The Polish Financial Supervision Authority (KNF) positively assessed the governmental initiative of transferring assets gathered in open pension funds (OFE) to private, individual retirement accounts (IKE).
“This is a beneficial solution for society to build long-term savings,” said Rafał Mikusiński, a Deputy Chair of the KNF, the head of the Capital Market Supervision Department.
On 15 April 2019 the government presented their draft pension reform, which assumes the transfer of savings from OFEs to individual pension accounts (IKE) or to the Social Insurance Institution (ZUS). Each person will individually decide where to transfer the money from their OFE account. Shifting the assets to individual pension accounts will require a fee, amounting to 15 percent of the transferred amount. Read more: Polish government plans pension system overhaul
