Polish pension confiscation – a threat to funded private pensions or a one-off?
Pensions pole-axed with hardly any fuss! Polish Government transfers long-term private pension assets to help short-term public finances As former Finance Minister denounces pre-funding of pensions as too ‘costly’ is this a fundamental challenge to all funded pensions and what safeguards could help? The Polish government’s confiscation of private pension assets has gone ahead almost unnoticed. Eur36 billion of Polish Treasury bonds held by Poland’s second pillar of mandatory private sector pension funds (called OFE), comprising more than half the assets…