{"id":5924,"date":"2026-06-29T14:43:43","date_gmt":"2026-06-29T14:43:43","guid":{"rendered":"https:\/\/ceo.com.pl\/en\/?p=5924"},"modified":"2026-06-29T14:43:51","modified_gmt":"2026-06-29T14:43:51","slug":"ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504","status":"publish","type":"post","link":"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/","title":{"rendered":"PPK Assets Rise 38% Year on Year, Approaching PLN 48 Billion"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">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\u2019s role in the capital market, although nearly one in three accounts is no longer covered by an ongoing contribution obligation.<\/p>\n\n\n\n<div class=\"ceo-ppk26\">\n  <div class=\"ceo-ppk26-kicker\">Capital Market &middot; PPK<\/div>\n\n  <p class=\"ceo-ppk26-lead\">As at the end of Q1 2026, Employee Capital Plans (PPK) had accumulated <strong>PLN 47.76 billion in net assets<\/strong> &ndash; 38.1% more than a year earlier. The number of participants saving through the scheme rose to a record <strong>5.17 million<\/strong> (+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.<\/p>\n\n  <div class=\"ceo-ppk26-dateline\">Data as at 31 March 2026 &middot; source: UKNF, quarterly PPK information (Article 52 of the PPK Act) &middot; compiled on: 29 June 2026<\/div>\n\n  <div class=\"ceo-ppk26-kpis\">\n    <div class=\"ceo-ppk26-kpi\">\n      <div class=\"ceo-ppk26-kpi-val\">47,76 mld z\u0142<\/div>\n      <div class=\"ceo-ppk26-kpi-lab\">net assets of target-date funds<\/div>\n      <div class=\"ceo-ppk26-kpi-sub\">+38.1% y\/y &middot; +5.7% q\/q<\/div>\n    <\/div>\n    <div class=\"ceo-ppk26-kpi\">\n      <div class=\"ceo-ppk26-kpi-val\">5,17 mln<\/div>\n      <div class=\"ceo-ppk26-kpi-lab\">participants accumulating savings<\/div>\n      <div class=\"ceo-ppk26-kpi-sub\">+13.7% y\/y &middot; +5.5% q\/q<\/div>\n    <\/div>\n    <div class=\"ceo-ppk26-kpi\">\n      <div class=\"ceo-ppk26-kpi-val\">3,05 mld z\u0142<\/div>\n      <div class=\"ceo-ppk26-kpi-lab\">contributions in Q1 2026<\/div>\n      <div class=\"ceo-ppk26-kpi-sub\">+21.7% y\/y<\/div>\n    <\/div>\n    <div class=\"ceo-ppk26-kpi\">\n      <div class=\"ceo-ppk26-kpi-val\">~14,3%<\/div>\n      <div class=\"ceo-ppk26-kpi-lab\">average 12-month return<\/div>\n      <div class=\"ceo-ppk26-kpi-sub\">range: 5.7&ndash;23.4% by fund vintage<\/div>\n    <\/div>\n  <\/div>\n\n  <div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/#Assets_approach_PLN_50_billion\" >Assets approach PLN 50 billion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/#Participants_a_record_high_but_the_share_of_accounts_without_contributions_is_rising\" >Participants: a record high, but the share of accounts without contributions is rising<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/#Contributions_and_withdrawals_PLN_3_billion_in_inflows_PLN_069_billion_in_refunds_paid_out\" >Contributions and withdrawals: PLN 3 billion in inflows, PLN 0.69 billion in refunds paid out<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/#Returns_from_6_to_more_than_23_depending_on_the_fund_vintage\" >Returns: from 6% to more than 23%, depending on the fund vintage<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/#Key_takeaways\" >Key takeaways<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/ceo.com.pl\/en\/ppk-assets-rise-38-year-on-year-approaching-pln-48-billion-57504\/#Sources_and_methodology\" >Sources and methodology<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"ceo-ppk26-h2\"><span class=\"ez-toc-section\" id=\"Assets_approach_PLN_50_billion\"><\/span>Assets approach PLN 50 billion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>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.<\/p>\n\n  <div class=\"ceo-ppk26-chart-wrap\">\n    <div class=\"ceo-ppk26-chart-title\">Net assets of target-date funds, Q1 2020 &ndash; Q1 2026 (PLN bn)<\/div>\n    <div class=\"ceo-ppk26-chart-box\"><canvas id=\"ceoPpk26Assets\"><\/canvas><\/div>\n    <div class=\"ceo-ppk26-chart-note\">End-of-quarter data. Source: UKNF. Author&#8217;s calculations based on UKNF data.<\/div>\n  <\/div>\n\n  <h2 class=\"ceo-ppk26-h2\"><span class=\"ez-toc-section\" id=\"Participants_a_record_high_but_the_share_of_accounts_without_contributions_is_rising\"><\/span>Participants: a record high, but the share of accounts without contributions is rising<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>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%).<\/p>\n\n  <div class=\"ceo-ppk26-chart-wrap\">\n    <div class=\"ceo-ppk26-chart-title\">Share of accounts with no current obligation to make basic contributions (%)<\/div>\n    <div class=\"ceo-ppk26-chart-box\"><canvas id=\"ceoPpk26Bshare\"><\/canvas><\/div>\n    <div class=\"ceo-ppk26-chart-note\">Share of participants accumulating savings for whom the employer was not required to make basic contributions. Source: UKNF. Author&#8217;s calculations based on UKNF data.<\/div>\n  <\/div>\n\n  <h2 class=\"ceo-ppk26-h2\"><span class=\"ez-toc-section\" id=\"Contributions_and_withdrawals_PLN_3_billion_in_inflows_PLN_069_billion_in_refunds_paid_out\"><\/span>Contributions and withdrawals: PLN 3 billion in inflows, PLN 0.69 billion in refunds paid out<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>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.<\/p>\n\n  <table class=\"ceo-ppk26-table\">\n    <thead>\n      <tr><th>Transaction (Q1 2026)<\/th><th>Number<\/th><th>Value (PLN m)<\/th><\/tr>\n    <\/thead>\n    <tbody>\n      <tr class=\"ceo-ppk26-row-acc\"><td>Refunds<\/td><td>238 360<\/td><td><strong>688,9<\/strong><\/td><\/tr>\n      <tr><td>Transfer payments<\/td><td>6 265<\/td><td>86,4<\/td><\/tr>\n      <tr><td>Payouts<\/td><td>10 681<\/td><td>75,9<\/td><\/tr>\n      <tr><td>Switches<\/td><td>3 275<\/td><td>43,7<\/td><\/tr>\n      <tr><td>Conversions<\/td><td>744<\/td><td>8,0<\/td><\/tr>\n    <\/tbody>\n  <\/table>\n  <div class=\"ceo-ppk26-chart-note\">&bdquo;Refund&rdquo; &ndash; withdrawal of funds (subject to statutory deductions); &bdquo;payout&rdquo; &ndash; payment after the age of 60 or in special circumstances; &bdquo;transfer payment&rdquo; &ndash; transfer of funds. Source: UKNF. Author&#8217;s calculations based on UKNF data.<\/div>\n\n  <h2 class=\"ceo-ppk26-h2\"><span class=\"ez-toc-section\" id=\"Returns_from_6_to_more_than_23_depending_on_the_fund_vintage\"><\/span>Returns: from 6% to more than 23%, depending on the fund vintage<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p>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&#8217;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.<\/p>\n\n  <div class=\"ceo-ppk26-chart-wrap\">\n    <div class=\"ceo-ppk26-chart-title\">Average target-date fund return by target vintage (31 March 2026)<\/div>\n    <div class=\"ceo-ppk26-chart-box\"><canvas id=\"ceoPpk26Ret\"><\/canvas><\/div>\n    <div class=\"ceo-ppk26-chart-note\">Arithmetic average of returns for funds in a given vintage. Returns depend on each fund&#8217;s operating history. Past performance is not a guarantee of future results. Source: UKNF. Author&#8217;s calculations based on UKNF data.<\/div>\n  <\/div>\n\n  <div class=\"ceo-ppk26-callout\">\n    <p><strong>What this means for the market.<\/strong> 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 &ndash; relevant to the Warsaw Stock Exchange and the debt market. However, two factors limit the programme&#8217;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.<\/p>\n  <\/div>\n\n  <h2 class=\"ceo-ppk26-h2\"><span class=\"ez-toc-section\" id=\"Key_takeaways\"><\/span>Key takeaways<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <ul class=\"ceo-ppk26-take\">\n    <li>Target-date fund net assets reached PLN 47.76 billion (+38.1% y\/y), approaching the PLN 50 billion threshold.<\/li>\n    <li>The number of participants rose to a record 5.17 million (+13.7% y\/y).<\/li>\n    <li>Contributions in Q1 2026 totalled PLN 3.05 billion (+21.7% y\/y); around PLN 12 billion on an annual basis.<\/li>\n    <li>The share of accounts without a current contribution obligation rose to 29.1% (from 6.4% in 2020).<\/li>\n    <li>The quarter recorded 238,400 refunds worth PLN 0.69 billion.<\/li>\n    <li>The average 12-month return was around 14.3% (5.7&ndash;23.4% by vintage), while the 60-month return was around 57%.<\/li>\n  <\/ul>\n\n  <h2 class=\"ceo-ppk26-h2\"><span class=\"ez-toc-section\" id=\"Sources_and_methodology\"><\/span>Sources and methodology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n  <p class=\"ceo-ppk26-meta\">The data come from the quarterly information of the Office of the Polish Financial Supervision Authority (UKNF) on Employee Capital Plans, published pursuant to Article 52 of the PPK Act (as at 31 March 2026) and prepared on the basis of reports from institutions managing target-date funds. Figures describing the participant structure (with and without contribution obligations, and additional contributions) may not add up to the total number of participants. Returns reflect the varying operating histories of individual funds; past performance is not a guarantee of future results. Values in PLN billions and millions were converted from source data expressed in PLN thousands. Year-on-year changes compare Q1 2026 with Q1 2025, while quarter-on-quarter changes compare Q1 2026 with Q4 2025. This material is for information purposes only and does not constitute investment advice. Source: UKNF. 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Returns by vintage grouped bar\n    try{\n      var c3=document.getElementById(\"ceoPpk26Ret\");\n      if(c3){\n        new Chart(c3,{\n          type:\"bar\",\n          data:{labels:[\"2025\",\"2030\",\"2035\",\"2040\",\"2045\",\"2050\",\"2055\",\"2060\",\"2065\"],\n            datasets:[\n              {label:\"12 months\",data:[6.9,9.3,12.5,15.2,15.9,17.6,17.5,17.5,17.2],backgroundColor:NAVY,borderRadius:4},\n              {label:\"60 months\",data:[25.6,37.8,52.0,60.1,66.7,70.9,70.6,69.5,65.5],backgroundColor:AMBER,borderRadius:4}\n            ]},\n          options:{responsive:true,maintainAspectRatio:false,\n            plugins:{legend:{position:\"top\",labels:{boxWidth:14,padding:14}},\n              tooltip:{callbacks:{label:function(c){return c.dataset.label+\": \"+fmtPL(c.parsed.y,1)+\"%\";}}}},\n            scales:{y:{beginAtZero:true,grid:{color:\"#eef0f5\"},ticks:{callback:function(v){return fmtPL(v,0)+\"%\";}}},\n              x:{grid:{display:false},title:{display:true,text:\"Fund target vintage\"}}}\n          }\n        });\n      }\n    }catch(e){}\n  }\n  var timer=setInterval(function(){\n    attempts++;\n    if(ready()){clearInterval(timer);build();}\n    else if(attempts>=100){clearInterval(timer);}\n  },100);\n})();\n<\/script>\n","protected":false},"excerpt":{"rendered":"<p>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\u2019s role in the capital market, although nearly one in three accounts is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5178,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"PPK continues to gain momentum. At the end of Q1 2026, assets held in target-date funds reached PLN 47.76 billion, up 38.1% year on year.\n\nThe number of participants accumulating savings rose to a record 5.17 million, while total contributions in the first three months of the year reached PLN 3.05 billion.\n\nThe programme is becoming an increasingly important source of capital for the Polish market. At the same time, the figures show that nearly 30% of accounts are no longer subject to current contribution obligations, while withdrawals in the quarter totalled PLN 0.69 billion.\n\nWe look at what these figures reveal about the condition of PPK and the scale of long-term saving in Poland.\n\n#PPK #Savings #Investing #CapitalMarkets #Finance\n","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,14],"tags":[3825,2726,82,48],"class_list":["post-5924","post","type-post","status-publish","format-standard","has-post-thumbnail","category-finance","category-investing","tag-ppk","tag-target","tag-warsaw","tag-warsaw-stock-exchange"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5924","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=5924"}],"version-history":[{"count":1,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5924\/revisions"}],"predecessor-version":[{"id":5925,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5924\/revisions\/5925"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/5178"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}