000			02712cam a22004214a 4500
001			14969170
003			The World Bank
005			20151125122543.0
006			m d
007			cr cn|||||||||
008			070816s2007 dcua b i000 0 eng d
010			_a2007298431
020			_a0821371193
020			_a0821371207 (eISBN)
020			_a9780821371190
020			_a9780821371206 (eISBN)
035			_a(The World Bank)156851285
035			_a(The World Bank)ocn156851285
040			_aDJB _cDJB _dBAKER _dDLC
042			_apcc
043			_ae-pl---
050	0	0	_aHD7197.7 _b.R83 2007
100	1		_aRudolph, Heinz P.
245	1	0	_aCompetition and performance in the Polish second pillar _h[electronic resource] / _cHeinz Rudolph, Roberto Rocha.
260			_aWashington, D.C. : _bWorld Bank, _c2007.
300			_av, 53 p. : _bill. ; _c26 cm.
490	0		_aWorld Bank working paper ; _x1726-5878 ; _vno. 107
504			_aIncludes bibliographical references (p. 51-53).
520	3		_aThis paper provides an assessment of the Polish funded pension system and the quality of the regulatory framework for the accumulation phase. There are two elements that distinguish the Polish pension fund portfolios from other reforming countries': the relatively high component of domestic equity, and the negligible component on international securities. Although this asset allocation has provided relatively high real rates of return in the past, it may not be the case in the future, as further portfolio diversification to other instruments will become necessary to ensure sustainable rates of return. The paper provides a number of recommendations to expand the opportunities of investments to pension funds. The paper finds that pension fund management companies have been able to exploit scale economies in certain areas of the business, such as collection of revenues, and proposes to study mechanisms to enhance them even more by centralizing also the account management system, which may also help to increase portfolio efficiency and competition. The paper suggests that, with the payout phase starting in 2009, broad definitions in areas such as the role of the public and private sector need to be established. The paper examines the products and options that authorities may consider for the design of the payout phase.
588			_aDescription based on print version record.
650		0	_aPension trusts _zPoland.
650		0	_aPensions _zPoland.
700	1		_aRocha, Roberto Rezende.
710	2		_aWorld Bank.
776	0	8	_aPrint Version: _z9780821371190
830		0	_aWorld Bank e-Library.
856	4	0	_uhttp://elibrary.worldbank.org/doi/book/10.1596/978-0-8213-7119-0
999			_c16219 _d16219