IMPACT OF AMENDMENT TO POLISH ACT ON ORGANISATION AND OPERATION OF PENSION FUNDS ON FINANCIAL PERFORMANCE OF OPEN PENSION SOCIETIES

The article presents some of the modifications to the Act on organisation and operation of pension funds that are important to general pension societies’ financial performance. Those modifications concentrate on the problems related to the way the deficits in pension funds are covered and also fees due to pension societies. The final effect of amendments to the act is the resultant of the reduction of the value of the resources that are to be kept by the general pension societies as the insurance for the possible commitment to the members of the fund and the reduction of the maximum rate of charges received by the societies. Their final evaluation should include good prospects for the open pension funds market, formed by regular inflow of capital resources into the system in the following years. Taking this fact into account, it seems that the recent legal amendments are a positive step toward finding a compromise between the interests of open pension funds members and pension societies