SECURITY THROUGH DIVERSITY: PORTFOLIO DIVERSIFICATION OF PRIVATE PENSION FUNDS
SECURITY THROUGH DIVERSITY: PORTFOLIO DIVERSIFICATION OF PRIVATE PENSION FUNDS

Summary/Abstract: The program for pension system reform, launched at the beginning of 1997 in Poland, was called by its authors “Security through Diversity”. This title emphasizes that pension reform, which is designed to guarantee security for the insured, has to combine pay-as-you-go pillar together with mandatory, fully funded pillar as well as voluntary, funded pillar. This paper discusses consequences of the changes implemented in the year 2013 and consequently analyzes the changes in the composition of the pension funds’ portfolio, in particular the prohibition of investing in debt securities issued and guaranteed by the State Treasury.

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