|Name:||Act of 20 April 2004 on individual retirement accounts (Text No. 1205).|
|Subject(s):||Old-age, invalidity and survivors benefit|
|Type of legislation:||Law, Act|
|Entry into force:|
|Published on:||Dziennik Ustaw, 2004-05-24, No. 116, pp. 8167-8178 (INFORM - P 60610)
|Bibliography:||Dziennik Ustaw, 2004-05-24, No. 116, pp. 8167-8178 (INFORM - P 60610)
English translation Ministry of Labour and Social Policy, Poland PDF (DOC.NORMES) (consulted on 2010-03-22)
|Abstract/Citation:||Allows all individuals to open an individual pension account (IKE) so long as they are employed. Individuals will be able to open these accounts in either banks, broking houses, investment funds or social security offices. Each person will be entitled to only one account and may pay up to 150% of average national monthly salary into the account each year.
Also allows the transfer of ressources from the IKE into employee pension schemes and vice versa. Individuals may make withdrawals from IKE's without paying any tax on the savings if they are over the age of 60, or if they are at least 55 and have taken early retirement. Savings must have been held in the account for at least five years before they are withdrawn, although this period is shorter in the case of older people.