Abstract: A reform of the pension system in Poland was carried out in 1999. It mainly aimed to secure a financial stability to the system and to ensure its solvency in view of demographic changes leading to ageing of the society. 15 years of the reformed system comprises the crisis in financial markets which also affected changes to economies of most countries. A faster pace of the growth in the public debt has triggered a new discussion over the pension system in Poland. The paper presents main changes to functioning of pension funds introduced in 2011 and 2014 and indicates reasons for these changes.
Keywords: social security system, open pension funds, a reform of social security