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Dr hab. Joanna Rutecka-Góra
ORCID: 0000-0002-2509-8599

Is an Associate Professor in the Institute of Statistics and Demography at SGH Warsaw School of Economics where she conducts research on old-age pension systems, insurance markets, financial education and consumer protection on financial markets. She cooperated with the Polish Insurance Ombudsman and Polish Financial Ombudsman and was an advisor to President of the Polish Chamber of Pension Funds (IGTE). Joanna Rutecka-Góra is a Netspar fellow and an active member of the Polish Association of Social Policy (PTPS), the Polish Pension Group SGH and the European Network for Research on Supplementary Pensions (ENRSP).

DOI: 10.33226/0032-6186.2023.9.3
JEL: H55, I30, J38

Reducing individuals' exposure to social risks is desirable from an individual and state perspective. A key factor determining the level of protection against the effects of social risks is the form of employment. The aim of this article is to indicate whether individuals with a lower level of protection in the social security system are characterised by lower trust in the Social Security, a more individualistic life attitude, or a lower level of knowledge about the pension system - and whether weaker protection is accompanied by compensatory measures. The answer to these questions is made possible by a statistical analysis based on individual data from the ZUS survey Knowledge and attitudes towards social security. In its light, those with the highest level of protection are also those with the highest level of knowledge about the mechanisms of the security system, while those with the highest or lowest level of protection are characterised by a slight dominance of communal over individualistic attitudes. Trust in ZUS is not statistically significantly different between groups with different levels of protection. Among compensation activities, voluntary saving is clearly more frequently recorded among those with low trust in ZUS, while the episode of working abroad was more frequent among those with above-average levels of knowledge. In selected subgroups, gaps in social security that could be compensated by public policy are revealed.

Keywords: social security; Social Insurance Institution; exposure to risk; trust; knowledge
DOI: 10.33226/0032-6186.2022.6.3
JEL: E22, E60, J32, 016

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.

Keywords: investment efficiency; supplementary pension schemes; rate of return; macroeconomic factors; pension funds
DOI: 10.33226/0137-5490.2021.12.6
JEL: G18, G21, G51, J32, K15, K22

Individual retirement accounts and individual retirement security accounts may be offered in a form of a bank account that is concluded with the use of model contracts. But model contracts may contain abusive clauses in particular with regard to determining the amount of and making changes in interest rates and fees charged by banks. We aim to identify and analyze the compliance risk connected with inappropriate terms of retirement accounts offered to individuals and its consequences for banks and savers. We proved that model contracts used by banks to conclude retirement accounts include abusive clauses that may result in severe sanctions, both legal and economic ones. We used the following research methods: economic and legal analysis of individual retirement products offered by banks, critical analysis of the literature, case law of the SACC and entries in the register of NKU kept by the President of the OCCP as well as decisions of the President of the OCCP.

Keywords: individual retirement accounts; individual retirement savings accounts; abusive clauses; model contracts; compliance risk