This paper considers the problems of the social security system in relation to pensions in Poland. It concludes that the system that prevailed until recently had the capacity to cause the Social Insurance Fund to be permanently in deficit because of structural issues deriving from the conditions of the scheme, early retirement and recent increases in the dependency rate. Over the long term this deficit was likely to widen for demographic reasons. The recent reforms are unlikely to eliminate the deficit, so that the system may be driven to the private provision of pensions. This in turn raises fundamental property rights issues. Finally, the issue of the private provision of pensions need to be seen in the light of the economy's need for domestic saving and financial markets and instruments to accelerate development.

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