Wysokość składki a podstawowy cel programu emerytalnego określonych świadczeń
The level of pension premium and the primary objective of a particular pension plan

Summary/Abstract: The success of Chilean pension reform of the early 1980s and the continuing financial pressures facing the social security systems of many developing and some developed countries have elicited considerable interest in the mechanics of pension systems that are based on vari-ous types of funded programs. The various types of pension schemes have their distinct oper-ating characteristics and raise different economics and regulatory issues. However, a common feature of funded pension plans, whether they are based on defined benefits or on defined contributions, is the accumulation of a capital fund over the working lives of members to provide a desired pension to its beneficiaries after retirement. A basic question concerns the contribution and replacement rate, that would be required to cover an adequate but affordable level of pension. The purpose of this paper is to set out the relationship between contribution and replacement rate under different assumptions about the length of working and retirement life and about real rates of interest and rates of growth of real wages.

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