Abstract

The reforms introduced by the government over the last 4 years have significantly changed the rules governing the operation of the pension system. Apart from collective forms of saving, such as Employee Pension Programs (PPE), Employee Capital Plans (PPK) have been introduced. As a result of the planned reform of Open Pension Funds (OFE), over 15 million people may become savers under Individual Pension Accounts (IKE). The direction of the reforms indicates that the state aims at extinguishing social insurance and enhancing the importance of the capital market in social security. The study provides an analysis of the systemic rules for the implementation of the right to social security and the consequences of liquidation of Open Pension Funds. The authors present the reasons underlying the introduced systemic changes and emphasize their investment nature.