Activities of PTE PZU

The Open-ended Pension Fund, PZU Złota Jesień [Golden Autumn], which is managed by PTE PZU SA (PTE PZU), is one of the largest players on the pension funds market in Poland. At the end of 2013, OFE PZU was the third largest pension fund, both in terms of the number of members, as well as in terms of net asset value:

  • The Fund had 2,229.8 thousand members, i.e. 13.6% of all participants of open-ended pension funds belonged to it. Meanwhile, in 2013, since it was one of the largest funds, it did not take part in the draw for new members.
  • Net assets stood at PLN 40,114.7 m, or, in other words, they represented 13.4% of the total value of assets of the open-ended pension funds operating in Poland.

The Social Insurance Institution transferred PLN 1,395.4 m in premiums in 2013, which was 30.8% more than in the previous year. Having experience with pension products on the capital market, the highly qualified management staff, as well as a consolidated and stable market position, PTE PZU has appropriate conditions for providing customers with attractive conditions for saving for retirement. In 2013, the value of a settlement unit in OFE PZU increased by 9.2%.

PTE PZU also offers Individual Pension Insurance Accounts. It operates in this area through the PZU Voluntary Pension Fund, which was the first to be entered into the Register of Funds on 12 January 2012. At the end of 2013, DFE PZU held 84.4 thousand IKZE accounts, in which assets worth PLN 5.8 m were kept. As a result, it maintained its position as one of the leaders in the voluntary pension funds segment, while the rate of return in 2013 was 32.7%.

In connection with the review of the pension system, the Company actively participated in the work on the draft amendments to the Act. It conducted these activities through the Chamber of Commerce of Pension Companies and by the Polish Confederation of Private Employers, LEWIATAN. Remarks of key importance to the pension insurance scheme in Poland were reported through these institutions, including those which had the objective of ensuring safety and protection of the funds held on the accounts of members of the Open-ended Pension Funds and improving the effectiveness of operation of pillar II of the obligatory pension insurance. New solutions were also proposed in order to increase the effectiveness of pillar III (i.e. IKE and IKZE).

Because of the changes in the rules on the functioning of open-ended pension funds, in 2013, PTE PZU held an awareness campaign addressed to the members of OFE PZU so that they could make their choice of method of receiving annual information and to survey customer satisfaction with the services provided by the Fund. These activities were designed to increase OFE PZU customer awareness of their need to make a decision on the matter of transferring pension contributions. This campaign will continue in 2014.