Investment efficiency of supplementary pension schemes vs macroeconomic factors

Efektywność inwestycyjna dodatkowych planów emerytalnych a czynniki makroekonomiczne

The adequacy of old-age pension systems depends on the efficiency of retirement plans offered to individuals. The purpose of this study was to identify which macroeconomic factors influence the investment efficiency of voluntary pension funds and employee pension funds in Poland. We verified whether there is any relationship between the rates of return of voluntary and employee pension funds and selected macroeconomic factors. We found that nominal and real rates of return of employee pension funds depend on the WIG rate of return. In case of voluntary pension funds higher nominal rates of return resulted from both more aggressive investment policy and better competencies of asset managers. The research findings are relevant for social policy as they provide useful information how to tailor investment policy of supplementary pension plans to better achieve the social and economic goals of the old-age pension system.

Adekwatność systemu emerytalnego zależy od efektywności planów emerytalnych, w których uczestniczą osoby indywidualne. W artykule zbadano, które czynniki makroekonomiczne miały wpływ na efektywność inwestycyjną dobrowolnych funduszy emerytalnych oraz pracowniczych funduszy emerytalnych w Polsce. Sprawdzono, czy istnieją zależności pomiędzy stopą zwrotu wymienionych planów a wybranymi wskaźnikami makroekonomicznymi. Ustalono, że nominalne i realne stopy zwrotu pracowniczych funduszy emerytalnych są dodatnio skorelowane z wartością indeksu WIG, a najwyższe nominalne stopy zwrotu osiągnęły dobrowolne fundusze emerytalne charakteryzujące się zarówno bardziej agresywnym portfelem inwestycyjnym, jak i lepszymi kompetencjami zarządzających. Wyniki analizy dostarczają cennych wniosków dla polityki społecznej w obszarze definiowania polityki inwestycyjnej planów emerytalnych, tak aby skuteczniej osiągać cele społeczne i ekonomiczne stawiane przed systemem emerytalnym.

 

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