Pension funds started appearing in Poland in connection with the reform of social insurance system launched in 1999. The assets gathered by the pension funds in Poland represent an important stimulator of economic growth. So far the pension funds located about 30% of their capital in shares of companies listed at the Warsaw Stock Exchange. Hence, they are a significant factor in the development of the Polish capital market through the Stock Exchange. They can improve its liquidity, enhance pricing efficiency of listed shares and protect the market against speculative activities. The main goal of this article is to shed more light on various issues connected with the operation of the pension funds in Poland and describe their impact on the development of the capital market.

Keywords: pension funds, open pension funds, employee pension programmes, investment policy of pension funds, development of the capital market.

  Wiesław Dębski, Pension Funds in Poland and Their Influence on Capital Market Development - plik pdf; (136 KB)