The role of the state in creating voluntary retirement savings

Abstract

This paper presents Polish solutions for voluntary individual and group retirement savings as a part of the entire pension system and the change in the system recently proposed by the state. It is evident that, facing deteriorating demographic situation, additional accumulation of pension capital becomes necessary. The article characterizes in detail the functioning of occupational pension schemes and individual retirement accounts, and presents some foreign solutions to this problem. It is emphasized that the role of the state is to create appropriate reliefs, exemptions and incentives for voluntary savings for future retirement benefits. The aforementioned project of changes in the legal regulations concerning the Polish pension system is also discussed, including the place of voluntary retirement savings sector. The article does not exhaust the large and controversial issue, outlined in its title, but rather contributes to further studies and discussion on the subject.