Poland sees surge in PPK participation amid new savings tax and Belka tax reforms

Employee pension schemes (PPK) in Poland are gaining momentum, with over 4.3 million participants and contributions rising 33 % in the first quarter of 2025 to 3.63 billion zł. The Polish Development Fund noted that while inflows grew, the ratio of returns to new contributions fell, and the Financial Supervision Commission warned that increasing withdrawals could shrink future pension benefits.

At the same time, the Sejm has approved legislation establishing Personal Investment Accounts (OKI), set to launch on 1 January 2027. OKI will allow holders to avoid the 19 % Belka tax on capital gains, but will impose a new asset‑value tax of 0.85 % on holdings above 25 000 zł, affecting small investors and potentially altering saving behaviour.

The government also announced the end of the Belka tax on interest and dividends, replacing it with a new wealth‑based levy. While the removal of the long‑standing tax is welcomed, officials stress that the new levy will target larger asset pools, creating a trade‑off for savers.