Inwestowanie oszczędności emerytalnych w cyklu życia na przykładzie wybranych rozwiązań zagranicznych
Investing pension savings in the life cycle, as exemplified by selected foreign solutions

Summary/Abstract: The aim of the article is to present basic problems connected with investing pension savings in the life cycle, and to make a short overview of selected solutions already used in practice. After describing life cycle funds and various types of risk faced by the saver, the author has indicated basic theoretical problems connected with long-term investing (problem of strategic allocation of assets, discourse re- lated to the phenomenon of the so-called diversification in time). Furthermore, the text presents basic decision-making problems which arise during the process of creating multi-fund systems. Later, on the basis of a review of the information available, the existing systems of investing in the life cycle have been discussed, as exemplified by the American Thrift Savings Fund, Swedish Premium Pension andChilean multi-fund system. The author has also discussed solutions similar to the ones used in Chile, which have been implemented in some countries of Latin America, as well as Central and ...astern ...urope. The article also indicates the possibility of using solutions related to investing in the life cycle in Poland and limitations in their implementation.

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