution.
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