Poland would have to proceed at an „express pace” to implement the employer-sponsored pension plans PPK in late 2019, while the currently targeted mid-2019 implementation is „a minimum” date, head of state development fund PFR Pawel Borys said.
„We estimate we need at least 2-3 quarters to prepare ourselves from the moment the regulation is adopted,” Borys said. „PFR has most of the duties related to the whole infrastructure [of the system].”
„If the draft bill makes it to the lower house during the summer holidays and after the summer break the lower house will work on it, then the minimum date is mid next year, a safer [date] is end-next year” although „it would also be an express pace,” he said, pointing to the example of Great Britain, where a similar system was prepared for around 3 years.
Poland initially planned to launch PPK on 1 January 2019. According to the most recent comments of finance minister Teresa Czerwinska, Poland expects to implement PPKs on 1 July 2019, as a six month vacatio legis is needed.
On May 25, the Ministry of Finance presented a revamped draft bill on PPK pension plans, specifying the details of the investment policy and allowing pension funds and insurers to participate in the program.
