Employee Capital Plans (PPK) are approaching PLN 50 billion in assets. At the end of Q1 2026, participants had accumulated PLN 47.76 billion, while the number of people saving through the programme rose to a record 5.17 million. Growing contributions are strengthening PPK’s role in the capital market, although nearly one in three accounts is no longer covered by an ongoing contribution obligation.
As at the end of Q1 2026, Employee Capital Plans (PPK) had accumulated PLN 47.76 billion in net assets – 38.1% more than a year earlier. The number of participants saving through the scheme rose to a record 5.17 million (+13.7% year on year), while contributions in the quarter alone reached PLN 3.05 billion. Target-date funds delivered an average return of around 14% over 12 months. PPK is becoming an increasingly important source of capital for the market, although nearly 30% of accounts are not currently subject to mandatory contributions.
Assets approach PLN 50 billion
The net asset value of target-date funds has continued to rise, reaching PLN 47.76 billion at the end of March 2026, compared with PLN 34.57 billion a year earlier. The increase reflects both regular contributions and fund investment performance. Assets rose 5.7% quarter on quarter and more than 38% year on year. With contributions running at around PLN 3 billion per quarter, PPK supplies the capital market with approximately PLN 12 billion annually.
Participants: a record high, but the share of accounts without contributions is rising
The number of participants accumulating savings exceeded 5.17 million. However, the composition of this group is shifting away from active saving: 70.9% (3.67 million) were participants for whom the employer was required to make basic contributions, while 29.1% (1.50 million) held accounts with no such current obligation. The share of the latter group has risen from 6.4% at the beginning of 2020 to around 29% today, indicating a growing number of accounts that are inactive in terms of contributions. Additional contributions remain a niche: employers financed them for 122,700 participants (2.4%), while participants themselves made them for 64,500 people (1.2%).
Contributions and withdrawals: PLN 3 billion in inflows, PLN 0.69 billion in refunds paid out
Contributions in Q1 2026 totalled PLN 3.05 billion, up 21.7% from a year earlier. Basic contributions dominated: those financed by participants amounted to PLN 1.67 billion (54.9%), while employer-financed contributions reached PLN 1.25 billion (41.2%); additional contributions accounted for a combined 3.9%. At the same time, funds flowed out of the system: 238,400 refunds worth PLN 0.69 billion were recorded in the quarter. This was the most common PPK transaction and equivalent to around 22% of contribution value. A refund means the withdrawal of accumulated funds, most often after opting out of saving.
| Transaction (Q1 2026) | Number | Value (PLN m) |
|---|---|---|
| Refunds | 238 360 | 688,9 |
| Transfer payments | 6 265 | 86,4 |
| Payouts | 10 681 | 75,9 |
| Switches | 3 275 | 43,7 |
| Conversions | 744 | 8,0 |
Returns: from 6% to more than 23%, depending on the fund vintage
As at 31 March 2026, 161 target-date funds managed by 16 institutions were operating. The average 12-month return was around 14.3%, while the 60-month return was about 57%. Results depend strongly on the fund’s target vintage, which determines the equity weighting in the portfolio: funds closest to payout (2025) generated an average 12-month return of 6.9%, whereas funds for the youngest participants (2060 vintage) returned around 17.5%, with the best performers exceeding 23%. The longer the investment horizon, the higher the equity exposure and the greater the volatility of returns.
What this means for the market. With assets approaching PLN 48 billion and annual contributions of around PLN 12 billion, PPK has become a durable and growing source of domestic investment capital – relevant to the Warsaw Stock Exchange and the debt market. However, two factors limit the programme’s potential: the share of accounts without current contributions, rising to around 30%, and the high number of refunds, equivalent to about one-fifth of quarterly contribution value. The quality of participation, not just the number of accounts, determines the real scale of savings.
Key takeaways
- Target-date fund net assets reached PLN 47.76 billion (+38.1% y/y), approaching the PLN 50 billion threshold.
- The number of participants rose to a record 5.17 million (+13.7% y/y).
- Contributions in Q1 2026 totalled PLN 3.05 billion (+21.7% y/y); around PLN 12 billion on an annual basis.
- The share of accounts without a current contribution obligation rose to 29.1% (from 6.4% in 2020).
- The quarter recorded 238,400 refunds worth PLN 0.69 billion.
- The average 12-month return was around 14.3% (5.7–23.4% by vintage), while the 60-month return was around 57%.
