OFE pension funds transfer PLN 825.23 mln in assets to Poland's social insurer ZUS
Private pension funds OFE transferred PLN 825.23 million (EUR 192.1 mln) to Poland's social insurer ZUS as part of the so-called 'safety slider', ZUS press office told PAP Biznes.
The aforementioned transfer is for August and has been made in September.
In August 2024, OFE received PLN 369.07 million (EUR 85.9 mln) from ZUS.
According to the December 2013 amendment to the Act on Pension Funds, for 10 years before reaching retirement age, the funds accumulated by the insured in OFEs will be gradually transferred to the FUS pension fund and recorded on a sub-account kept by the ZUS.
This is the so-called 'safety slide', which is intended to ensure the safety and protection of the value of funds accumulated in OFEs in the event of a collapse of the financial markets immediately before reaching retirement age. In such a case, there would be a reduction in capital and a lower benefit.
Under the 'safety slide', OFEs will gradually redeem part of the settlement units of such persons, and transfer funds to the ZUS account corresponding to the value of these units in a given month. Once all the funds have been transferred to the ZUS and the insured person reaches retirement age, their OFE membership will cease.
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