000 02928cam a22004815i 4500
001 14969170
003 US-djbf
005 20210811111131.0
006 m d
007 cr cn|||||||||
008 070816s2007 dcua b i000 0 eng d
010 _a2007298431
020 _a0821371193
020 _a0821371207 (eISBN)
020 _a9780821371190
020 _a9780821371206 (eISBN)
035 _a(The World Bank)156851285
035 _a(The World Bank)ocn156851285
040 _aDJB
_cDJB
_dBAKER
_dDLC
_beng
_erda
042 _apcc
043 _ae-pl---
050 0 0 _aHD7197.7
_b.R83 2007
100 1 _aRudolph, Heinz P.
_914180
245 1 0 _aCompetition and performance in the Polish second pillar /
_cHeinz Rudolph, Roberto Rocha.
264 1 _aWashington, D.C. :
_bWorld Bank,
_c2007.
300 _av, 53 pages :
_billustrations ;
_c26 cm.
336 _atext
_btxt
_2rdacontent
337 _acomputer
_bc
_2rdamedia
338 _aonline resource
_bcr
_2rdacarrier
347 _adata file
_2rda
380 _aBibliography
490 0 _aWorld Bank working paper ;
_x1726-5878 ;
_vno. 107
504 _aIncludes bibliographical references (p. 51-53).
520 3 _aThis 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 the products and options that authorities may consider for the design of the payout phase.
588 _aDescription based on print version record.
650 0 _aPension trusts
_zPoland.
_914181
650 0 _aPensions
_zPoland.
_914182
700 1 _aRocha, Roberto Rezende.
_914183
710 2 _aWorld Bank.
_914184
776 0 8 _aPrint Version:
_z9780821371190
830 0 _aWorld Bank e-Library.
_914185
856 4 0 _uhttp://elibrary.worldbank.org/doi/book/10.1596/978-0-8213-7119-0
999 _c3720
_d3720