【正文】 nt to point out that mostcountries in the current EU member states and candidate countries have pensionsystems that are essentially the same at the basic policy such, the solutionsin one member state or candidate country can be expected to be the European states such as France, Germany, Italy, the Czech Republic, Hungaryand other European states, Poland and Sweden over the past decades and until the late1990’s developed inefficient, costly pension such, in part two of thepaper we shall examine how Poland has now successfully implemented the approachpresented in the first part of the paper, and created a fundamentally strong and neutralpension Selected general issues Pension system design has to take into account a number of fullpresentation and discussion goes beyond the scope of this paperThis paper presentsonly a list of the issues for consideration and the most important pension system: externalities versus neutralityThe description of a pension system depends strongly on both the aggregated andindividual the aggregated perspective, the pension system is a way of dividing currentGDP between a part kept by the working generation and a part allocatedto the retired the individual perspective, the pension system is a way of ine allocationover a person’s life above holds irrespective to the technical method applied or the pension system – as defined above – is not necessarily payasyougoor features stem from technical elements additionally applied on the topof the pension system, rather than from the system the pension system designassumes anonymous participation and a substantial scale of redistribution then weusually call this system the pension system design uses financialmarkets, then we usually call it , these two typically used concepts do not exhaust all possible binationsof anonymous versus individualised participation and financial versus nonfinancialpension system design techniques dualistic payasyougo versus fundedapproach leaves aside the bination of individual participation in a system thatdoes not use financial approach also neglects the fact that usingfinancial markets means investment(pension portfolio consists of private equities)ordeferring taxes(pension portfolio consists of government bonds), which is obviouslynot the redistribution or financial markets to the pension system externalities can be positive and withinthe pension system can generate positive externalities if the system is inexpensive,namely the part of GDP allocated to the retired generation is not theredistribution is large, then it generates negative externalities, such as contributing topersistently high unemployment and weak financial markets causespositive externalities for growth if the pension system spends contribution money the contributions are spent on government debt they may lead tonegative externalities similar to those of large redistributive system, namely more can happen if the rate of return on government debt is persistentlyabove the rate of GDP exists yet another option, namely 9to bring the pension system as close toeconomic neutrality as option requires, among other things, biningindividual participation in the system with dividing GDP between generations basedon real economy developments, such as has been done in Poland and structure: consequences of the of the pension system design technique used, the pension systemexchanges a right of the retired generation for a part of the product of the exchange can be organised in various ways and also the rights can beexpressed in various particular, the rights can be either traded in the financialmarkets, or defined in relation to some economic variables, or just based on all of these cases there is a kind of market for pension workinggeneration finances contributions in order to purchase the rights。Public versus private。Individualised(individual accounts)versus anonymous(no accounts)participation。Financial(generating the rate of return through financial markets)versus nonfinancial(generating the rate of return through real economy growth).The efficient pension system is designed in a way that makes it endogenous, which means it adjusts automatically without intervening from system needs only one decision, namely the initial choice of the contribution way of thinking on pensions based on the above set of parisons can be useful for betterdescribing and analysing the pension approach can also let the discussion on pensions go beyond the hopeless controversy of those who promote private funded pension funds and those who promote what is called the payasyougo such policy makers in the European Union and elsewhere could benefit using the proposed methodology when looking at reforming their pension features of the new Polish pension system The new Polish pension system design is a good example of applying the abovedescribed way of thinking in system named “Security throughDiversity” started on 1 January entirely replaced previous regulations on oldagepensions for majority of working the new system fromscratch provided the unique opportunity to avoid plicating the , thenew system design is simple and main goal was to design a systemthat can be neutral or at least close to neutrality for economic growth irrespective ofpopulation design of the new system does not copy any other pension system similarity can be found only to the new Swedish pension systembased on similar principles and started on the same At the same time, withinthis general framework the new Polish system uses a number of technical conceptsdeveloped in other brief presentation of the new Polish pension systemfocuses on the general economic design of the system, while leaving aside mosttechnical following bullets help in grasping the essence of the concept of the new Polishsystem on the universal part of the pension system。and segmenting the flows of revenue。Creation of a new pension system, entirely based on individual ac