【文章內(nèi)容簡介】 f GDP allocated to the retired generation is not large. If the redistribution is large, then it generates negative externalities, such as contributing to persistently high unemployment and weak growth. Using financial markets causes positive externalities for growth if the pension system spends contribution money on investment. If the contributions are spent on government debt they may lead to negative externalities similar to those of large redistributive system, namely more tax distortions. This can happen if the rate of return on government debt is persistently above the rate of GDP growth. There exists yet another option, namely to bring the pension system as close toeconomic neutrality as possible. This option requires, 4 among other things, bining individual participation in the system with dividing GDP between generations based on real economy developments, such as has been done in Poland and Sweden. Demographic structure: consequences of the change .Irrespective of the pension system design technique used, the pension system exchanges a right of the retired generation for a part of the product of the working generation. The exchange can be anised in various ways and also the rights can be expressed in various ways. In particular, the rights can be either traded in the financial markets, or defined in relation to some economic variables, or just based on political promise. In all of these cases there is a kind of market for pension rights. The working generation finances contributions in order to purchase the rights。 the retired generation sells the rights in order to get a part of the product of the working generation. The various types of pension systems create an institutional framework for this market. Key features of the new Polish pension system The new Polish pension system design is a good example of applying the above described way of thinking in practice. The system named “Security through Diversity” started on 1 January 1999. It entirely replaced previous regulations on oldage pensions for majority of working population. Designing the new system from scratch provided the unique opportunity to avoid plicating the system. Instead, the new system design is simple and transparent. The main goal was to design a system that can be neutral or at least close to neutrality for economic growth irrespective of population ageing. The design of the new system does not copy any other pension system existing elsewhere. Strong similarity can be found only to the new Swedish pension system based on similar principles and started on the same At the same time, within this general framework the new Polish system uses a number of technical concepts developed in other countries. This brief presentation of the new Polish pension system focuses on the general economic design of the system, while leaving aside most technical details. The following bullets help in grasping the essence of the concept of the new Polish system design. ? Focusing on the universal part of the pension system。 ? Separation of the oldage part of social security from the nonoldage parts of social security 。 and segmenting the flows of revenue。 ? Termination of the part of the previous system。 5 ? Creation of a new pension system, entirely based on individual accounts。 ? Accrual accounting within the system。 ? Splitting eac