Wpływ wyboru strategii inwestowania na efektywność środków zgromadzonych w ramach III filaru systemu emerytalnego

According to forecasts retiring will be connected with necessity to drastically cut expenses (the replacement rate from the fi rst and the second pension pillar will be about 40% of the last remuneration) and simultaneously to lower the current life level. In order to avoid such a situation or to minimize the consequences of these negative changes it seems inevitable to collect savings by means of available instruments of the third pension pillar. Saving capital by means of these products is voluntary and an potential participant can make his own decision to join the pillar and to choose the way to allocate means. This elaboration aims to present the infl uence of investment strategy choice on effectiveness of means accumulated by an individual participant within the third pension pillar.