Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Poland to Reduce Role of Privately Managed Pension Fund Companies

09/04/2013 | 08:22am US/Eastern

WARSAW--Poland will transfer to the state administration all sovereign bonds held by private pension funds that are the mandatory element of the country's pension system, the country's prime minister and finance minister said Wednesday.

The move will take away 51.5% of assets the private fund companies currently hold and reduce their role in the system. The pension funds will hold on to 48.5% of their current assets, mostly stocks of companies listed on the Warsaw Stock Exchange.

Participation in the private element of the system will become voluntary, said Prime Minister Donald Tusk. The private funds will get 2.92% of gross wages of any participants who will opt to include the private element in their pension program, Finance Minister Jacek Rostowski told reporters.

The government will deregulate investment policies for private funds, giving them more ability to invest in stocks, Mr. Rostowski said.

Mr. Tusk said the overhaul aims to reduce the pace of growth of Poland's public debt, at 55.6% of gross domestic product at the end of last year.

Write to Marcin Sobczyk at marcin.sobczyk@wsj.com

React to this article
Latest news
Date Title
02:04p HILTON WORLDWIDE : Developer plans new extended stay hotel for downtown building
02:03p GRANITE CONSTRUCTION : Highway repair work under way in Valley fire area
02:01p EXAMWORKS : to Present at Citi Global Healthcare Conference
02:01p MEDICINOVA : to Initiate Clinical Trial of MN-001 (tipelukast) in IPF
02:00p BioBlast Pharma Augments Leadership Team
02:00p TEARLAB : Medical Necessity of Tear Osmolarity Testing in the Diagnosis and Management of Dry Eye Disease Confirmed in Recently Published Medicare Local...
02:00p PATIENT PORTAL TECHNOLOGIES : Updox Introduces New Patient Engagement and Provider Connectivity Solutions at Business of Dentistry 2015
01:50p JINDAL POLY FILMS : completes refinancing of acquisition loan
01:50p SKS MICROFINANCE : issues Commercial Papers worth Rs. 100 crores
Latest news
Hot News 
6D GLOBAL TECHNOLOGIES : SIXD Levi & Korsinsky, LLP Announces the Commencement of an Investigation Involving Possible Securities Fraud Violations by Certain Officers and Directors of 6D Global Technologies, Inc.
ADGORITHMS : Annual Earnings To Miss Expectations On Market Disruption
UTi Announces Agreement to be Acquired by DSV in Transaction Valued at $1.35 Billion
SMART TECHNOLOGIES : Updates Financial Outlook and Announces Strategic Review
SOLARWINDS : DameWare Remote Support Enhances Over-the-Internet Desktop Troubleshooting Capabilities
Most Read News
05:01a Data Presented at IDWeek Reports AVYCAZ(TM) (ceftazidime and avibactam) Demonstrated In Vitro Antimicrobial Activity Against Common Enterobacteriaceae Pathogens, Including Certain Carbapenem-Resistant Strains
10/09 NASDA NATIONAL ASSOCIATION OF STATE DEPARTMENT O : South Carolina: Statement from Commissioner Hugh Weathers about Rain Damage
02:17a Cruise news
10/09 GOMEZ TRIAL ATTORNEYS : and Baron & Budd, P.C. File More Butte Wildfire Lawsuits
10/09 Goldberg Law PC Announces an Investigation of Claims Against Ocean Rig UDW Inc. on Behalf of Investors
Most recommended articles
12:36p ECB's Draghi urges Greece to stick to bailout for bank recap, debt relief
12:19pDJChina Tightens Oversight of Private Car-Hailing Services
11:11a Ireland to channel tax windfall millions into spending
10:25a FEAR AND RESPECT : VW's culture under Winterkorn
10:25a MARTIN WINTERKORN : Fear and respect - VW's culture under Winterkorn