Competition and Performance in the Polish Second Pillar
This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries&...
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| Format: | Publication |
| Language: | English en_US |
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Washington, DC: World Bank
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/01/8100215/competition-performance-polish-second-pillar http://hdl.handle.net/10986/6775 |
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okr-10986-6775 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNT HOLDERS ACCOUNTING ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS ASSET VALUE ASSET VALUES BANKING SYSTEM BASIS POINTS BENCHMARK BOND BINDING CONSTRAINT BOND INDEX BOND INSTRUMENTS BROKER BROKERS CAPITAL FUNDS CAPITAL GAINS CAPITAL MARKET DEVELOPMENT CAPITAL REQUIREMENTS CLEARING HOUSE COLLECTIVE FUNDS CONSUMER PROTECTION CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE GOVERNANCE CREDIT RATINGS CREDIT RISK CREDIT RISKS CURRENCY CUSTODIAN BANK CUSTODIAN BANKS CUSTODY DEBT ISSUES DEBT MANAGEMENT DEBT MANAGEMENT GUIDELINES DEFICITS DEPOSIT DEPOSITS DERIVATIVES DISCLOSURE REQUIREMENTS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC EQUITY EQUITIES EQUITY FUNDS EQUITY HOLDINGS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EXCESS LIQUIDITY EXCHANGE COMMISSION EXPENDITURE EXPENDITURES FINANCIAL ASSETS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RISK FINANCIAL STATEMENTS FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FIXED INCOME FIXED INCOME PORTFOLIO FIXED INCOME PORTFOLIOS FIXED INCOME SECURITY FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN CURRENCY RISK FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS FREE ASSET FREE RIDER PROBLEM FUND MANAGEMENT FUND MANAGERS FUTURES GENERAL OBLIGATION BONDS GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT DEFICIT GOVERNMENT SECURITIES MARKET GRACE PERIOD GUARANTEE FUND HOLDING INCOME INSTRUMENTS INDIVIDUAL BONDS INFLATION INFLATION RATE INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE INDUSTRIES INSURANCE INDUSTRY INTEREST RATE INTEREST RATE RISKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEBT INTERNATIONAL DIVERSIFICATION INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTING INVESTMENT BANK INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT REGIME INVESTMENT REGULATION INVESTMENT RESTRICTIONS ISSUANCE JOINT STOCK COMPANIES LABOR MARKETS LIQUID BENCHMARKS LIQUID INSTRUMENTS LIQUIDITY LIQUIDITY RATIO LOCAL GOVERNMENTS LOCAL MARKET LONG-TERM INVESTOR MARKET CAPITALIZATION MARKET CONDITIONS MARKET FOR GOVERNMENT DEBT MARKET INFRASTRUCTURE MARKET LIQUIDITY MARKET PRICES MARKET SHARES MARKET STRUCTURE MATURITIES MATURITY MATURITY SPECTRUM MATURITY STRUCTURE MORAL HAZARD MORTGAGE MORTGAGE BOND MORTGAGE BOND MARKET MORTGAGE BONDS MORTGAGE LOANS MORTGAGE-BACKED SECURITIES MUNICIPAL BOND MUNICIPAL BOND MARKET MUNICIPAL BONDS MUTUAL FUND MUTUAL FUNDS NATIONAL DEPOSITORY NATIONAL SAVINGS PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIO CHOICE PORTFOLIO DIVERSIFICATION PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE EQUITY PRIVATE INVESTMENT PROFIT MARGINS PUBLIC DEBT PUBLIC MARKET RATE OF RETURN RATES OF RETURN REAL INTEREST REAL INTEREST RATES REGULATORY FRAMEWORK REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVE RESERVE REQUIREMENT RESERVES RETURNS REVENUE BOND REVENUE BONDS RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISKY ASSET SAVINGS RATES SAVINGS RATIOS SHARE OF EQUITY SHARE OF GOVERNMENT SECURITIES SHAREHOLDERS SHARES OF INVESTMENT SHARES OF INVESTMENTS STOCK EXCHANGE STOCKS STRATEGIC INVESTORS SUPERVISORY AUTHORITIES SUPERVISORY BOARD SWAPS T-BILLS T-BONDS TAX TAX INCENTIVES TRADING TRANSFER AGENTS TREATY TURNOVER UNDERLYING ASSETS UNIVERSAL BANKING UNIVERSAL BANKS VALUATION VALUATIONS WITHDRAWAL YIELD CURVE YIELD CURVES YIELD SPREADS |
| spellingShingle |
ACCOUNT HOLDERS ACCOUNTING ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS ASSET VALUE ASSET VALUES BANKING SYSTEM BASIS POINTS BENCHMARK BOND BINDING CONSTRAINT BOND INDEX BOND INSTRUMENTS BROKER BROKERS CAPITAL FUNDS CAPITAL GAINS CAPITAL MARKET DEVELOPMENT CAPITAL REQUIREMENTS CLEARING HOUSE COLLECTIVE FUNDS CONSUMER PROTECTION CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE GOVERNANCE CREDIT RATINGS CREDIT RISK CREDIT RISKS CURRENCY CUSTODIAN BANK CUSTODIAN BANKS CUSTODY DEBT ISSUES DEBT MANAGEMENT DEBT MANAGEMENT GUIDELINES DEFICITS DEPOSIT DEPOSITS DERIVATIVES DISCLOSURE REQUIREMENTS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC EQUITY EQUITIES EQUITY FUNDS EQUITY HOLDINGS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EXCESS LIQUIDITY EXCHANGE COMMISSION EXPENDITURE EXPENDITURES FINANCIAL ASSETS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RISK FINANCIAL STATEMENTS FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FIXED INCOME FIXED INCOME PORTFOLIO FIXED INCOME PORTFOLIOS FIXED INCOME SECURITY FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN CURRENCY RISK FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS FREE ASSET FREE RIDER PROBLEM FUND MANAGEMENT FUND MANAGERS FUTURES GENERAL OBLIGATION BONDS GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT DEFICIT GOVERNMENT SECURITIES MARKET GRACE PERIOD GUARANTEE FUND HOLDING INCOME INSTRUMENTS INDIVIDUAL BONDS INFLATION INFLATION RATE INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE INDUSTRIES INSURANCE INDUSTRY INTEREST RATE INTEREST RATE RISKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEBT INTERNATIONAL DIVERSIFICATION INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTING INVESTMENT BANK INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT REGIME INVESTMENT REGULATION INVESTMENT RESTRICTIONS ISSUANCE JOINT STOCK COMPANIES LABOR MARKETS LIQUID BENCHMARKS LIQUID INSTRUMENTS LIQUIDITY LIQUIDITY RATIO LOCAL GOVERNMENTS LOCAL MARKET LONG-TERM INVESTOR MARKET CAPITALIZATION MARKET CONDITIONS MARKET FOR GOVERNMENT DEBT MARKET INFRASTRUCTURE MARKET LIQUIDITY MARKET PRICES MARKET SHARES MARKET STRUCTURE MATURITIES MATURITY MATURITY SPECTRUM MATURITY STRUCTURE MORAL HAZARD MORTGAGE MORTGAGE BOND MORTGAGE BOND MARKET MORTGAGE BONDS MORTGAGE LOANS MORTGAGE-BACKED SECURITIES MUNICIPAL BOND MUNICIPAL BOND MARKET MUNICIPAL BONDS MUTUAL FUND MUTUAL FUNDS NATIONAL DEPOSITORY NATIONAL SAVINGS PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIO CHOICE PORTFOLIO DIVERSIFICATION PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE EQUITY PRIVATE INVESTMENT PROFIT MARGINS PUBLIC DEBT PUBLIC MARKET RATE OF RETURN RATES OF RETURN REAL INTEREST REAL INTEREST RATES REGULATORY FRAMEWORK REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVE RESERVE REQUIREMENT RESERVES RETURNS REVENUE BOND REVENUE BONDS RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISKY ASSET SAVINGS RATES SAVINGS RATIOS SHARE OF EQUITY SHARE OF GOVERNMENT SECURITIES SHAREHOLDERS SHARES OF INVESTMENT SHARES OF INVESTMENTS STOCK EXCHANGE STOCKS STRATEGIC INVESTORS SUPERVISORY AUTHORITIES SUPERVISORY BOARD SWAPS T-BILLS T-BONDS TAX TAX INCENTIVES TRADING TRANSFER AGENTS TREATY TURNOVER UNDERLYING ASSETS UNIVERSAL BANKING UNIVERSAL BANKS VALUATION VALUATIONS WITHDRAWAL YIELD CURVE YIELD CURVES YIELD SPREADS Rudolph, Heinz Rocha, Roberto Competition and Performance in the Polish Second Pillar |
| geographic_facet |
Europe and Central Asia Poland |
| relation |
World Bank Working Paper No.107 |
| description |
This paper provides an assessment of the
Polish funded pension system and the quality of the
regulatory framework for the accumulation phase. There are
two elements that distinguish the Polish pension fund
portfolios from other reforming countries': the
relatively high component of domestic equity, and the
negligible component on international securities. Although
this asset allocation has provided relatively high real
rates of return in the past, it may not be the case in the
future, as further portfolio diversification to other
instruments will become necessary to ensure sustainable
rates of return. The paper provides a number of
recommendations to expand the opportunities of investments
to pension funds. The paper finds that pension fund
management companies have been able to exploit scale
economies in certain areas of the business, such as
collection of revenues, and proposes to study mechanisms to
enhance them even more by centralizing also the account
management system, which may also help to increase portfolio
efficiency and competition. The paper suggests that, with
the payout phase starting in 2009, broad definitions in
areas such as the role of the public and private sector need
to be established. The paper examines products and options
that authorities may consider for the design of the payout phase. |
| format |
Publications & Research :: Publication |
| author |
Rudolph, Heinz Rocha, Roberto |
| author_facet |
Rudolph, Heinz Rocha, Roberto |
| author_sort |
Rudolph, Heinz |
| title |
Competition and Performance in the Polish Second Pillar |
| title_short |
Competition and Performance in the Polish Second Pillar |
| title_full |
Competition and Performance in the Polish Second Pillar |
| title_fullStr |
Competition and Performance in the Polish Second Pillar |
| title_full_unstemmed |
Competition and Performance in the Polish Second Pillar |
| title_sort |
competition and performance in the polish second pillar |
| publisher |
Washington, DC: World Bank |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/01/8100215/competition-performance-polish-second-pillar http://hdl.handle.net/10986/6775 |
| _version_ |
1764398519846699008 |
| spelling |
okr-10986-67752021-04-23T14:02:26Z Competition and Performance in the Polish Second Pillar Rudolph, Heinz Rocha, Roberto ACCOUNT HOLDERS ACCOUNTING ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS ASSET VALUE ASSET VALUES BANKING SYSTEM BASIS POINTS BENCHMARK BOND BINDING CONSTRAINT BOND INDEX BOND INSTRUMENTS BROKER BROKERS CAPITAL FUNDS CAPITAL GAINS CAPITAL MARKET DEVELOPMENT CAPITAL REQUIREMENTS CLEARING HOUSE COLLECTIVE FUNDS CONSUMER PROTECTION CORPORATE BOND CORPORATE BOND MARKET CORPORATE BONDS CORPORATE GOVERNANCE CREDIT RATINGS CREDIT RISK CREDIT RISKS CURRENCY CUSTODIAN BANK CUSTODIAN BANKS CUSTODY DEBT ISSUES DEBT MANAGEMENT DEBT MANAGEMENT GUIDELINES DEFICITS DEPOSIT DEPOSITS DERIVATIVES DISCLOSURE REQUIREMENTS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC DEBT DOMESTIC EQUITY EQUITIES EQUITY FUNDS EQUITY HOLDINGS EQUITY INDEX EQUITY MARKET EQUITY MARKETS EXCESS LIQUIDITY EXCHANGE COMMISSION EXPENDITURE EXPENDITURES FINANCIAL ASSETS FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL RISK FINANCIAL STATEMENTS FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FIXED INCOME FIXED INCOME PORTFOLIO FIXED INCOME PORTFOLIOS FIXED INCOME SECURITY FLOW OF INFORMATION FOREIGN CURRENCY FOREIGN CURRENCY RISK FOREIGN EXCHANGE FOREIGN INVESTMENT FOREIGN INVESTMENTS FOREIGN INVESTOR FOREIGN INVESTORS FREE ASSET FREE RIDER PROBLEM FUND MANAGEMENT FUND MANAGERS FUTURES GENERAL OBLIGATION BONDS GOVERNMENT BOND GOVERNMENT BONDS GOVERNMENT DEFICIT GOVERNMENT SECURITIES MARKET GRACE PERIOD GUARANTEE FUND HOLDING INCOME INSTRUMENTS INDIVIDUAL BONDS INFLATION INFLATION RATE INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INSURANCE INDUSTRIES INSURANCE INDUSTRY INTEREST RATE INTEREST RATE RISKS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEBT INTERNATIONAL DIVERSIFICATION INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INVESTING INVESTMENT BANK INVESTMENT FUND INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT POLICIES INVESTMENT POLICY INVESTMENT REGIME INVESTMENT REGULATION INVESTMENT RESTRICTIONS ISSUANCE JOINT STOCK COMPANIES LABOR MARKETS LIQUID BENCHMARKS LIQUID INSTRUMENTS LIQUIDITY LIQUIDITY RATIO LOCAL GOVERNMENTS LOCAL MARKET LONG-TERM INVESTOR MARKET CAPITALIZATION MARKET CONDITIONS MARKET FOR GOVERNMENT DEBT MARKET INFRASTRUCTURE MARKET LIQUIDITY MARKET PRICES MARKET SHARES MARKET STRUCTURE MATURITIES MATURITY MATURITY SPECTRUM MATURITY STRUCTURE MORAL HAZARD MORTGAGE MORTGAGE BOND MORTGAGE BOND MARKET MORTGAGE BONDS MORTGAGE LOANS MORTGAGE-BACKED SECURITIES MUNICIPAL BOND MUNICIPAL BOND MARKET MUNICIPAL BONDS MUTUAL FUND MUTUAL FUNDS NATIONAL DEPOSITORY NATIONAL SAVINGS PENSION PENSION ASSET PENSION ASSETS PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION REFORM PENSION SYSTEM PENSION SYSTEMS PENSIONS PORTFOLIO PORTFOLIO CHOICE PORTFOLIO DIVERSIFICATION PORTFOLIOS PORTFOLIOS OF PENSION FUNDS PRIVATE EQUITY PRIVATE INVESTMENT PROFIT MARGINS PUBLIC DEBT PUBLIC MARKET RATE OF RETURN RATES OF RETURN REAL INTEREST REAL INTEREST RATES REGULATORY FRAMEWORK REINVESTMENT REINVESTMENT RISK REINVESTMENT RISKS RESERVE RESERVE REQUIREMENT RESERVES RETURNS REVENUE BOND REVENUE BONDS RISK EXPOSURES RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISKY ASSET SAVINGS RATES SAVINGS RATIOS SHARE OF EQUITY SHARE OF GOVERNMENT SECURITIES SHAREHOLDERS SHARES OF INVESTMENT SHARES OF INVESTMENTS STOCK EXCHANGE STOCKS STRATEGIC INVESTORS SUPERVISORY AUTHORITIES SUPERVISORY BOARD SWAPS T-BILLS T-BONDS TAX TAX INCENTIVES TRADING TRANSFER AGENTS TREATY TURNOVER UNDERLYING ASSETS UNIVERSAL BANKING UNIVERSAL BANKS VALUATION VALUATIONS WITHDRAWAL YIELD CURVE YIELD CURVES YIELD SPREADS This paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. The paper suggests that, with the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines products and options that authorities may consider for the design of the payout phase. 2012-05-31T18:59:53Z 2012-05-31T18:59:53Z 2007 http://documents.worldbank.org/curated/en/2007/01/8100215/competition-performance-polish-second-pillar 978-0-8213-7119-0 http://hdl.handle.net/10986/6775 English en_US World Bank Working Paper No.107 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC: World Bank Publications & Research :: Publication Publications & Research :: Publication Europe and Central Asia Poland |