Wpływ reformy systemu emerytalnego na wyniki inwestycyjne otwartych funduszy emerytalnych w Polsce
The Pension System Reform Impact on Investment Performance of the Open Pension Funds in Poland

Summary/Abstract: Open pension funds (OFE) had been operating in Poland since 1999 in relatively stable legal framework, until 2011-2014 reforms, which changed their situation dramatically. The changes resulted primarily in significant reduction of resources obtained by OFE from the first pension pillar (ZUS). Shifting 51,5% of assets from OFE to ZUS and imposing the ban on investing in treasury bonds caused also a diametric change in OFE’s portfolios and the scope of their investment policy. The aim of the study is to investigate the impact of the reform on the investment performance of OFE. The analysis covers the period of 2003-2017 and includes the evaluation of OFE’s profitability (mean rates of return), risk (standard deviations of those rates) and investment efficiency (Sharp ratios) related to benchmark (WIG). The study showed, that OFE’s relative profitability increased after the reform, which was accompanied by the increase of risk, and the relative efficiency decreased. The change of the performance of Polish open pension funds after the reform was considered negative.

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