Towarzystwa funduszy inwestycyjnych w rozwoju Indywidualnych Kont Emerytalnych i Indywidualnych Kont Zabezpieczenia Emerytalnego w Polsce
Investment Fund Companies in the Development of Individual Pension Accounts and Individual Pension Security Accounts in Poland

Summary/Abstract: Purpose – The purpose of this article is to assess the development of individual pension accounts (IKEs) and individual pension security accounts (IKZEs) created by investment fund companies (TFIs) as voluntary forms of pension savings in Poland. The research period includes: in the field of IKE analysis – years 2004–2016, in the analysis of IKZE – years 2012–2016. Design/methodology/approach – The purpose of the study will be realized through:–– characteristics of voluntary retirement protection,–– description of legal regulations concerning the functioning of IKE and IKZE in Poland,–– analysis of changes in basic values describing IKE and IKZE market (number of IKE and IKZE, cumulativecontributions paid to IKE and IKZE),–– an analysis of TFI’s share of this market by the same criteria. Findings – IKE has been operating in Poland for more than a dozen years – since 2004 and IKZE – since 2012. Unfortunately, despite the growing number of IKEs and IKZEs and the growing assets accumulated in these voluntary pension schemes, the interest in creating retirement savings in IKE and IKZE is marginal. Among financial institutions operating IKE and IKZE, the highest level of development – in relation to the whole market of IKE and IKZE in Poland – reached insurance companies. Investment fund companies are the second most important institution in the IKE and IKZE markets, but the interest of the TFI itself in the conduct of IKE and IKZE is insignificant. It can be concluded that the degree of development of IKE and IKZE market in Poland is insufficient – it comprises a small percentage of potential participants in this market, both on the demand side – people who are saving for retirement purposes and the supply side – the financial institutions forming IKE and IKZE. Further development of this market will depend on overcoming the basic barriers to its development – shaping retirement awareness and the level of financial knowledge of society. Originality/value – The assessment of the development of Individual Retirement Accounts and Individual Pension Security Accounts in Poland was done in a comprehensive manner – the analysis covered the full life cycle of the saved savings forms, and was carried out with a number of criteria. An in-depth, detailed analysis of the development of the market in question from the TFI’s point of view may be the originality of the study.

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