Pension reform and public information in Poland

Abstract

The introduction of a new pension system in Poland in 1999 was the culmination of a long policy dialogue and years of debate. During this period, the role of public opinion shaped the reform and was, in turn, shaped by the reform process. Implementation of the reform was also affected by the quality of information available to the public and the public's financial literacy. In contrast to their passive role in the old public, defined-benefit schemes, People who chose to divert their contributions to individual, defined-contribution accounts must now take an active role in the new system. This paper documents the evolution of public opinion and its affects on the reform process as well as the early experiences of millions of people who, for the first time, are faced with the challenge of choice as consumers in the new market for pension services.Pensions&Retirement Systems,Economic Stabilization,Banks&Banking Reform,Health Monitoring&Evaluation,Children and Youth