Paweł Trippner

The pension system’s construction is an important element of the public finance system and the state budget policy. It is a relevant and important topic from the perspective of the level of cash benefits for future retirees after they finish their professional careers.
The aim of the paper is to present and analyze the evolution of solutions in the construction of the pension system in Poland since its first reform in 1999. The paper analyzes various options of investing for future pensions allowed by law in Poland. Simulations of the levels of future pension benefits are based on different variations, including membership or non-membership in an Employee Capital Plan and membership or non-membership in an Individual Retirement Account after the liquidation of Open Pension Funds.
According to the calculations, the future pensioner can count on the total payment from the commercial pillars, assuming the average life expectancy in Poland is reached: PLN 230,100 (Option I), PLN 346,698 (Option II), PLN 187,643 (Option III), and PLN 304,240 (Option IV), respectively.
It is an emphasized fact that ensuring the living standard’s expected level after reaching retirement age is strictly dependent on voluntary investments for future benefits during professional activity.