The main challenges for the pension fund market in 2014 are:

• the pension system reform in Poland and the outflow of funds from open-ended pension funds;
• the continued high level of unemployment, which affects the number of members joining OFEs;
• the low rate of salary growth, which adversely affects the rate of growth of contributions paid by pension fund members;
• changes on the financial intermediation market, slow-down in the growth of popularity of independent financial advisory services and, therefore, fewer sales channels;
• the economic climate on the capital market and, in particular on the WSE, affecting the funds’ net asset value and the level of management fees collected by PTE.