Fundusz Rezerwy Demograficznej – dziesięć lat funkcjonowania. Próba bilansu i rekomendacje
Demographic Reserve Fund – ten years of operation. Attempt at assessment and recommendations

Summary/Abstract: Poland, similarly to a number of countries which are OECD members, has established a special institution whose task is to secure financial stability of pension fund payments in the base sys- tem. Demographic Reserve Fund (FRD) started its operation in 2002, and at the end of 2012 its assets amount to nearly PLN 17 billion. The study is an attempt at analysing the previous period of Fund’s investment activity and its influence on the value of assets from the individual sources of financing, including funds from privatisation of Treasury’s property. The author presents examples of operation of foreign reserve funds, with particular attention paid to French FRR. It is a valuable reference point for the recommended changes in FRD’s operation and organisation.

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