SPECIFICITY AND EFFECTIVENESS OF EMPLOYEE PENSION PROGRAMS IN THE FORM OF THE CONTRACT FOR THE EMPLOYER CONTRIBUTING THE EMPLOYEE CONTRIBUTIONS TO THE INVESTMENT FUND
The market of employee pension programs (EPP) has functioned since 1999. The programs are established by the employers to secure higher pension benefits for the employees. They may assume the form of insurance or insurance-capital program. As a consequence of the fact that investing employee pension funds contributions in investment funds involves high investment risk the study aims at presenting the operational specificity of such programs and assessment of the results that investment funds' companies managing the largest numbers of programs of that type in Poland achieve. The study covered the years 2006-2009. The studies indicate that during the analyzed period positive rates of return were generated only by the investments in debt securities funds, both Polish and foreign. Investments in aggressive funds generated losses at ca. 22-35% over the analyzed period. Additionally, attention should be drawn to the fact that the effects related to the crisis in the financial markets had no significant influence on the development of the employee pension programs in the form of a contract with an investment funds, which from the very beginning of operation, as in case of the other forms of EPP, enjoyed low level of interest among employees.
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