Financial Results of Open Pension Funds and General Pension Societies in 2019
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The financial result of Open Pension Funds (OFE) in 2019 amounted to PLN 1.4 billion, compared to a loss of PLN 17.0 billion in 2018. Net assets of OFE at the end of 2019 amounted to PLN 154.8 billion, which means a decrease by PLN 2.5 billion during the year.
Open Pension Funds members
According to Central Register of OFEs' members in Social Insurance Institution (ZUS), 2019, 15.7 million members of Open Pension Funds were registered as of December 31, i.e. 1.5% less than the year before. The number of members decreased by 231,512 persons.
Members accounts managed by Open Pension Funds
Number of members’ accounts1 managed by Open Pension Funds amounted to 16.0 million as of December 31, 2019.
Contributions and interests
ZUS transferred PLN 3.5 billion of contributions and PLN 5.4 million of interest to OFE in 2019. The amount of contributions2 paid to OFE was higher by PLN 143.4 million and the amount of interest paid was higher by PLN 0.3 million compared to 2018. In the period from May 19, 1999 to December 31, 2019, the ZUS transferred PLN 219.6 billion of contributions and PLN 3.7 billion of interest to OFE.
1 The difference between the number of accounts in OFE and the number of OFE members registered by ZUS results from various mechanisms of their registration, including dead accounts.
2 According to the Act of 25 March 2011 amending acts related to the social insurance system (Journal of Laws No. 75, item 398), contributions to OFE for retirement insurance up to 30 April 2011 amounted to 7.3%, from May 1, 2011 to December 31, 2012 - 2.3%, from January 1, 2013 to December 31, 2013 - 2.8%, and from January 1, 2014 to January 31, 2014 - 3.1% of the contribution assessment base. According to the legal regula-tion since February 1, 2014, the ZUS on the basis of the members’ declaration of intent transmits 2.92% of con-tribution to pension funds, while the remaining part (4.38%) is recorded on the subaccounts in the ZUS. For the other persons, who have not submitted their declaration of intent, the entire contribution (7.30%) is rec-orded on the subaccounts in the ZUS.
