IDEAS home Printed from
   My bibliography  Save this paper

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


  • Janusz Jablonowski

    () (National Bank of Poland)

  • Christoph Müller

    () (Albert-Ludwigs-Universität Freiburg)


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.

Suggested Citation

  • Janusz Jablonowski & Christoph Müller, 2013. "3 sides of 1 coin – Long-term Fiscal Stability, Adequacy and Intergenerational Redistribution of the reformed Old-age Pension System in Poland," NBP Working Papers 145, Narodowy Bank Polski, Economic Research Department.
  • Handle: RePEc:nbp:nbpmis:145

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Balázs Égert, 2012. "The Impact of Changes in Second Pension Pillars on Public Finances in Central and Eastern Europe," OECD Economics Department Working Papers 942, OECD Publishing.
    Full references (including those not matched with items on IDEAS)

    More about this item


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

    JEL classification:

    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • J10 - Labor and Demographic Economics - - Demographic Economics - - - General
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:nbp:nbpmis:145. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zbigniew Polański). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.