In order to solve the problems emerging in the retirement system of Poland a transformation was performed by following a three pillar model which was proposed by World Bank In this system while state continues its existence in the system entrance of private funds is maintained In the system the first pillar is mandatory and conducted by state Second pillar is mandatory and conducted by private funds Finally the third pillar is arbitrary and conducted by Professional institutions The system implemented in Poland bears importance for the countries that encounter crises in their retirement systems Although some problems have occured the system has been implemented succesfully since 1999 and the deficits in the retirement system has been diminished Key Words: Old Social Security System New Pension System
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