【正文】 e 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。 and segmenting the flows of revenue。 5 ? Creation of a new pension system, entirely based on individual accounts。 ? Splitting each person’s OA contributions between two accounts (first account – NDC, second account – FDC)。 ? Minimum pension supplement on the top of both annuities if their sum is below certain level (financed out of the state budget). It should be strongly stressed that both accounts are annuitised at the same moment and play exactly the same role within social security. In particular there is no such element of the system as a “basic state pension”. Social redistribution exists but it has been moved out from the pension system. The sole role of the pension system is providing working generation with an efficient method of ine allocation over their life cycle. The contribution rate for the entire social security system has not changed. However workers’ salaries were “grossed up” in order to introduce to them the idea that they pay part of the contribution and to build their awareness of the overall cost of the pension system. As such, since 1 January 1999 both workers and employers share the cost of contributions without any real change in the size of the total contributions. The whole operation affected percentages but not real flows of money. Thus the new system is based on the same contribution inflow as the previous system. Final remarks Providing people with social security – including financing consumption of the retired generation out of the product of the working generation is very high on the