Efficiency of private pension funds in Poland

• Autores: Krzysztof Kompa, Dorota Witkowska
• Localización: Aestimatio: The IEB International Journal of Finance, ISSN 2173-0164, Nº. 12, 2016, págs. 48-65
• Idioma: inglés
• DOI: 10.5605/IEB.12.3
• Títulos paralelos:
  • La eficiencia de los fondos de pensiones privados en Polonia
• Enlaces
  • Texto completo (pdf)
• Resumen
  • español

    A la luz de los cambios demográficos habidos en la mayoría de los países europeos, los sistemas de jubilación han tenido que reformarse para adaptarse a la situación actual.

    En consecuencia, los países de la Unión Europea han realizado cambios trascendentales en sus sistemas de fondos de pensiones. La principal reforma del sistema de pensiones polaco se llevó a cabo en 1999, cuando sistema de reparto (único pilar) fue sustituido por el sistema de tres pilares: el sistema de reparto, obligatorio; un pilar obligatorio plenamente capitalizado; y un pilar financiado con contribuciones voluntarias.

    No obstante, el sistema de pensiones polaco se ha convertido en objeto de manipulaciones gubernamentales. Las modificaciones más relevantes, en lo que se refiere a contribuciones a los fondos de pensiones y composición de carteras de fondos de pensiones, entraron en vigor en 2011 y 2014. El objetivo de este artículo es analizar la eficiencia de los fondos de pensiones que operaban en Polonia en el periodo 1999- 2013 mediante los ratios de Sharpe y Treynor, así como comparar el rendimiento de los fondos de pensiones con los benchmarks construidos al efecto, lo cual ilustra los cambios en la composición de los fondos de pensiones

  • English

    The changing demographics in most European countries requires reform of their retirement systems in order to adapt them to the current situation. EU states’ pension fund systems therefore have to undergo essential transformations. The primary reform of the pension system in Poland took place in 1999, when the one-pillar, pay-as-yougo system, was replaced by the three-pillar system: mandatory, pay-as-you-go pillar;

    mandatory, fully-funded pillar; and voluntary, funded pillar. However, the pension system in Poland was subject to government manipulation. The most important changes, concerning pension fund contributions and portfolio composition, came into effect in 2011 and 2014. The aim of this research is to analyze the efficiency of the pension funds operating in Poland in the period 1999-2013, by applying the Sharpe and Treynor ratios and comparing the pension fund performance to that of the benchmarks constructed to illustrate the changes to pension fund portfolio composition

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