POLISH PENSION FUND FLOWS: Transfers to ZUS determined Pension Fund Flows
In October we estimate Polish pension funds sold a net PLN 425m of equities, of which PLN 296m was sold in foreign markets and PLN 129m was sold in the Polish market.Aviva OFE and PZU OFE were the most active in selling stocks while MetLife OFE and Aegon OFE were the most visible net buyers of equities.
OFE deposits diminished by PLN 1.4bn, mainly due to increased pre-retirement transfers that we mentioned in the previous report. We would also like to highlight that transfers for November will also be higher as a result of the change in the retirement age. Therefore, anticipated higher outflows has reduced appetite for equities.
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