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PTE PZU – activities on the pension fund market

In December 2014, the net assets of OFEs dropped by 50.2% with respect to the end of the previous year and were at a level of PLN 149.1 billion. The activities of OFEs and their assets in 2014 were particularly affected by the changes made in the legal regulations.

Activities of PTE PZU

The OFE PZU Złota Jesień, which is managed by PTE PZU SA (PTE PZU), is one of the largest players on the pension funds market in Poland. At the end of 2014, OFE PZU was the third largest pension fund, both in terms of the number of members, as well as in terms of net asset value:

  • The Fund had 2,224.3 thousand members, i.e. 13.4% of all participants of open-ended pension funds belonged to it;
  • Net assets stood at PLN 19,553.7 million, or, in other words, they represented 13.1% of the total value of assets of the open-ended pension funds operating in Poland.

Open-ended pension funds – share in net assets; balance as at 31 December 2014 (%)

Source: KNF (www.knf.gov.pl), OFE market data: monthly statistics - December 2014.

    The OFE PZU Złota Jesień, which is managed by PTE PZU SA (PTE PZU), is one of the largest players on the pension funds market in Poland. At the end of 2014, OFE PZU was the third largest pension fund, both in terms of the number of members - 2,224.3 thousand, i.e. 13.4% of all participants of open-ended pension funds belonged to it, as well as in terms of net asset value which stood at PLN 19,553.7 million.

    The ZUS (Social Insurance Institution) transferred PLN 993.4 million in premiums in 2014, which was 28.8% less than in the previous year. The declined premium level results mainly from the introduction of voluntary contribution of premiums to OFE, but also, on a much smaller scale, from the activation of the “slider” (the members within the slider do not pay premiums to OFE).

    At the end of 2014, DFE PZU held 60.8 thousand IKZE accounts, in which assets worth PLN 8.8 million were kept. As a result, it maintained its position as one of the leaders in the voluntary pension funds segment, while the rate of return in 2014 was 3.64%.

    Factors, including threats and risks, which will affect the activities of pension funds in 2015:

    • the reform of the pension system in Poland and the outflow of funds from OFEs;
    • the economic climate on the capital market and, inparticular on the WSE, affecting the value of the assets of OFEs and the level of management fees collected by PTEs.