Poland to introduce new pension reform

Poland’s Ministry of Development is planning to introduce Poles Capital Building Program (Program Budowy Kapitału Polaków), with the goal of getting more of its citizens to invest into fixed-income commercial properties as a part of their overall pension plans. The country’s minister of development, Mateusz Morawiecki, said the program is a step towards establishing a voluntary pension system based on a new type of real estate funds, and Treasuries, which would lower taxes on investments of more than 12 months.
Observers say the program is the biggest reform of the Polish pension system since 1999. The new scheme involves a concept of so-called “Polish REITs.”