Member access

4-Traders Homepage  >  News

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
Recommend:
0

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

Recommend :
0
React to this article
Latest news
Date Title
<1m ago PDX RESOURCES : Pilot Gold Completes Acquisition of Cadillac Mining Corporation
<1m ago The Alienware Area-51 is Back and It’s Better Than Ever
<1m ago AIRASIA BERHAD : Air Asia India incurs Rs 26 crore loss in 18 days
<1m ago PEPSICO : Nooyi stresses on need for healthy and nutritious products
1m ago ARTHUR J GALLAGHER : Completes Acquisition Of Baker Tilly's Employee Benefits Business
1m ago SHIPHOLDING : CG Railway, Inc. : 1000th Sailing Tracks Across the Gulf
1m ago RENT A CENTER : Donates Funds and Freezers to Gleaners Community Food Bank of Southeastern Michigan
1m ago The Nobel REIT announces filing of results for the quarter ended June 30, 2014
1m ago JOEY NEW YORK : Looks to Expand Distribution
2m ago The Madawaska Highlands Observatory Corp. Has Launched its Initial Crowd Offering on Optimized Capital Markets Listing Service
Latest news
Advertisement
Hot News 
FORBIDDEN TECHNOLOGIES : Integrates Timecode Buddy into Forscene Platform via MovieSlate iOS App
ADL PARTNER : 08/28/2014 - ADLPartner: EARNINGS GROWTH FOR THE FIRST HALF OF 2014
BWIN PARTY DIGITAL ENTERTAINMENT : 2014 Half Year Dividend
PAN AFRICAN RESOURCES : Trading Statement & Dividend Guidance
SALVATORE FERRAGAMO ITALIA : Shares in Ferragamo up 5 percent after second quarter core profit beats fcasts
Most Read News
1d ago CARTER : Announces Participation at the Goldman Sachs Global Retailing Conference
1d ago UR ENERGY : Completes Technical Report on Shirley Basin Uranium Project
1d ago VIRGIN AUSTRALIA : annual net loss triples, forgoes guidance
1d ago WELLS FARGO : CEO Shares Company Role in Community and Environment
1h ago Tesco slashes dividend after second profit warning in two months
Most recommended articles
2m agoDJRuble Hits New Low as Ukraine Tensions Rise -- 2nd Update
3m ago ORACLE : loses bid to restore $1.3 billion SAP verdict, could get new trial
3m agoDJU.S. Consumer Spending Declines 0.1% in July -- Update
6m agoDJEUROPE MARKETS : Tesco Slides After Warning; HSBC Climbs: Europe Movers
6m ago TESCO : FTSE inches higher, Tesco slumps after profit warning
Dynamic quotes  
ON
| OFF