Struktura portfela oszczędności emerytalnych a wiek ubezpieczonego – analiza ilościowa w kontekście uwarunkowań polskiego systemu emerytalnego
The structure of the retirement savings portfolio vs. the insured person’s age – qualitative analysis in the context of features of the Polish retirement system

Summary/Abstract: The aim of the article is to compare the solution used in Poland, which does not take into account the insured person’s age in shaping the portfolio of his savings in the retirement insurance system, with a number of alternative options in which the structure of this portfolio changes with the saver’s age. The article presents an overview of the literature on shaping the retirement savings portfolio depend- ing on the insured person’s age, as well as conditions for such a solution in the Polish pension system.The main part of the article contains the assumptions and results of the stochastic simulations which have been conducted to compare selected strategies of adjusting the portfolio composition to the insured person’s age in terms of the value of the expected individual replacement rate and the risk of low levels of this ratio. The conclusions from the analyses indicate, in the first place, an advantage of aggressive strategies and legitimacy of using strategies based on the life cycle for persons with high risk aversion, as well as the advantage of the capital part of the retirement system over the repartition one

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