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3 sides of 1 coin – Long-term Fiscal Stability, Adequacy and Intergenerational Redistribution of the reformed Old-age Pension System in Poland

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  • Janusz Jablonowski

    ()
    (National Bank of Poland)

  • Christoph Müller

    ()
    (Albert-Ludwigs-Universität Freiburg)

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    Abstract

    In this paper we evaluate the long-term performance of the Polish public pension system from three perspectives: fiscal stability, intergenerational redistribution and adequacy of pension benefits. We assess the two recent public pension reforms undertaken in Poland: 1) the shift of a part of pension contributions from the funded to the unfunded pension pillar and 2) the gradual increase in retirement ages to 67 for both men and women. The results suggest that the combined effect of both reforms shows a significant improvement in cash balances until 2040. The burden of the reforms is shared relatively equally across generations. The effect of higher retirement ages on benefit levels is also positive, especially for those having standard job contracts. What is worrying, however, is the general future drop of benefit levels, in particular for the group of self-employed persons. Policy makers should, therefore, start discussing possible measures today if they aim to avoid a significant increase in old age poverty in the future.

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    Bibliographic Info

    Paper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 145.

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    Length: 124
    Date of creation: 2013
    Date of revision:
    Handle: RePEc:nbp:nbpmis:145

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    Related research

    Keywords: Generational Accounting; fiscal sustainability; fiscal policy; Poland; pension reform;

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    1. Balázs Égert, 2012. "The impact of changes in second pension pillars on public finances in Central and Eastern Europe," EconomiX Working Papers 2012-25, University of Paris West - Nanterre la Défense, EconomiX.
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