Państwowe fundusze majątkowe o celu emerytalnym – charakterystyka i zasady funkcjonowania
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Gorvernment pension reserve funds have been created in many countries to offer additional source of financing for old–age pension systems in case they face significant deficit resulting from demographic reasons. This kind of funds often operate in a form of a sovereign wealth fund, although their inflows not always come from currency transfers or commodity sales. Sovereign wealth funds’ investments are long–term ones and their investment policy focuses on getting the highest rates of return that can be gained due to lower limitations concerning investment risk. The article presents main characteristics of pension sovereign wealth funds, basic principles of their functioning, portfolio structure and rates of return. Last years of financial crisis and the situations of significant fiscal deficits resulted in a strong debate whether it sensible to create and maintain any assets in government pension reserve funds. One of such a discussion was conducted in Poland. This article deals also with this question underlining that government pension reserve funds are, from definition, long–term investors and they have not been raised to sustain the public finances on a short–term basis. The decumulation of pensions government reserve funds should take place only in the situation when there is a deficyt in government old–age pension fund resulting from high level of old– age dependancy ratio. Consuming the fund’s assets earlier means giving preference to todays’ taxpayer over the needs of future generations. Such activities do not help to curb escalation of pension debt.