Economics and Business Review

The aim of this article is an analysis of the design of the Polish pension system in its benefits phase (decumulation of the collected pension capital) in the context of longevity risk management. The object of the research involves both the public pension system (including the latest legal amendments related to the collection and payment of pension capital from pension funds) and supplementary pension schemes: occupational
pension schemes, individual retirement accounts and individual accounts for retirement security. The main question which the author addresses is whether the current Polish pension system is more resistant to the risk of longevity in its present legal and institutional design than the previous Polish public pension scheme, based on PAYG financing method and a defined benefit formula for the calculation of pension benefits.