Fundusz rezerwy demograficznej - analiza działalności oraz konsekwencje przedterminowego wykorzystania aktywów
Demographic Reserve Fund - Analysis of Operation and Results of Premature Transfers

Summary/Abstract: Demographic Reserve Fund (FRD) has been created in Poland in 2002 to offer additional source of nancing for old-age pension system in case it faces significant deficit resulting from demographic reasons. This buffer fund aims mainly atbalancing the incomes and expenditures of pension system in times when baby boomers will be offered old-age pension benefits. The main sources of its nancing were de ned as pension contributions and revenues from privatization of stateowned companies. But after several years of its activity it has turned out that the operations of the fund came in contradiction with its main goals, mainly due to early usage of its assets. The article presents main characteristics of Polish Demographic Reserve Fund, basic principles of its functioning, portfolio structure and rates of return. Moreover, it tries to give some opinion in hot debate about the purposes and effects of accumulating assets in pension reserve funds in times of budget shortages.

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