Competition and Performance in the Polish Second Pillar
Contributors: Rocha, Roberto
Series: World Bank working paper -- no. 107; World Bank working paper -- no. 107.
Publisher: World Bank Publications
Published: 2007
Place of publication: Herndon
Language: eng
Number of pages: 64
ISBN-13: 9780821371206; 9781280940309; 9786610940301
Subjects: Pension trusts; Pensions
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.
Notes: Includes bibliographical references and index.

English.
Table of contents: title: Abstract; 1. Introduction; 2. Overview of the Polish Pension System; The Polish Pension System after the 1998 Reform; Coverage of the Pension System; Fiscal Impact of the Pension Reform; 3. Structure and Performance of the Second Pillar; Structure; Performance of the Pension System; 4. Main Regulatory and Supervisory Issues; An Overview of the Regulatory Framework; An Overview of the Supervisory Framework; 5. The Domestic Capital Market; The Market for Government Debt; The Equity Market; Other Fixed Income Instruments.; title: 6. Recommendations for Improving the Performance of the Second PillarRecommendations for Improvements in the Accumulation Phase; Preparing the Regulatory Framework for the Payout Phase; Developing Financial Instruments for the Two Phases; Appendix; An Analysis of Price Competition in the Pension Sector; References; List of Tables; 1. Coverage Ratios and Covered Wage Bill, 1999-2005; 2. Selected Macroeconomic and Fiscal Indicators, 1999-2005; 3. Number of Second Pillar Pension Funds in Latin America and Central Europe; 4. Market Structure in Poland's Second Pillar, 2005.; title: 5. Pension Fund Assets, 1999-20056. Pension Assets in Poland and Other Reforming Countries; 7. Pension Fund Portfolios, 1999-2005; 8. Pension Fund Portfolios: Poland and Other Selected Countries; 9. Characteristics of the Equity Portfolio of Polish Pension Funds; 10. Pension Fund Returns, Inflation Rate, GDP Growth and Indexation of NDC; 11. Rates of Return of Second Pillar Pension Funds in Reforming Countries; 12. Operational Costs of Pension Funds in Selected Countries, 2005; 13. Projected Fees; 14. Annual Nominal Return on Equity of Polish PTEs and Banks.; title: 15. ROEs of Pension Fund Managers in Selected Countries16. Ceilings on Investment in Fixed Income Instruments; 17. Design of the Minimum Return Guarantee in Poland and Other Countries; 18. Stocks and Holders of Financial Instruments, 2005; A1. Panel Data Estimates; List of Figures; 1. Coverage Ratio and Per Capita Income; 2. Covered Wage Bill and Per Capita Income; 3. Balance of the PAYG System; 4. Monthly Contributions to the Fully Funded System; 5. Coefficient of Variation of the Equity Share in Pension Fund Portfolios; 6. Coefficient of Variation of Equity Holdings, 2005.; title: 7. Coefficient of Variation of Fixed Income, 20058. Poland Yield Curves; 9. Convergence of Returns of Polish Pension Funds; 10. Convergence of Returns of Chilean Pension Funds; 11. Rates of Return of Polish Funds and the MRG; 12. Sharpe Ratios; 13. Modigliani Ratios; 14. Ceilings on Asset Management Fees; 15. Ratio of Total Fees over Assets in 2005; 16. Total Fees over Assets, Poland and Other Countries; 17. Return on Equity of PTEs, 2002-05; 18. Duration of Government Bonds by Holder; A1. Sharpe Ratios and Growth in Market Shares; A2. Quarterly Switchovers and OFE's Rate of Return (t -1).