Efektywność inwestycyjna i kosztowa indywidualnych produktów emerytalnych 3.1. Nominalna i realna efektywność indywidualnych produktów emerytalnych 3.1.1. Wprowadzenie 3.1.2. Metoda badawcza i dane 3.1.3. Nominalna efektywność produktów emerytalnych 3.1.4. Realna efektywność produktów emerytalnych oferowanych przez banki i dobrowolne fundusze emerytalne 3.1.5. Realna efektywność teoretycznych portfeli emerytalnych w towarzystwach funduszy inwestycyjnych i zakładach ubezpieczeń na życie 3.1.6. Wnioski 3.2. Rodzaje i poziom opłat stosowanych w indywidualnych kontach emerytalnych i indywidualnych kontach zabezpieczenia emerytalnego 3.

Research background: Despite the economic development, accompanied by various structural reforms (including pension reform of 1999), the effective retirement age in Poland is relatively low. Participants of the social insurance scheme tend to apply for the old-age pension as soon as possible (when they reach the statutory retirement age). Purpose of the article: The main aim of the paper is to evaluate the determinants of the economic activity of seniors in Poland taking the old-age pension form Social Insurance Institution (ZUS) as a regular or occasional work, in comparison to those who are not performing any paid activity. Methods: We use the data from the survey carried out in 2018 on the representative sample of Polish seniors aged 65+ for whose households the old-age pension from ZUS (1336 pensioners who retired between 1980’s up to 2018) is the main source of income. Multinominal logistic regression was performed to study how gender, retirement timing, education level and period of retirement as well as reasons for retirement influenced the likelihood to continue regular or occasional work. Findings & Value added: Multinominal logistic regression for women confirms that higher education increases chances for continuing regular work on the retirement comparing to those having secondary education. Retirement due to the reaching the pensionable age made women more likely to continue work on regular basis, while those who retired due to the bankruptcy of the employer were less likely to be employed during retirement. Retirement due to the preservation of pension privileges increased chances to continue work on the occasional basis among women and men. For men who reported employment - related factors as retirement drivers, the chances of performing occasional work were high and of highly statistical significant. This research delivers knowledge on drivers of regular or occasional paid activity combined with receiving old-age pension from social insurance system in Poland.

Demographic ageing will affect the EU economy, public finances and adequacy and sustainability of pension systems. A key response to the challenge of ageing population is the extension of working lives. This paper seeks an answer for the question if the partial pension may be an efficient solution to make people work longer. Comparative analysis of the partial retirement in selected EU countries gives no unquestionable conclusions in this question, especially in terms of hours worked. The results highly depend on the construction of the partial pensions and the changes on the labour market. Taking into account both the further pension reforms to make people work longer and simultaneously the pressure on the pension replacement rates, the idea of the partial pension seems to be attractive and worth further research.

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Purpose: The main objective of the paper is to assess to what extent the health care needs of the retirees in Poland are satisfied and what role the private health insurance has and might have in satisfying these needs. Design/methodology/approach: We use the data from Household Budget Survey (HBS) conducted yearly by Central Statistical Office as well as own database created on the outcomes of the survey carried out in 2018 on the representative sample of Polish seniors aged 65+ for whose households' the state old-age pension is the primary source of income. Findings: Health care expenditures, according to the HBS database, accounted for almost 9,5% of total expenditures in the years [2005][2006][2007][2008][2009][2010][2011][2012][2013][2014][2015][2016]. Differentiation of these expenses is also observed depending on the sex, age of the main respondent and place of residence. In the households of people at the age of 85 and more, they established as much as 12,9% of total spending. It was also found that only 8,9% of retirees' households had supplementary health insurance and most of them rarely use paid health-care services. At the same time, it should be noted that respondents most often indicated free access to medicines and supplementary health care services (rehabilitation) as the most valuable supplement to the health services system in Poland. Practical implications: The analysis of health expenditures of households of retirees can become a basis for building strategies for companies that offer health care services and for financial institutions (insurance companies) that can prepare long-term health insurance products on this basis. Originality value: The study showed the importance of spending on health by asking about the direction of spending a sudden cash inflow of 226.50 Euro (1000 PLN). It was found that the oldest seniors, those with lower education, widows and those from small towns were the most likely to spend the extra money on health, indicating a wide variation in demand for medical services.